Author: omc_admin

Beijing: Oil prices edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1 per cent as U.S.-China trade optimism outweighed the prospects of Iranian supply returning to the market.Brent crude futures rose 17 cents, or 0.26 per cent , to $64.70 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.29 per cent , to $61.80. Prices had fallen more than 2 per cent in the previous session after President Donald Trump said the U.S. was getting “close” to reaching a nuclear deal…

Enhanced rock weathering (ERW) startup Mati Carbon announced that it has secured a new blended finance facility from J.P. Morgan, with proceeds from the financing aimed at enabling the company to scale its carbon removal business globally. The new financing follows a $50 million award to Mati Carbon as the grand prize winner of the XPRIZE Carbon Removal competition. The competition, funded by Elon Musk and the Musk Foundation, aimed to catalyze new carbon removal solutions with the ability to scale sustainably to gigatonne scale, and was joined by more than 1,300 teams from over 88 countries. Founded in 2022,…

A press notice sent to Rigzone by the UK Department for Energy Security and Net Zero (DESNZ) team announced that legislation for Britain’s new publicly owned energy company, Great British Energy, has passed through Parliament. The press notice stated that the Great British Energy Bill received legislative consent from all three devolved governments, adding that it is first bill to do so under this parliament. Great British Energy will invest in clean power projects across the UK as part of the government’s Plan for Change to become a clean energy superpower, DESNZ’s press notice stated. The press notice also pointed…

Microsoft is working on a new Copilot and could unveil it at the company’s Build conference next week, according to an internal memo viewed by Business Insider.The software giant also has grand “Agent Factory” ambitions and is developing new ways for corporate customers to manage AI agents alongside human employees, the memo shows.The new Copilot project, called “Tenant Copilot,” is run by the organization behind the Microsoft 365 business. This new Copilot is designed to “rapidly channel an organization’s knowledge into a Copilot that can ‘talk,’ ‘think,’ and ‘work’ like the tenant itself,” according to an April 14 email sent…

(Bloomberg) – Canadian oil tycoon Adam Waterous’ Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer.  Strathcona is divesting its gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion USD). The largest will see the company sell its Kakwa asset to ARC Resources Ltd. for C$1.7 billion in cash and assumed lease obligations. Calgary-based Strathcona is also unloading its Grande Prairie asset to an unnamed buyer for C$850 million, while Tourmaline Oil Corp. is taking a smaller asset…

Enbridge Inc. and a partnership of 36 First Nations in British Columbia have inked a deal for the Indigenous groups to acquire a 12.5 percent ownership in a natural gas pipeline with a capacity of 3.6 billion cubic feet a day (Bcfd). Stonlasec8 Indigenous Alliance Limited Partnership will invest CAD 715 million ($512.75 million) in the Westcoast pipeline, which stretches over 2,900 kilometers (1,801.98 miles) from Fort Nelson in northeast BC and Gordondale near the BC-Alberta border to the Canada-US border. Westcoast, also known as the BC Pipeline, supplies BC and the Lower Mainland, Alberta, as well as the U.S. Pacific Northwest.  “This transaction provides…

Texas-based utility Vistra Energy has struck a $1.9-billion deal for the acquisition of close to 2.6 GW worth of gas-powered generation capacity across several states from Lotus Infrastructure Partners.The seven power plants are located in New York, California, New England and parts of the U.S. spanning 13 states serviced by transmission company PJM Interconnection, Reuters reported. The assets include five combined-cycle facilities and two combustion turbine power plants.The news of the deal comes amid reports of an expected surge in electricity demand in the United States, driven primarily by the proliferation of data centers.The Energy Information Administration earlier this year…

New Delhi: India’s first compressed biogas (CBG) plant with a multi-distribution model has commenced commercial gas offtake and injection into the city gas distribution (CGD) network in Kaithal, Haryana, with a capacity of 10 tonnes per day (TPD), according to a statement from the plant developer.The facility, developed by Demeter Agro Energies in collaboration with CEID Consultants and Engineering as its EPC partner and supported by Indraprastha Gas Limited (IGL), will supply compressed biogas through MDPE-rated pipelines and stainless steel lines, and support bottling via cylinder cascades.The plant is supplying 4 TPD of compressed biogas through the MDPE pipeline network.…

Strathcona has made an offer to acquire sector player MEG Energy for the equivalent of some $4.25 billion in cash and stock, per Reuters calculations. The offer represents a 9.3% premium to MEG Energy’s closing price on Thursday.“The combination of Strathcona and MEG would unify two 100+ Mbbls/d heavy oil “pure plays” with near identical netbacks and reserve life indexes, both focused on SAGD oil sands development,” Strathcona said in a news release.The company added that the takeover, if successful, would turn the combined company into the fourth-largest oil producer among companies using team-assisted gravity drainage recovery technology in the…

By Irina Slav – May 16, 2025, 1:32 AM CDT Crude oil prices are on track for a weekly increase due to optimism surrounding a potential trade agreement between the United States and China. The International Energy Agency (IEA) has projected a slowdown in global oil demand growth for the remainder of the year, influenced by economic factors and the rise of electric vehicles. Recent trends show a rebound in Chinese oil imports and a surge in Indian oil imports, while Japanese refiners are reconsidering their low-carbon investment strategies to focus on oil. Crude oil prices were set for…