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IRAN Energy News Agency 📬 Office: Unit 32. No 26. Dr Mossadegh St. Mirdamad St. Tehran. Iran ☎️ Tel: +98-2126413997 https://en.iranenergy.news
Iraq Signs Agreement with ExxonMobil for Exit from West Qurna 1 Field, PetroChina to Take over
The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant's departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field's leading operator role. Hassan Muhammad, deputy Basra Oil Co. manager in…
https://en.energytoday.ir/iraq-signs-agreement-with-exxonmobil-for-exit-from-west-qurna-1-field-petrochina-to-take-over/
IEA: Global Oil Demand to Peak before 2030 amid Energy Transition
Global demand for oil is set to peak by 2030 driven by the "sufficient" momentum of the clean energy transition toward low-emission energy sources across the global economy, the International Energy Agency said in a recent report. Moves such as greater investment in renewable energy like solar power and the rise in the use of…
https://en.energytoday.ir/iea-global-oil-demand-to-peak-before-2030-amid-energy-transition/
India’s Top Oil Producer Misses Profit Estimate on Weak Prices
State-run Oil and Natural Gas Corp.’s quarterly earnings missed estimates as a slump in production and crude prices offset gains from higher gas rates. The New Delhi-based company’s net income declined 20% from a year earlier to 102.2 billion rupees ($1.2 billion) in the quarter ended September, according to a stock exchange filing. A Bloomberg…
https://en.energytoday.ir/indias-top-oil-producer-misses-profit-estimate-on-weak-prices/
China to Compensate Coal Plants as it Seeks Power Supply Stability
China will start guaranteeing payments to coal-fired power plants based on their installed capacity as of January 2024, as the world’s top coal consumer looks to ensure stability of electricity supply amid soaring renewable energy output. The National Development and Reform Commission (NDRC), the state planner, said on Friday that thermal power plants in most…
https://en.energytoday.ir/china-to-compensate-coal-plants-as-it-seeks-power-supply-stability/
Woodside: Developing Asia to Drive LNG Demand for Decades
Demand for oil and natural gas will stay resilient for decades, driven by population growth and industrialization in developing economies across Asia, according to Woodside Energy Group Ltd., a key supplier of fossil fuels to the region. “Growth in demand for LNG in particular is expected to continue as buyers seek to secure supplies to…
https://en.energytoday.ir/woodside-developing-asia-to-drive-lng-demand-for-decades/
OPEC Oil Production Steady with African Members Making Modest Gains
OPEC’s crude oil production held broadly steady last month, with modest increases across most of its African members being offset by declines elsewhere. OPEC members pumped an average of 28.08 MMbpd in October — about 50,000 bpd more than the previous month, according to a Bloomberg survey. Nigeria led the gains, followed by Congo, Gabon,…
https://en.energytoday.ir/opec-oil-production-steady-with-african-members-making-modest-gains/
OPEC Launches WOO 2023 amid Global Shifts in Energy Policy
Over the past year or so there has been a marked shift in attitudes to energy policies across the world, as many populations and governments increasingly question aspects of some initial net-zero policies and acknowledge the need for reliable and affordable energy access alongside reductions in emissions. Against this backdrop, at an event of great…
https://en.energytoday.ir/opec-launches-woo-2023-amid-global-shifts-in-energy-policy/
Exxon and Chevron’s Mega Deals Face Scrutiny over Potential Antitrust Violations
Democratic Senators, led by Chuck Schumer, have called for an investigation into ExxonMobil's $59.5 billion acquisition of Pioneer Natural Resources and Chevron's $53 billion purchase of Hess Corporation, citing potential antitrust violations. The lawmakers are concerned that these transactions could disrupt competition, increase gasoline prices, and have negative effects on smaller enterprises and wage levels…
https://en.energytoday.ir/exxon-and-chevrons-mega-deals-face-scrutiny-over-potential-antitrust-violations/
European Gas Slides on Subdued Demand and Contained War Outlook
European natural gas prices declined for a second day as November kicked off with a windy weather outlook and optimism that the war in the Middle East might not impact global fuel flows. Benchmark futures for December declined 0.5% after settling 9.5% lower the previous day. The continent is heading toward winter with full storage…
https://en.energytoday.ir/european-gas-slides-on-subdued-demand-and-contained-war-outlook/
Russia and China Look to Speed up Development of New Natural Gas Route
Russia’s gas giant Gazprom is working with China to further raise Russian pipeline deliveries to the Chinese market and is discussing speeding up the start of supply via the Far Eastern route, Xie Jun, vice president at China National Petroleum Corporation (CNPC), said at a gas forum in Russia on Wednesday. “Our company and PJSC…
https://en.energytoday.ir/russia-and-china-look-to-speed-up-development-of-new-natural-gas-route/
TotalEnergies Project in South Iraq to be Completed by 2028
According to Iraq’s Oil Minister Hayyan Abdul-Ghani, a $27 billion agreement between Iraq and France’s TotalEnergies inked in July 2023 will generate almost 600 million cubic feet per day (mcf/d) of gas, enough to fuel power plants with a capacity of 5,000 megawatts (MW). According to recent statements made by Abdul-Ghani, TotalEnergies would carry out…
https://en.energytoday.ir/totalenergies-project-in-south-iraq-to-be-completed-by-2028/
European Gas Prices Jump after Egypt Says Imports Stopped
European natural gas prices advanced after a halt in Egyptian imports dashed hopes for a resumption of deliveries to Europe, adding to supply risks just as Israel widened its ground offensive in Gaza. December futures jumped as much as 4.5% on Monday. Prices are around 30% higher than before the war in the Middle East…
https://en.energytoday.ir/european-gas-prices-jump-after-egypt-says-imports-stopped/
Turkmenistan to Keep Gas Exports to Russia at 5 bcm in 2023
Turkmenistan expects to export about 5 billion cubic meters of gas to Russia in 2023, as specified in the previously signed contract with Gazprom , the deputy CEO of state gas company Turkmengaz, Murat Archayev said. "The Turkmen side, within the framework of its obligations under the contract, fulfills them fully, year after year. The…
https://en.energytoday.ir/turkmenistan-to-keep-gas-exports-to-russia-at-5-bcm-in-2023/
Oil Down 1% ahead of U.S., China Data
Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China's manufacturing data due this week, offsetting support from tension in the Middle East. Brent crude futures dropped 1.6%, or $1.11, to $89.37 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude…
https://en.energytoday.ir/oil-down-1-ahead-of-u-s-china-data/
G-7 Advocates Strong Supply Chains for Energy and Food amid Global Unrest
Trade and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties. The nations promised to maintain “a free and fair trading system based on the rule of law and enhancing economic resilience and economic…
https://en.energytoday.ir/g-7-advocates-strong-supply-chains-for-energy-and-food-amid-global-unrest/
Iraq Backs more OPEC+ Output Cuts as Basra Crudes Post Heavy Losses this Week
Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. Despite gaining $0.41 on Friday, Basra crude prices…
https://en.energytoday.ir/iraq-backs-more-opec-output-cuts-as-basra-crudes-post-heavy-losses-this-week/
Turkmenistan Pushes for FIPPA Protection of TAPI Gas Pipeline Investment
Turkmenistan has asked Pakistan to include its investment in the TAPI gas pipeline project under a law that was passed to protect foreign investment in the Reko Diq project, a senior official at the energy ministry told The News on Friday. The Foreign Investment Promotion and Protection Act (FIPPA), 2022, was approved by the parliament…
https://en.energytoday.ir/turkmenistan-pushes-for-fippa-protection-of-tapi-gas-pipeline-investment/
Masdar and PLN Inaugurate 192MWp Largest Floating PV Site in Southeast Asia
The Indonesian state utility PLN and UAE state-run renewables developer Masdar have inaugurated the 145MWac (192MWp) Cirata floating solar PV (FPV) plant in the West Java province of Indonesia. Opened by the president of Indonesia, Joko Widodo, Masdar and PLN said that the plant is the ‘largest’ FPV site in Southeast Asia, a region which…
https://en.energytoday.ir/masdar-and-pln-inaugurate-192mwp-largest-floating-pv-site-in-southeast-asia/
Japan to Work with G7 to Impose Sanctions on Arctic LNG 2
Japan will work with the G7 and support the imposition of US sanctions placed on the Artic LNG 2 project in Russia last week. Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and Industry, affirmed this position on Tuesday but said it will inevitably have an impact on business. Japan’s Mitsui & Co. and JOGMEC and…
https://en.energytoday.ir/japan-to-work-with-g7-to-impose-sanctions-on-arctic-lng-2/
Switzerland to Keep Nuclear Plants Operating for Longer than Planned
Switzerland’s nuclear power plant operators plan to keep the facilities operational for longer than initially planned, spokespeople for the large Swiss utilities Axpo Holding and Alpiq Holding told Bloomberg on Tuesday. Switzerland has four nuclear reactors, which generate up to 40% of its electricity, according to the World Nuclear Association. The Swiss voted in a…
https://en.energytoday.ir/switzerland-to-keep-nuclear-plants-operating-for-longer-than-planned/
Chevron to Explore Lower Carbon Opportunities in Angola
Chevron Corp. has pledged to look into potential carbon capture and biofuel operations in Angola through a pact involving its lower carbon division in the USA and the government in Luanda. “Chevron and the Angola Government plan to evaluate various projects related to nature-based and technological carbon offsets, lower-carbon intensity biofuels and products such as…
https://en.energytoday.ir/chevron-to-explore-lower-carbon-opportunities-in-angola/
China’s Largest LNG Storage Tank Put into Use
China's first domestically-produced LNG storage tank of 270,000 cubic meters was put into operation in Qingdao, Shandong Province, on Thursday. It is the largest LNG storage tank in the country, which has significantly increased the supply capability in north China. The tank has a diameter of 100.6 meters and a height of 55 meters. The…
https://en.energytoday.ir/chinas-largest-lng-storage-tank-put-into-use/
Egypt can Export LNG without Israeli Gas: Eni CEO
Italy's Eni could resume LNG exports from its liquefaction terminal in Egypt next month despite uncertainty over the availability of gas flows between Israel and Egypt. Eni CEO Claudio Descalzi told reporters on the sidelines of the FT Energy Transition Summit in London that he expects Egypt to begin shipping cargoes in November, but cautioned…
https://en.energytoday.ir/egypt-can-export-lng-without-israeli-gas-eni-ceo/
EU, US, UAE Pressure other Govts to Join Deal to Triple Renewable Energy
The United States, the European Union, and the United Arab Emirates are looking to drum up new recruits in the form of other governments to sign onto a global deal that seeks to triple renewable energy investment, according to new documents seen by Reuters. The COP28 climate summit hosts are working with other governments to…
https://en.energytoday.ir/eu-us-uae-pressure-other-govts-to-join-deal-to-triple-renewable-energy/
Gazprom to Produce Oil and Gas in Kyrgyzstan
«A project has been approved, according to which Gazprom PJSC will produce oil and gas in the country, provide our population with gas and process oil at our refineries,» the Minister of Energy of Kyrgyzstan Taalaibek Ibraev said at the XII St. Petersburg International Gas Forum. According to him, the country’s President Sadyr Japarov approved…
https://en.energytoday.ir/gazprom-to-produce-oil-and-gas-in-kyrgyzstan/
ExxonMobil, Chevron Intensify Fossil Investments despite Clean Energy Transition Agenda
Oil majors – ExxonMobil and Chevron have reportedly taken steps to intensify their oil and gas investments despite calls for a global clean energy transition. Exxon’s $60 billion deal to buy Pioneer and Chevron’s deal to buy Hess for $53 billion have made global headlines this month. These purchases show that oil majors are intensifying…
https://en.energytoday.ir/exxonmobil-chevron-intensify-fossil-investments-despite-clean-energy-transition-agenda/
American Oil Giants Boost Domestic Footprint as Geopolitical Tensions Mount
ExxonMobil and Chevron have just announced mega acquisition deals to buy U.S. firms, which will boost the footprint of the U.S. oil supermajors in their domestic upstream market and the hottest exploration success of the past few years, Guyana. Betting on expectations of sustained global oil and gas demand and the lower costs of supply…
https://en.energytoday.ir/american-oil-giants-boost-domestic-footprint-as-geopolitical-tensions-mount/
How the EU’s Carbon Tax Scheme is Reshaping Global Steel Trade
This month saw the launch of the EU’s CBAM policy, a much-needed abbreviation for Carbon Border Adjustment Mechanism. Officials designed the trade policy to put a fair price on the carbon emitted during the production of carbon-intensive goods entering the European Union. They also hope it will encourage cleaner industrial production in non-EU countries. The…
https://en.energytoday.ir/how-the-eus-carbon-tax-scheme-is-reshaping-global-steel-trade/
Turkey’s First Seismic-Research Vessel Operates Round the Clock for Country’s Energy Independence
Turkey's first seismic research vessel "Barbaros Hayreddin Pasa," which has scanned more than 50,000 square-kilometer in the last five years to search for oil and natural gas within the country's territorial waters, is currently getting prepared for its next mission at Trabzon port where it briefly anchored for scheduled maintenance. Set to celebrate its 100th…
https://en.energytoday.ir/turkeys-first-seismic-research-vessel-operates-round-the-clock-for-countrys-energy-independence/
Iran’s Oil Output Reaches 3.4 Million bpd:
Iran’s oil production has increased to 3.4 million barrels per day (bpd), the spokesperson for the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said. Speaking in an interview with IRNA on Sunday, Seyyed Hamid Hosseini said measures have been taken in the current administration to boost oil exports to world markets. He noted that…
https://en.energytoday.ir/irans-oil-output-reaches-3-4-million-bpd/