Hedge fund Elliott Investment Management urged a U.S. court to move forward with its bid for Citgo Petroleum, defending its offer in the face of criticism from creditors. Elliott’s wholly-owned subsidiary, Amber Energy, highlighted in a court filing that Citgo’s assets are losing value and warned that creditors are unlikely to receive a better offer […]
Shell (SHEL.L) reported on Monday that its operations were unaffected by an oil leak from a land-based pipeline at the Shell Energy and Chemicals Park in Bukom, Singapore, over the weekend. The company confirmed that the leak, which released approximately 30-40 metric tonnes of slop — a mixture of oil and water — into the
A new initiative backed by the Bezos Earth Fund, in partnership with the Global Energy Alliance for People and Planet (GEAPP), is set to tackle Nigeria’s persistent power supply issues by rolling out solar mini-grids. This ambitious project aims to bridge the significant electricity gap affecting millions of Nigerians, with the country suffering from frequent
On October 20, Serbian President Aleksandar Vucic expressed his gratitude to Russian President Vladimir Putin for ensuring that Serbia has an adequate supply of natural gas for the upcoming winter. In a phone conversation, Vucic highlighted Russia’s ongoing support in maintaining Serbia’s energy security, specifically through their three-year gas supply agreement, which is set to
In a significant shift in its energy strategy, Egypt has revised its renewable energy target for 2040 from 58% down to 40%, signaling a continued emphasis on natural gas as a central part of the country’s energy mix. Petroleum Minister Karim Badawi made the announcement on Sunday, explaining that while renewable energy remains important, natural
The United States government announced nearly $2 billion in grants on Friday to fortify the country’s aging power grid, aiming to protect it from the escalating threat of extreme weather events fueled by climate change. This funding comes as part of the ongoing efforts to modernize critical infrastructure and ensure the nation’s energy security. Overview
Chevron Nigeria Limited, a subsidiary of Chevron Corporation, has announced the discovery of a new oil field in the Western Niger Delta, with an estimated output of 17,000 barrels per day (bpd). This discovery, located within Petroleum Mining Lease (PML) 49, was reported by S&P Global Commodity Insights on Friday and marks a significant development
Cuba is slowly restoring power after a massive island-wide blackout that left millions in the dark. The outage, caused by the collapse of one of the country’s largest power plants, threw the island into disarray. By Friday evening, small portions of Havana, including major hospitals, had begun receiving electricity, but the majority of the population
Nigeria is facing yet another nationwide blackout as the national grid collapses for the third time in less than a week, sending the entire country into darkness once again. This marks the eighth grid failure of 2024, with the most recent collapse occurring just two days after the grid was restored. At 9 a.m. today,
Cuba has plunged into a nationwide blackout after the island’s largest power plant, Antonio Guiteras, failed on Friday, leaving all 10 million people without electricity. The country’s fragile power grid collapsed at approximately 11:00 AM (15:00 GMT), causing widespread disruptions and deepening an ongoing energy crisis. The Collapse of the Power Grid The Cuban energy
A significant development in the U.S. energy sector has emerged as the new Matterhorn Express pipeline begins operations in West Texas. This 580-mile natural gas pipeline is poised to address bottlenecks in the Permian Basin, an area that accounts for half of U.S. crude output and is a major shale gas producer. The pipeline is
On Thursday, the UK government imposed sanctions on 18 additional Russian oil tankers and four liquefied natural gas (LNG) vessels, marking the largest set of restrictions to date against Russia’s so-called “shadow fleet.” This move is part of a broader effort to curb the illicit activities of Russian vessels circumventing Western restrictions on oil exports.
Pipeline operator Energy Transfer has signed a preliminary agreement with a consortium consisting of Technip Energies and KBR Inc. to construct its long-delayed Lake Charles liquefied natural gas (LNG) plant in Louisiana. The deal, disclosed in a filing to the Federal Energy Regulatory Commission on October 17, 2024, represents a significant step toward the potential
In a strategic move to deepen its presence in Africa, Russia is poised to establish an oil refinery in the Republic of Congo, one of Africa’s oil-rich nations. This partnership is part of broader cooperation between Russia and Congo, including plans to build an oil pipeline that would enhance the nation’s energy infrastructure. The proposed
Aliko Dangote, Africa’s wealthiest individual, has seen his net worth more than double to $28 billion, according to the Bloomberg Billionaires Index. This significant increase follows the much-anticipated opening of his Nigerian oil refinery, which is the world’s largest single-train facility, capable of processing a wide variety of global crude types. The $20 billion project,
