The oil industry has found its newest exploration hotspot offshore Namibia. The high success rate of drilling and appraisal activity offshore Africa's southwestern coast is spurring Big Oil to boost acreage in the area and seek other exploration frontiers. After years of muted interest in high-impact frontier exploration due to the budget austerity after the 2015-2016 crash and the crash in demand during Covid, major international oil firms and their smaller junior partners are ramping up exploration again... Читать дальше...
Biofuels are expected to play a major role in the global green transition, helping to power and decarbonise planes, ships and industry. These low-carbon fuels can be used to fill the renewable energy gap as they are suitable for application in industries that cannot survive on electricity and batteries alone. Further, with greater innovation, more biofuels will likely be derived from waste plant materials, making them more sustainable. Governments and private companies are investing heavily in the... Читать дальше...
When it comes to wind power in Central Asia, companies from the Persian Gulf have taken the lead. This week, Riyadh-based green energy company ACWA Power made the news in two countries in the region for it efforts in laying the ground for major projects to come. In Uzbekistan, President Shavkat Mirziyoyev signed off on March 5 on a decree on the construction of two wind power plants, or WPP — both projects are being implemented by ACWA Power. One 500-megawatt WPP, along with associated power lines... Читать дальше...
Despite an increase in China’s crude oil imports in the first two months of 2024, it’s too early to say how the purchases of the world’s top crude importer will impact global oil demand and prices this year. One thing is certain—the impact, in either direction, will be felt across the market. Chinese imports rose in January and February this year compared to the same two months of last year, according to official Chinese data released this week. But the base for comparison with early 2023 is low... Читать дальше...
Via Metal Miner Month-over-month, the index experienced little movement. Overall, the Construction MMI (Monthly Metals Index) moved sideways, inching down just 1.2%. Steel prices moving downward placed some bearish pressure on the index. However, several significant factors continue to press on construction from both a bearish and bullish standpoint, including the Fed holding off on adjusting interest rates, weak domestic demand within China, and the strengthening manufacturing industry. With all of these factors in play... Читать дальше...
