Energy

The Oil and Gas Climate Initiative (OGCI), a collaboration by the CEOs of a dozen global energy producers, said it  has reduced members’ absolute upstream methane emissions by 40% since 2017 with spending on low carbon solutions nearly doubling to $40 billion.The collaborative launched an industry-wide initiative to reduce methane emissions to near zero, while…

The European Union has reached a preliminary agreement on a landmark plan to tax imports of carbon-intensive goods like aluminum, cement, electricity, fertilizers and hydrogen. It does not include commodities like natural gas.

Mexico’s state power company Comisión Federal de Electricidad (CFE) has more than doubled the utilization rate of its natural gas pipelines since the current government took over in 2018, according to energy minister Rocío Nahle.  Nahle addressed Mexico’s senate energy committee on Thursday (Dec. 8) about the state of the sector. CFE is Mexico’s largest…

Brent crude oil prices once again are expected to reach $90/bbl-plus by the second quarter of next year amid falling global inventories, and prices for the benchmark would likely average $92 for full year 2023, according to updated modeling from the Energy Information Administration (EIA). In its latest Short-Term Energy Outlook (STEO), published Tuesday, the…

“For Mexico to diversify away from U.S. natural gas imports in the medium to long term, the answer is potentially shale,” W. Schreiner Parker, senior vice president and head of Latin America at Rystad Energy, said in an interview with NGI’s Mexico GPI.  “The other interesting area of domestic supply is offshore gas,” he said.…

A result of both higher retail prices and higher forecast consumption, the Energy Information Administration (EIA) expects U.S. households to spend more on energy this winter compared with the 2021-22 heating season, with the largest increase for homes that heat with natural gas. The agency’s latest Winter Fuels Outlook, included in its updated Short-Term Energy…

Since Russia’s unprovoked invasion of Ukraine, countries around the world are shifting their priorities toward energy affordability, according to a group of experts who spoke in New York City on Wednesday. The last 10 months have brought the issues of energy security, climate change and affordability “into contention,” according to Fahad Alajlan, president of Saudi…

Vanguard Renewables, a renewable natural gas (RNG) producer with projects across New England, said it has been acquired by BlackRock Real Assets.  A source familiar with the deal told NGI that BlackRock purchased the RNG producer from Vision Ridge Partners for $700 million. The investment could help Vanguard Renewables develop its plans to bring more…

U.S. oil production last week held at a high point for the year as overall petroleum demand increased, led by consumption of travel fuels, the U.S. Energy Information Administration (EIA) reported Thursday.   Producers pumped 12.1 million b/d for the week ended July 1, according to the EIA’s Weekly Petroleum Status Report. That continued the pace…