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Russian gas? Nein danke, says energy self-sufficient German district
July 26, 2022
Source: Reuters

Russian gas? Nein danke, says energy self-sufficient German district

As Germany scrambles to avert a fuel crisis this winter, one rural district has become a role model for how the country might wean itself off dwindling imports of Russian gas - by producing all the energy that it consumes itself. The western district of Rhein-Hunsrueck uses a combination of solar, wind and biofuel to generate enough power to run its homes, public buildings and businesses, with enough left over to contribute to an electric car-sharing service and e-bikes. "Up until 1995, not a single kilowatt hour of energy used in our district was produced by us. Everything had to be imported," said Frank-Michael Uhle, the district's climate protection manager.

Russian gas? Nein danke, says energy self-sufficient German district
July 26, 2022
Source: Reuters

Russian gas? Nein danke, says energy self-sufficient German district

As Germany scrambles to avert a fuel crisis this winter, one rural district has become a role model for how the country might wean itself off dwindling imports of Russian gas - by producing all the energy that it consumes itself. The western district of Rhein-Hunsrueck uses a combination of solar, wind and biofuel to generate enough power to run its homes, public buildings and businesses, with enough left over to contribute to an electric car-sharing service and e-bikes. "Up until 1995, not a single kilowatt hour of energy used in our district was produced by us. Everything had to be imported," said Frank-Michael Uhle, the district's climate protection manager.

Russia's Gazprom tightens squeeze on gas flow to Europe
July 26, 2022
Source: Reuters

Russia's Gazprom tightens squeeze on gas flow to Europe

Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. Gazprom said flows would fall to 33 million cubic metres per day from 0400 GMT on Wednesday - a halving of the current, already reduced level - because it needed to halt the operation of a Siemens gas turbine at a compressor station on instructions from an industry watchdog. Germany said it saw no technical reason for the latest reduction, which comes as Russia and the West exchange economic blows in response to what Moscow calls its special military operation in Ukraine.

Russia's Gazprom tightens squeeze on gas flow to Europe
July 26, 2022
Source: Reuters

Russia's Gazprom tightens squeeze on gas flow to Europe

Russia tightened its gas squeeze on Europe on Monday as Gazprom said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. Gazprom said flows would fall to 33 million cubic metres per day from 0400 GMT on Wednesday - a halving of the current, already reduced level - because it needed to halt the operation of a Siemens gas turbine at a compressor station on instructions from an industry watchdog. Germany said it saw no technical reason for the latest reduction, which comes as Russia and the West exchange economic blows in response to what Moscow calls its special military operation in Ukraine.

Galp posts 90% profit leap on soaring oil prices and refining margin
July 25, 2022
Source: Reuters

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit on Monday, citing soaring oil prices and a sharp increase in its refining margin. Rapid recovery in demand after pandemic lockdowns and a surge in energy prices driven by Russia's invasion of Ukraine have boosted profits for oil companies around the globe.

Galp posts 90% profit leap on soaring oil prices and refining margin
July 25, 2022
Source: Reuters

Galp posts 90% profit leap on soaring oil prices and refining margin

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit on Monday, citing soaring oil prices and a sharp increase in its refining margin. Rapid recovery in demand after pandemic lockdowns and a surge in energy prices driven by Russia's invasion of Ukraine have boosted profits for oil companies around the globe.

China Belt & Road spending dips in H1, with no investment in Russia - research
July 25, 2022
Source: Reuters

China Belt & Road spending dips in H1, with no investment in Russia - research

China's finance and investment spending in Belt and Road countries fell slightly in the first half compared to a year earlier, with no new coal projects and investments in Russia, Egypt and Sri Lanka falling to zero, new research showed. Saudi Arabia was the biggest recipient of Chinese investments over the period, with about $5.5 billion, According to the Shanghai-based Green Finance and Development Center (GFDC) in research published on Sunday.

China Belt & Road spending dips in H1, with no investment in Russia - research
July 25, 2022
Source: Reuters

China Belt & Road spending dips in H1, with no investment in Russia - research

China's finance and investment spending in Belt and Road countries fell slightly in the first half compared to a year earlier, with no new coal projects and investments in Russia, Egypt and Sri Lanka falling to zero, new research showed. Saudi Arabia was the biggest recipient of Chinese investments over the period, with about $5.5 billion, According to the Shanghai-based Green Finance and Development Center (GFDC) in research published on Sunday.

TotalEnergies begins production from Ikike field in Nigeria
July 25, 2022
Source: Reuters

TotalEnergies begins production from Ikike field in Nigeria

French oil and energy company TotalEnergies has begun production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022, it said on Monday. The European Commission's deputy director general for its energy department this month said that the European Union was seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts.

TotalEnergies begins production from Ikike field in Nigeria
July 25, 2022
Source: Reuters

TotalEnergies begins production from Ikike field in Nigeria

French oil and energy company TotalEnergies has begun production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022, it said on Monday. The European Commission's deputy director general for its energy department this month said that the European Union was seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts.

Schlumberger lifts revenue forecast as oilfield activity picks up
July 23, 2022
Source: Reuters

Schlumberger lifts revenue forecast as oilfield activity picks up

Schlumberger NV on Friday raised its annual revenue forecast after beating analysts' second-quarter earnings expectations, buoyed by higher demand for its oilfield services and equipment. The company has benefited from a boost in activity driven by stronger oil and gas prices. Global crude prices hovered above $100 per barrel last quarter, fueled by tight supplies following Western sanctions on Russia, a major producer, and as energy consumption returned to near pre-pandemic levels.

Schlumberger lifts revenue forecast as oilfield activity picks up
July 23, 2022
Source: Reuters

Schlumberger lifts revenue forecast as oilfield activity picks up

Schlumberger NV on Friday raised its annual revenue forecast after beating analysts' second-quarter earnings expectations, buoyed by higher demand for its oilfield services and equipment. The company has benefited from a boost in activity driven by stronger oil and gas prices. Global crude prices hovered above $100 per barrel last quarter, fueled by tight supplies following Western sanctions on Russia, a major producer, and as energy consumption returned to near pre-pandemic levels.

European shares log best week in two months despite volatility
July 23, 2022
Source: Reuters

European shares log best week in two months despite volatility

European shares notched up their best week in two months on Friday as concerns over an energy supply crunch eased, bringing some calm to investors worried about a big rise in interest rates and a political crisis in Italy. The pan-European STOXX 600 index closed 0.3% up at its highest level since June 10, while for the week it jumped nearly 2.9%. While Russian gas flows to Europe resumed after a scheduled maintenance outage, market participants fretted as euro zone business activity unexpectedly shrank in July, due to a downturn in manufacturing and a near-stalling of service sector growth.

European shares log best week in two months despite volatility
July 23, 2022
Source: Reuters

European shares log best week in two months despite volatility

European shares notched up their best week in two months on Friday as concerns over an energy supply crunch eased, bringing some calm to investors worried about a big rise in interest rates and a political crisis in Italy. The pan-European STOXX 600 index closed 0.3% up at its highest level since June 10, while for the week it jumped nearly 2.9%. While Russian gas flows to Europe resumed after a scheduled maintenance outage, market participants fretted as euro zone business activity unexpectedly shrank in July, due to a downturn in manufacturing and a near-stalling of service sector growth.

No word yet on new Russian company to operate Sakhalin-2 project, says Japan
July 19, 2022
Source: Reuters

No word yet on new Russian company to operate Sakhalin-2 project, says Japan

The Japanese government has not yet received word that a new Russian company set to operate the oil and gas Sakhalin-2 project has been established, industry minister Koichi Hagiuda said on Tuesday. "We will decide on our next steps once the terms of getting involved in the new company are made clear," he added.

No word yet on new Russian company to operate Sakhalin-2 project, says Japan
July 19, 2022
Source: Reuters

No word yet on new Russian company to operate Sakhalin-2 project, says Japan

The Japanese government has not yet received word that a new Russian company set to operate the oil and gas Sakhalin-2 project has been established, industry minister Koichi Hagiuda said on Tuesday. "We will decide on our next steps once the terms of getting involved in the new company are made clear," he added.

Russia’s squeeze on gas means Germany’s energy giant is having to draw supplies from storage
July 16, 2022
Source: CNBC

Russia’s squeeze on gas means Germany’s energy giant is having to draw supplies from storage

German energy giant Uniper on Friday said it is having to draw down gas from storage facilities, reducing supplies needed for winter even as Europe is experiencing an extreme heatwave.The embattled utility told CNBC in a statement that reducing gas volumes from its own storage facilities was necessary “in order to supply our customers with gas and to secure the Uniper’s liquidity.”

Russia’s squeeze on gas means Germany’s energy giant is having to draw supplies from storage
July 16, 2022
Source: CNBC

Russia’s squeeze on gas means Germany’s energy giant is having to draw supplies from storage

German energy giant Uniper on Friday said it is having to draw down gas from storage facilities, reducing supplies needed for winter even as Europe is experiencing an extreme heatwave.The embattled utility told CNBC in a statement that reducing gas volumes from its own storage facilities was necessary “in order to supply our customers with gas and to secure the Uniper’s liquidity.”

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