Author: omc_admin

The European Commission proposed Wednesday an amendment to the European Union Climate Law to set a goal of a 90 percent net reduction in regional greenhouse gas emissions by 2040 compared to 1990, toward a climate-neutral economy by 2050. The proposed intermediate target “does not prescribe specific policies, technologies or measures, leaving Member States flexibility, taking into account the regulatory framework to achieve greenhouse gas emission reduction targets”, the official text says. The nearer intermediate aim of a 55 percent net reduction by 2030 comes with binding policies toward the legally binding target of net zero by 2050. The 2040…

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin.The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices. Among OPEC members, production dipped by 2.1%, equal to 570,000 barrels daily. Among countries that are members of the Declaration of Cooperation, oil production declined by 780,000 barrels daily, or 5.2%.The Declaration of Cooperation, signed originally in 2016, features oil states including…

It’s the AI equivalent of a double text.Business Insider has learned Meta is training customizable chatbots to be more proactive and message users unprompted to follow up on past conversations.It may not cure what Mark Zuckerberg calls the “loneliness epidemic,” but Meta hopes it will help keep users coming back to its AI Studio platform, documents obtained by BI reveal.The goal of the training project, known internally to data labeling firm Alignerr as “Project Omni,” is to “provide value for users and ultimately help to improve re-engagement and user retention,” the guidelines say.Meta told BI that the proactive feature is…

ONGC, India’s biggest oil and gas explorer, will hold at least 26 per cent stake in the joint venture company with the option of increasing the stake to 50 per cent while the remaining equity will be held by the JV partnerMUMBAI: State-owned Oil and Natural Gas Corporation Ltd (ONGC) has picked Japan’s Mitsui O.S.K. Lines, Ltd (MOL), the world’s second largest fleet owner, to form a joint venture for owning and operating two very large ethane carriers (VLECs) costing some $370 million for hauling ethane to the Dahej, Gujarat-based petrochemical plant run by its subsidiary ONGC Petro additions Ltd…

Houston, TX, July 02, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin, today announced the acquisition of certain assets from Edge Energy II LLC (“Edge Energy”) in an off-market transaction for $12.5 million in cash, funded through the Company’s credit facility, resulting in a non-dilutive transaction for shareholders. “This strategic and highly accretive bolt-on acquisition enhances our existing footprint in the DJ Basin,” said Edward Kovalik, Chairman and CEO. “With a high working interest,…

Activity in the US oil and gas sector in Texas, Louisiana and New Mexico contracted slightly in the second quarter of 2025, the Dallas Fed survey showed on Wednesday, as firms grappled with a jump in steel tariffs. The decrease comes after US President Donald Trump, who has encouraged US producers to “drill, baby, drill,” doubled tariffs on steel and aluminum imports to 50 per cent from 25 per cent in early June. Roughly a quarter of all steel used in the US is imported, while half of all aluminum used in the US is imported.Investors have navigated significant volatility…

Golden Pass LNG, which is owned by Exxon Mobil and QatarEnergy, has asked US regulators for permission to re-export liquefied natural gas from October 1, as the export plant nears production after previous delays.The company said it wants to re-export a cargo of LNG that it plans to import to cool down its export plant in Texas, which is still under construction. Cooling down the plant is often the final step before producing LNG.Golden Pass is building an 18 million metric tons per annum (mtpa) LNG export facility in Sabine Pass, Texas, and plans to start exporting LNG later this…

(Bloomberg) – U.S. shale executives expect to drill significantly fewer wells this year than planned at the start of 2025, as lower oil prices and uncertainty around President Donald Trump’s tariffs hurt profits, according to a Federal Reserve Bank of Dallas survey.  Almost half of oil executives said they expect to drill fewer wells in 2025 than planned at the start of the year, according to second-quarter survey results released Wednesday. For “large” exploration and production firms — producing 10,000 bpd or more — 42% said they expected a significant decrease in the number of wells drilled. Most…

ESPAÑOLA, N.M. (AP) — Clouds build up in the early afternoon and gusty winds push in every direction. The skies darken and then comes the rain — often a downpour that is gone as quickly as it came.This seasonal dance choreographed by Mother Nature marks a special time for the southwestern United States and Mexico. It is when residents clasp their hands, hoping for much-needed moisture to dampen the threat of wildfire and keep rivers flowing. Forecasters say it has been a wet start to this year’s monsoon season, which officially began June 15 and runs through the end of…

It’s not just Tesla.Rivian Automotive’s Q2 deliveries were also down. The company shared its production and delivery results on Wednesday. It delivered 10,661 vehicles in the quarter ending on June 30. That’s a noticeable drop compared to the same time last year, when Rivian delivered 13,790 vehicles. Reuters reported a 22% decline.Its stock dipped on Wednesday and closed down 4.45%.The company shared that it produced 5,979 vehicles at its Illinois-based manufacturing facility during the last quarter. The company produced 9,612 vehicles during the same time in 2024.”Production was limited during the second quarter in preparation for model year 2026 vehicles…