Author: omc_admin

Israeli authorities have allowed the Chevron Corp.-operated Leviathan natural gas and condensate field to restart production, after ordering a pause about two weeks ago amid Israel’s exchange of attacks with Iran. The Leviathan consortium had invoked a force majeure after the Energy and Infrastructures Ministry, acting on a “security recommendation”, asked that production at the field be temporarily halted, according to NewMed Energy LP, one of the consortium partners. NewMed Energy has now said that order had been lifted. It said it intends to seek state compensation for losses. “According to the Partnership’s [NewMed Energy] initial estimate, based, inter alia,…

An ongoing slide in lithium prices even as demand for the battery metal continues to climb is a frustrating “paradox” not likely to be resolved before at least 2030, the world’s largest producers told a major industry conference this week. Once a niche metal used primarily in greases, ceramics and pharmaceuticals, lithium’s use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. Oversupply from China, however, has dragged prices down more than 90% in…

TotalEnergies has acquired a 25 per cent stake in Block 53 offshore Suriname from Spanish company Moeve, it said on Friday without giving financial details.The block is adjacent to the $10.5 billion Gran Morgu development, on which Total took a final investment decision in October and which is estimated to hold more than 700 million barrels of recoverable resources. The South American country has yet to produce hydrocarbons, but has ambitions to emulate neighbouring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas.Total said Block 53 contains an oil…

The solid-state battery specialist and Volkswagen partner QuantumScape has integrated a new separator manufacturing process into the basic production process of its battery cells. The company hopes that this will lead to “important improvements in separator quality and process stability”. In a statement for investors, US solid-state battery developer QuantumScape announced that it has now implemented its “Cobra” process for the production of ceramic separators. The separators are a key component of QuantumScape’s planned lithium-metal battery cells with solid electrolyte. The new manufacturing process is said to be faster, more energy-efficient and less space-consuming. The company claims that Cobra offers…

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels from the week ending June 13 to the week ending June 20, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. This report, which was released on June 25 and included data for the week ending June 20, showed that crude oil stocks, not including the SPR, stood at 415.1 million barrels on June 20, 420.9 million barrels on June 13, and 460.7 million barrels on June 21, 2024. Crude oil in the SPR stood at 402.5…

The Swedish cell manufacturer Northvolt was long regarded as the hope of the European battery industry, but has been in insolvency proceedings since March and is currently having to cease production. There are now three potential buyers and an initial takeover bid, although this is still non-binding. As insolvency administrator Michael Kubu said on Swedish radio on Tuesday, “We now have an indicative offer on the table and hope for more indicative. We expect to receive another indicative offer during the day.” It is a foreign investor who now wants to buy the entire bankruptcy estate. However, Kubu did not…

Taiwan’s contract manufacturer moves to secure its second e-mobility partnership in Japan, as Mitsubishi Fuso eyes entry into the electric bus market with Foxconn-developed models. Foxconn is on the verge of securing a supply deal with Mitsubishi Fuso Truck and Bus Corporation for all-electric buses, the Japanese portal Nikkei reports. If confirmed, this would mark the entry of Mitsubishi Fuso into the battery-electric bus segment with two Foxconn-developed models: the Model T and the Model U microbus. The latter was first presented in October last year, while the Model T already launched in 2021. The vehicles would be rebranded and…

DHL Supply Chain has signed a long-term agreement with Fortum Battery Recycling to develop and deliver tailored service logistics for electric vehicle battery recycling across Europe. The collaboration aims to accelerate sustainable resource use and establish closed-loop solutions in e-mobility. Under the new agreement, DHL will ensure safe and efficient logistics for Fortum’s operations, including transport, storage and handling of used EV batteries, alongside just-in-time delivery to Fortum’s processing sites. The logistics model is designed to support the technical and safety requirements of battery end-of-life handling, meeting strict regulatory and operational standards. Fortum is currently the only provider in Europe…

Sino-Moroccan joint venture COBCO has commenced production of nickel-manganese-cobalt (NMC) and precursor cathode (pCAM) materials for lithium-ion batteries at its new plant in Jorf Lasfar. It strengthens Morocco’s position in the global EV battery supply chain and supports the localisation of key components for electrification. The plant, first announced in 2023, has initially begun production of two critical components used in lithium-ion batteries: nickel-manganese-cobalt precursors and cathode materials. These components form the heart of energy storage systems, both in electric vehicles and stationary applications. According to Reuters, which cites a source close to the project, the site will ultimately reach…

Uber is looking to improve EV charging options for its drivers and couriers, and so has signed an agreement with C40 Cities to expand charging infrastructure in London (UK), Boston and Phoenix (USA). A deal with Vmoto has also been signed. The collaboration with C40 Cities will aim to facilitate EV adoption by up to 55,000 high-mileage Uber drivers across the three cities. Specifically, this will target those Uber drivers who don’t currently have access to convenient charging solutions through what Uber calls ‘technical support, research, and policy advocacy’. In other words; data-gathering on charging ‘deserts’ and usage statistics, plus…