Author: omc_admin

Petroliam Nasional Berhad (Petronas) has launched the Center for Offshore Renewable Energy (CEFORE) with Universiti Malaysia Terengganu (UMT). Petronas said in a media release that the initiative represents one of the world’s first integrated models of offshore renewable energy sources with energy storage and management systems. A proof-of-concept facility off the coast of Kuala Terengganu aims to provide renewable power by utilizing offshore wind, solar, and wave energy, along with on-site energy storage. This model is a significant step toward Malaysia’s sustainable energy future, supporting the National Energy Transition Roadmap (NETR) and low-carbon initiatives, Petronas said. “Petronas places great emphasis…

The European Commission has unveiled a Team Europe package of EUR 545 million ($639.5 million) to accelerate Africa’s energy transition. “The choices Africa makes today are shaping the future of the entire world. A clean energy transition on the continent will create jobs, stability, growth, and the delivery of our global climate goals. The European Union, with the Global Gateway investment plan, is fully committed to supporting Africa on its clean energy path”, Ursula von der Leyen, European Commission president, said in a statement. Africa has vast renewable energy potential, but nearly 600 million people lack electricity, the Commission noted.…

Brazil’s government has extended renewable power utility Neoenergia SA’s license to operate in the northeastern coastal state of Pernambuco to 2060. “Neoenergia Pernambuco has just become the first electricity distributor in the country to obtain an early extension of its concession contract from the Ministry of Mines and Energy (MME)”, Neoenergia, part of Spanish electricity and gas utility Iberdrola SA, said in a statement on its website. “Five years in advance, the new contract guarantees the company the possibility of bringing forward investments of around BRL 6 billion until 2029, speeding up improvements to the electricity system and benefiting more…

The strong September performance has lifted cumulative sales growth this fiscal to 6.68 per cent for petrol and 2.9 per cent for diesel.Petrol and diesel sales rose in the country in September, fuelled by the onset of the festival season and higher vehicle sales, as per the provisional data from the Ministry of Petroleum and Natural Gas.Petrol sales climbed 7.5 per cent year-on-year in September, while diesel sales rose 6.27 per cent. According to The Economic Times report, the surge in transportation fuel demand comes after GST reductions and the start of festival-related travel. The strong September performance has lifted…

Board-level appointments at public sector enterprises are typically made based on recommendations from the Public Enterprises Selection Board (PESB), the government’s official headhunter.The Oil Ministry has invited applications for the post of chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL), over six months after a search-cum-selection committee was constituted to identify a suitable candidate for the top job. The ministry in a post on its website invited applications for the top job at India’s second-largest state-owned refinery by October 21.”Selection shall be through a search-cum-selection committee,” it said. Board-level appointments at public sector enterprises are typically made based…

Group of Seven nations are closing in on an agreement to significantly increase sanctions on Russia over its continued war in Ukraine, according to a statement released after a finance ministers’ meeting on Wednesday. “We are aligned on the need to act together and believe that now is the time for a significant coordinated escalation of measures to bolster Ukraine’s resilience and critically impair Russia’s ability to wage war against Ukraine,” the statement said. G-7 nations – the US, as well as the UK, France, Germany, Italy, Japan and Canada – are working on a range of options, which include new measures on…

BlackRock’s Global Infrastructure Partners is negotiating the acquisition of power utility AES in a deal that could be worth $38 billion. That would make the tie-up one of the largest in history involving a public power utility in the United States, per Reuters.Media reports on the news cited sources in the know that remained unnamed and that said the deal included AES’s substantial debt load, at $29 billion, per the Financial Times. Its market capitalization, on the other hand, was valued at $9.4 billion at the time the first reports about the talks surfaced. Later, Reuters said AES’s market cap…

OMV AG has laid the foundation stone for a 140-megawatt (MW) electrolyzer to produce up to 23,000 metric tons a year of hydrogen in Bruck an der Leitha, Lower Austria. Expected to start production 2027, it will be the biggest renewable hydrogen plant in Austria and Southeastern Europe and among the top five across the continent, Austria’s state-backed OMV said in a statement on its website. The plant’s electrolytic process to split water into hydrogen and oxygen will use wind, solar and hydro power. The plant will partly fuel OMV’s Schwechat refinery to cut carbon emissions by up to 150,000…

Tamboran Resources Corp and Falcon Oil & Gas Ltd have signed a definitive merger agreement that they said will create a leading position of about 2.9 million net acres in the Beetaloo sub-basin onshore Australia’s Northern Territory. Concurrently the companies, already partners through the Beetaloo Joint Venture (JV), sanctioned the Shenandoah South Pilot Project, which has a planned capacity of 40 million cubic feet a day. Drilling operations are progressing and the project is on course to start gas sales mid-2026, according to the co-owners. Sydney, Australia-based Tamboran will acquire Dublin, Ireland-based Falcon by issuing about 6.54 million shares listed on…

The U.S. Department of Energy has canceled $7.6 billion in funding for previously approved energy projects on the grounds that they would not produce any palpable benefits for Americans.The canceled projects are 223 in total, approved by various agencies from the Department of Energy during the previous administration. Per this one, however, “these projects did not adequately advance the nation’s energy needs, were not economically viable, and would not provide a positive return on investment of taxpayer dollars.”“On day one, the Energy Department began the critical task of reviewing billions of dollars in financial awards, many rushed through in the…