Oil Business Burns Enough Gas to Power the Whole Sub-Sahara or Two Thirds of Europe — Global Issues

Global gas flaring increased to 144 billion cubic meters (bcm) in 2021 from 142 bcm in 2020. It is estimated that each cubic meter of associated gas flared results in about 2.8 kilograms of CO2-equivalent emissions. Credit: public domain by Baher Kamal (Madrid† Wednesday, May 18, 2022 Inter Press Service MADRID, May 18 (IPS) – … Read more

Saudi oil giant Aramco’s first-quarter profits surge 80 percent | Oil and Gas News

In March, Aramco reported a 124 percent net profit surge for 2021. Oil then rallied to a 14-year high of $139 a barrel after Russia’s invasion of Ukraine. Oil giant Saudi Aramco said its profits soared more than 80 percent in the first three months of the year as the state-backed company cashes in on … Read more

Putin tells Finnish president: Joining NATO would be ‘mistake’ | Energy News

The warning from Kremlin comes as Moscow cuts off its electricity supply to Finland following Helsinki’s plan to join NATO. Russia’s President Vladimir Putin has told his Finnish counterpart that joining NATO would be “a mistake”, as Moscow cut off its electricity supply to the Nordic country earlier – in what is seen as retaliation … Read more

Namibia launches sovereign wealth fund following oil discoveries | Energy News

There have been two major oil finds in the southern African country this year. Namibia launched a sovereign wealth fund, months after oil discoveries by oil giants TotalEnergies and Shell off its coast. At the launch in the capital Windhoek on Thursday, President Hage Geingob said the Welwitschia Fund would get an initial injection of … Read more

Europe faces gas supply disruption after Russia imposes sanctions | Oil and Gas News

Moscow’s measures and Ukraine’s halting of a major supply route to Europe have sent prices on the continent soaring. Europe is facing increased pressure to secure alternative gas supplies after Moscow imposed sanctions on European subsidiaries of Russia’s state-owned Gazprom energy giant and Ukraine shuttered a major gas transit route, pushing prices higher. Dutch gas … Read more

‘Must be credible’: Energy giants challenged over climate action | Climate Crisis News

Countries have less than three years to reduce the rise of planet-heating carbon emissions and less than a decade to cut them almost in half to ensure a ‘liveable future’. The climate commitments of global energy giants lack credibility as they rely on costly technologies that have yet to be proven at scale, according to … Read more

Japan to decide Russia oil embargo timing based on economy | Russia-Ukraine war

Japanese industry minister says government intends to phase out Russian oil in a way that ‘minimises adverse effects’. Japan will decide the timing and method of a Russian oil embargo while considering the possible economic effects, its industry minister said on Tuesday, after Tokyo agreed on a ban with other Group of Seven nations over … Read more

Opacity Surrounds Fossil Fuels in Mexico — Global Issues

Lack of disclosure of contracts, payments and socio-environmental impacts characterize Mexico’s coal industry. The picture shows workers at the Nueva Rosita coal mine in the northern state of Coahuila. CREDIT: Courtesy of Cristobal Trejo by Emilio Godoy (mexico city† Monday, May 09, 2022 Inter Press Service MEXICO CITY, May 09 (IPS) – In the northern … Read more

Indian billionaire Ambani’s Reliance makes money off Ukraine war | Business and Economy News

The refiner is buying discounted cargoes of crude and has deferred maintenance at its refining complex to process more fuel. by Debjit Chakraborty and PR SanjaicBloomberg Published on 9 May 20229 May 2022 Russia’s invasion of Ukraine has opened arbitrage opportunities so enticing that Reliance Industries Ltd. deferred maintenance work at the world’s biggest oil … Read more

South Africa launches world’s biggest hydrogen-fuelled truck | Energy News

A number of countries have pledged $8.5bn and technical assistance to help South Africa become a low-carbon economy. Mining giant Anglo American has unveiled the world’s largest hydrogen-powered truck, a monster weighing 220 tonnes, at a platinum mine in northern South Africa. Billed as the first of a fleet that will replace the firm’s diesel-powered … Read more