New Delhi (Business Emerge), October 10: India’s Adani Group is positioning itself as a global leader in renewable energy by planning to construct 10 gigawatts (GW) of hydroelectric power projects internationally in the coming years, as revealed by four anonymous sources. This move aligns with the conglomerate’s broader vision of achieving net zero carbon emissions by 2050.The energy giant, led by billionaire Gautam Adani, had earlier outlined its $100 billion investment plan to develop green energy technologies, including creating the world’s largest solar park in western India. Adani Group’s diverse portfolio extends from agribusiness to cement, but its focus on…
Author: Samantha Harris
Volos (Business Emerge), October 10: A consortium spearheaded by ExxonMobil is set to enter the next phase of seismic gas exploration off the coast of Crete, according to a statement from the Greek authorities. The consortium, which includes ExxonMobil and Hellenic Energy, has completed the first phase of seismic data collection, covering a total of 7,789 kilometers of two-dimensional (2D) seismic data, far exceeding the required 3,250 kilometers initially mandated for the project’s continuation. This development marks the transition to the second phase of the project, which will focus on acquiring three-dimensional (3D) seismic data over the next three years.…
London (UK) October 10: The UK government has unveiled a new funding initiative aimed at developers of long-duration renewable energy storage projects. This scheme, designed to provide stable returns, is expected to significantly increase investment in technologies like pumped hydro, which store surplus energy from renewable sources, bolstering the nation’s energy security. Developers of storage solutions, including technologies such as liquid air and compressed air energy storage, will be able to apply for “cap and floor” contracts. These contracts offer a guaranteed minimum income, ensuring developers have a stable revenue stream, while also capping excessive profits. Energy Minister Michael Shanks…
Washington (Business Emerge) October 10: Oil prices experienced an uptick on Thursday, driven by heightened demand for fuel as Hurricane Milton struck Florida and concerns over potential disruptions in global oil supplies arose due to escalating tensions between Israel and Iran. U.S. West Texas Intermediate (WTI) crude futures rose by 28 cents, or 0.4%, reaching $73.52 a barrel, while Brent crude futures climbed by 24 cents, or 0.3%, to settle at $76.82 a barrel by 0655 GMT. Investor caution also grew as the standoff between Israel and Iran intensified. Israeli Defense Minister Yoav Gallant warned of a “lethal, precise, and…
London (Business Emerge), October 7: In the third quarter, Shell’s refining profit margins fell by approximately 30% compared to the previous quarter, as global demand weakened. The company also reported a decline in oil product trading earnings, indicating broader challenges for the energy sector. A slowdown in economic activity worldwide, coupled with the opening of new refineries, led to a sharp decline in refining margins in recent months. This trend is likely to have a negative impact on third-quarter profits for leading energy corporations globally. Ahead of its upcoming quarterly report on October 31, Shell announced that its indicative refining…
Oslo (Business Emerge), October 7: Equinor, Norway’s energy company, has made a significant move to bolster its renewable energy assets by purchasing a 9.8% stake in Ørsted, a leading Danish offshore wind developer, for approximately $2.5 billion. This acquisition reflects Equinor’s commitment to expanding its renewables portfolio, despite the ongoing challenges in the offshore wind sector. Ørsted, known as the world’s largest offshore wind developer, has faced a challenging period marked by increased costs and technical issues with turbines. Its stock price has plunged 69% since reaching an all-time high in 2021. However, Equinor’s CEO, Anders Opedal, described the acquisition…
Alberta (Business Emerge), October 7: Chevron announced on Monday that it is selling its assets in the Athabasca Oil Sands and Duvernay Shale to Canadian Natural Resources for $6.5 billion. This all-cash transaction is part of Chevron’s broader divestment strategy, aiming to offload $10 billion to $15 billion in assets by 2028. The deal is expected to be finalized in the fourth quarter of this year. The Canadian assets, located in Alberta, generated 84,000 barrels of oil equivalent per day (boepd) for Chevron in 2023. With this acquisition, Canadian Natural Resources will increase its share in the Athabasca Oil Sands…
Colorado (Business Emerge), September 6: The United States continues to rely heavily on fossil fuels for its energy needs, with fossil sources providing more than 58% of the nation’s power in the first eight months of 2024. This highlights the ongoing struggle to shift towards greener energy, even as renewable energy sources are being developed at an unprecedented rate. While the percentage of energy produced from fossil fuels has slightly decreased from 60.4% in the same period of 2021, rising energy demands have forced the industry to maintain high levels of fossil fuel-based generation. This surge in energy needs, driven…
Italy (Business Emerge), September 6: Italgas, Europe’s largest gas distributor, is reportedly planning a capital increase of approximately €1 billion ($1.11 billion) to fund the acquisition of its major domestic competitor, 2i Rete Gas. This strategic move, aimed at enhancing Italgas’ dominance in the Italian gas distribution market, is expected to further consolidate its market position. According to insiders familiar with the deal, the capital hike is integral to the acquisition strategy. A final offer for the acquisition is anticipated to be presented in the coming weeks. Industry analysts are closely monitoring the valuation of 2i Rete Gas’ regulatory asset…
Washington (Business emerge), September 6: In its latest move against Russia’s energy sector, the United States on Thursday introduced new sanctions aimed at two companies and two vessels associated with Russia’s Arctic LNG 2 project. This marks another step in Washington’s efforts to intensify financial pressure on Moscow for its ongoing conflict with Ukraine. The sanctions target Gotik Energy Shipping Co and Plio Energy Cargo Shipping, with Gotik being the registered owner and Plio Energy serving as the commercial manager of the liquefied natural gas carrier, New Energy. The U.S. Treasury revealed that these entities played a crucial role in…