(World Oil) – Technology giants are partnering with geothermal start-ups as they seek to power their energy-intensive data centers with clean but reliable power sources. Several deals have been struck over the past year as Big Tech is looking to boast low-emission profiles of its energy use. The other 24/7 low-carbon energy comes from nuclear power generation, and deals have been
(Oil Price) – Fracking techniques perfected in the U.S. shale patch could help drill for deeper and hotter geothermal energy resources and slash geothermal costs to make this low-carbon energy source competitive to other clean energy solutions, the International Energy Agency (IEA) said on Friday. Recent advances in horizontal drilling and hydraulic fracturing, “honed through oil and gas developments in North America,” are
(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.
(Investing) – LONDON – OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such
(Oil & Gas 360) – With slightly less than a month left before his annual global night of magic, Santa received a lengthy Christmas list after this year’s COP 29 climate action conference in Azerbaijan. The group and the International Energy Agency (IEA) have cited five key areas. They look to triple renewable energy capacity while doubling energy efficiency. Another major
(Oil & Gas 360) – The ever-changing global energy markets were given a comprehensive assessment by the International Energy Agency in its World Energy Outlook 2024 released earlier this October. The agency’s Energy Transition assessment highlights capacity additions of renewals of over 560 gigawatts added in 2023. Capacity refers to a source running at full efficiency; actual electron delivery from
(Oil Price) – Spanish energy giant Repsol has decided to pause green hydrogen development projects in its home country, citing an unfavorable regulatory regime with the idea of a permanent windfall tax on energy companies, a spokesperson for Repsol told Reuters on Monday. The Spanish firm has a pipeline of 350 megawatts (MW) of electrolysis capacity for green hydrogen projects across Spain, but
(Oil Price) – Oil prices are little changed in Wednesday’s intraday sessions after they tumbled more than 4% on Tuesday to a near two-week low on easing Iranian supply disruption fears. According to a report by the Washington Post, Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure rather than oil or nuclear facilities,
(Oil & Gas 360) – The seemingly unending downward pressure on domestic natural gas prices isn’t getting much relief, given October storage numbers, according to the Energy Information Administration (EIA). October is routinely known as the start of injection season for increasing natural gas inventories ahead of winter. The agency shows current storage to be over 175 billion cubic feet (BCF)
(Oil & Gas 360) – The International Energy Administration (IEA) is forecasting 70% growth in global renewable capacity additions by the end of the decade. The projected momentum follows a record year for capacity growth in 2023. Solar and wind are expected to generate 95% of that capacity growth due to their growing economic attractiveness, according to the agency. The report
(Oil & Gas 360) – The International Energy Administration (IEA) released its Government Energy Spending Tracker late last month detailing the nearly $3 trillion in global investment in decarbonization efforts. The United States accounts for roughly one-sixth of that number with nearly $ 600 billion allocated across six categories (outlined below). The figure equates to an approximate federal spend on
(Oil Price) – Despite the surge in renewable energy additions, the world is not yet on track to reach the goal of tripling renewables capacity by 2030, according to the Renewables 2024 report published by the International Energy Agency (IEA) on Wednesday. Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%. But it
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