Author: omc_admin
One of the first cargoes shipped by Nayara Energy Ltd. after it was hit by EU sanctions has been transferred to another tanker at sea, evidence the Indian refiner is trying to keep exporting fuel.The Tempest Dream completed a ship-to-ship transfer on Thursday in the waters off Oman to move the gasoline shipment to Wu Tai, a larger tanker, according to a Bloomberg News review of ship-tracking data and satellite images. Tempest Dream then indicated that it would head back to Vadinar, Nayara’s terminal in western India.The embattled refiner, which is 49%-owned by Russia’s Rosneft PJSC, has found itself being…
WASHINGTON (AP) — U.S. wholesale inflation surged unexpectedly last month, signaling that President Donald Trump’s sweeping taxes on imports are pushing costs up and that higher prices for consumers may be on the way. The Labor Department reported Thursday that its producer price index — which measures inflation before it hits consumers— rose 0.9% last month from June, biggest jump in more than three years. Compared with a year earlier, wholesale prices rose 3.3%.The numbers were much higher than economists had expected.Prices rose faster for producers than consumers last month, suggesting that U.S. importers may, for now, be eating the…
A court in South Africa has halted an oil and gas exploration project led by TotalEnergies, saying the environmental assessment for the project was “deeply flawed, failing to address key risks, legal requirements, and public participation,” per a Bloomberg report.The case was brought in front of the court by a group of environmentalist organizations opposing oil and gas development in South Africa and elsewhere.The news comes hours after Bloomberg again reported that the French supermajor was planning a major drilling campaign offshore South Africa, featuring as many as seven wells, with drilling set to begin in 2026. The company holds…
Swiss generic and biosimilar medicine pharmaceutical company Sandoz announced that it has signed a new 10-year virtual Power Purchase Agreement (PPA) with Elawan Energy for new-build solar projects in Spain, anticipated to cover the vast majority of Sandoz’s electricity use in Europe. Under the new partnership, Sandoz and Elawan Energy will jointly develop solar projects with a total installed capacity of 150 MW. Once operational, the initiative is expected to supply nearly 90% of the electricity demand for Sandoz’s European operations, which account for the majority of the company’s global footprint. According to Sandoz, the new partnership marks a significant…
SAN JUAN, Puerto Rico (AP) — Officials in the northern Caribbean warned Thursday of heavy rains and dangerous swells as Tropical Storm Erin approached the region.The storm is expected to remain over open waters and move north-northeast of islands including Antigua and Barbuda, the U.S. and British Virgin Islands and Puerto Rico, according to the National Hurricane Center in Miami.Erin was located about 890 miles (1,435 kilometers) east of the Northern Leeward Islands. It had maximum sustained winds of 60 mph (95 kph) and was moving west at 17 mph (28 kph).Erin is forecast to become a hurricane by Friday…
Meren Energy Inc., recently rebranded from Africa Oil Corp., has adjusted down its EBITDAX and cash flow guidance for 2025 due to an expected weakening of oil prices, as well as narrowed its production forecast for the year. The Vancouver, Canada-based company, which explores and develops oil and gas in Africa, reported $3.1 million in net profit for the second quarter. That was up from $400,000 for the same three-month period last year. April-June 2025 marked its first full quarter since its full takeover of Prime Oil & Gas Cooperatief UA, previously a 50-50 venture with BTG Pactual Oil & Gas SaRL.…
Enverus Intelligence® Research (EIR) has released a report on repowering retired coal plants in order to accelerate clean, dispatchable capacity deployment. By leveraging existing infrastructure and interconnection access, bypassing greenfield delays dramatically shortens timelines and reduces permitting risk, making repowering a pragmatic bridge to a cleaner, more resilient grid. In the report, EIR identifies operators that hold highly strategic coal portfolios, with repowering potential unlocking hidden grid value and investment upside. The technology selection hinges on regional and regulatory fit — natural gas repowers are fast and proven, while nuclear and enhanced geothermal systems (EGS) offer greater long-term…
Venice Energy has signed an agreement to sell its LNG project in South Australia, expected to reach a FID (final investment decision) this year, to AG&P LNG. “This follows a complex series of negotiations over the past eight months after the signing of a binding term sheet between the two companies in October last year and a full-formed Investment Agreement that was settled and signed on Monday”, Adelaide-based Venice Energy said in a statement on its website. The project in Port Adelaide will have a floating storage and regasification unit, two wharfs, loading arms, cryogenic piping, pumps and associated infrastructure,…
The European Bank for Reconstruction and Development (EBRD) has committed a two-year revolving loan of EUR 500 million ($585.17 million) to help state-owned integrated energy company Naftogaz Group procure natural gas for Ukraine. The European Commission signed an agreement with EBRD to guarantee 90 percent of the loan. “For the first time, the loan is provided under a European Union guarantee within the UIF [Ukraine Investment Framework] HiBar program and will not require a sovereign guarantee from Ukraine”, Naftogaz said in a statement on its website. The Commission said separately, “Replenishing the depleted gas reserves of Ukraine with the help of…
A South African court overturned a decision granting TotalEnergies SE environmental authorization for an oil exploration block offshore the country’s west coast. The Western Cape High Court ruled that the environmental impact assessment for Total’s Block 5/6/7 was “deeply flawed, failing to address key risks, legal requirements, and public participation,” Green Connection, one of the environmental groups that brought the case, said in a statement. A Total spokeswoman reached by telephone wasn’t immediately able to comment. A spokeswoman for South Africa’s environment ministry wasn’t immediately reachable. Environmental groups in recent years have had multiple court victories successfully blocking some exploration…