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Fossil still accounts for 80 percent of global energy mix __Eni
Sopuruchi Onwuka Despite the global hype for energy transition, indications are rife that coal, oil and gas will continue to dominate the global energy demand in the foreseeable future even as new and greener energy forms continue in slow growth…
UN demands costly route to maritime decarbonization
Industry to shell $118 bn annually on fuel transition Sopuruchi Onwuka, with agency reports Transitioning global shipping and sundry maritime logistics to cleaner fuels would require costlier operating capital for the industry, threatening the economies of small island nations and…
OPEC projects demand resilience from 2024 economic boom
Sopuruchi Onwuka The Organization of Petroleum Exporting Countries (OPEC) is providing strong market incentives for producers and investors in the petroleum industry, pointing at demand resilience that would surpass pre-pandemic levels despite recovering production from key member states. According to…
Saudi Aramco targets $50 billion from shares
Saudi Aramco is considering selling a stake worth as much as $50 billion through a secondary share offering on the Riyadh bourse after consultations with advisers, the Wall Street Journal reported. The sale could happen before the end of the…
China to haul $40 bn at chip industry competition
China’s government is working to push massive 300 billion yuan, the equivalent of $41 billion, into its semiconductor sector as the country ramps up efforts to catch up with the U.S. and other rivals. The cash haul to be raised…
Eni begins early production at Baleine Field, Côte d’Ivoire
Italian oil multinational, Eni, has started production of oil and gas from the Baleine Field, located in the waters offshore Côte d’Ivoire. The commissioning and beginning of production from the field comes less than two years after the field was…
Nigeria becomes global LNG market laggard
Sopuruchi Onwuka Global supply of liquefied natural gas or LNG jumped by significant 5.0 percent in 2022 as increased flow of supply manly from the United States and Middle East shifted from China to Europe where pipeline gas from Russian…
BRICS expansion draws new market pattern, away from energy transition
Sopuruchi Onwuka The selection of new members into the bloc of developing countries hosted in BRICS will not only cause name change in the group whose name is an acronym of the five founding members: Brazil, Russia, India, China and…
ACFTA: China’s $160 bn package to fund African industrialization
Sopuruchi Onwuka New race for African governments in the ongoing Chinese loan disbursements would be to advance industrial propositions that would enable flow of local goods and services in the toll free African Continental Free Trade Area (ACFTA), shifting the…
ADNOC hauls out $12.6 bn for Covestro
Abu Dhabi National Oil Co (ADNOC) has signaled a willingness to raise its informal offer to 60 euros per share for a valuation of $12.6 billion for German plastics and chemicals maker Covestro. The latest offer would represent a premium…
