Latest news with #energy
Reuters
an hour ago
- Business
- Reuters
Equinor says Arctic Castberg oilfield producing at peak capacity
COPENHAGEN, June 20 (Reuters) - Norway's Equinor ( opens new tab said on Friday its Johan Castberg oilfield in the Arctic Barents Sea was producing at peak capacity of 220,000 barrels of oil per day. Equinor restarted production at the field last month after repairs following an outage earlier in May.
Reuters
2 hours ago
- Business
- Reuters
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
June 20 (Reuters) - Canadian oil and gas producer Strathcona ( opens new tab said on Friday it supports MEG Energy's ( opens new tab decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Yahoo
2 hours ago
- Business
- Yahoo
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
(Reuters) -Canadian oil and gas producer Strathcona said on Friday it supports MEG Energy's decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Zawya
2 hours ago
- Business
- Zawya
Japan returns to long-term LNG deals on AI boom, national energy plan
TOKYO/SINGAPORE - Japan is back in the spotlight for liquefied natural gas producers as the boom in artificial intelligence, rising costs for cleaner energy and a new national energy plan drive appetite for long-term LNG deals. While imports by China, the world's biggest LNG importer, are expected to fall this year, buyers in number two Japan are securing long-term supply deals again, including a potential landmark deal with Qatar. Japan's LNG imports had fallen for a decade as nuclear power plants, idled after the Fukushima disaster, restarted and as renewable energy sources increased. Data centres are expected to use enormous amounts of power to sustain the AI boom, while Japan's 7th Strategic Energy Plan in February identified gas as a realistic transition fuel for the nation's goal of zero net carbon emissions by 2050 and "an important energy source even after carbon neutrality". "We had expected that electricity demand in Japan would decline, but the growth of data centres is bending that curve," Yukio Kani, global CEO of JERA, the country's top power generator and LNG buyer, told Reuters. "If we want quick solutions for data centres, Japan needs LNG. That is one external change." Rising costs have also dimmed prospects for alternative fuels like hydrogen and ammonia, Kani said. "Until two or three years ago, we expected faster development of ammonia, but now we have to pause," he said. "So we've been shifting back to LNG over the past year or so." 'STILL IN THE MIX' In Japan's energy plan, the Ministry of Economy, Trade and Industry forecast annual LNG demand would fall to between 53 million and 61 million tons in 2040 if it met its emissions reductions target, from 66 million tons last year. But in a risk scenario where decarbonisation technologies lag, METI forecast demand could instead rise to 74 million tons. The plan calls for public-private cooperation to secure long-term contracts for the super-chilled fuel, given price volatility and supply disruption risks. Under Japan's previous decarbonisation-focussed energy plan, gas importers had hesitated to sign long-term contracts. The new plan makes it easier for buyers to commit to long-term contracts, said Takashi Uchida, chairman of the Japan Gas Association and top city gas provider Tokyo Gas. "It's very clear that LNG has a role to play as a transition fuel, and it's now firmly still in the mix for this investment cycle," said Lachlan Clancy, energy partner at law firm Herbert Smith Freehills Kramer. Japan has also been auctioning new gas-fired power capacity mainly to replace aging coal power plants, awarding 7 gigawatts (GW) over the past two years, according to the Organization for Cross-regional Coordination of Transmission Operators, Japan. In March the organisation projected LNG-fired capacity would rise to 85.75 GW by 2034 from 79.98 GW in 2024. Japan's energy plan projects power generation will increase by between 12% and 22% from 2023 levels to between 1,100 and 1,200 terawatt-hours in 2040. Consumption by Japan's data centres will soar 80%, or about 15 TWh, by 2030, the International Energy Agency forecasts. To feed this growth, Morgan Stanley sees Japan's LNG imports rising to 78 million tons in 2030 as gas-fired power generation rises amid high costs for generating solar and wind power. 'UNCERTAINTY AHEAD' Among the spate of deals since METI released the energy plan, Osaka Gas signed a 15-year pact with Abu Dhabi National Oil Company, Kyushu Electric Power said it would sign a deal with Energy Transfer, its first long-term deal with a U.S. supplier, and JERA inked four 20-year deals with U.S. suppliers NextDecade, Sempra Infrastructure, Cheniere Marketing and Commonwealth LNG. By comparison, from late 2022 to early this year, Japanese buyers had announced only three deals longer than 10 years. More deals are likely soon, Rystad Energy analyst Masanori Odaka predicts, as some utilities seek to replace expiring volumes for supply security and meet seasonal demand. JERA and Mitsui & Co are in talks for long-term supply from QatarEnergy's North Field expansion project, Reuters reported last month. Uncertainty persists, however, over Japan's demand for LNG, tied to questions over its ability to meet its carbon neutrality targets and its pace of nuclear plant restarts. To address this, importers are enhancing trading operations and pursuing flexible-term contracts. "With the government presenting multiple future scenarios, it is no longer possible to provide a definitive outlook for energy supply and demand - highlighting the uncertainty ahead," said Tokyo Gas' Uchida. (Reporting by Yuka Obayashi in Tokyo and Emily Chow in Singapore; Additional reporting by Katya Golubkova in Tokyo and Marwa Rashad in London; Editing by Tony Munroe and William Mallard)
Al Bawaba
3 hours ago
- Business
- Al Bawaba
LG Will Unveil Exclusive Summer Savings to Elevate Every Moment of the Season
LG Electronics (LG) will announce the launch of a series of exclusive seasonal offers and discounts across its diverse range of products, from home appliances, to home entertainment, and beyond. For a limited time only, customers across the region can avail of promotional offers are designed to help them to fully embrace the summer maintaining a perfectly cool and clean indoor environment with advanced air conditioners and purifiers, to transforming living spaces into cinematic entertainment hubs with state-of-the-art smart TVs and immersive audio systems, LG's offerings cater to every summer with temperatures on the rise, complemented by a desire for both relaxation and productivity intensifying, LG is committed to providing the kind of solutions that foster a smarter, more enjoyable lifestyle, with the summer deals encompassing an array of LG's cutting-edge promotions also extend to LG's comprehensive suite of home appliances, designed to streamline daily routines and contribute to a more convenient and energy-efficient household, with customers afforded the opportunity to avail of special savings on intelligent refrigerators that keep food fresher for longer, innovative washing machines that simplify laundry day, and a variety of kitchen appliances that inspire culinary creativity. These products not only offer superior performance, but integrate smart technology and energy-saving features, aligning with LG's commitment to sustainable living. Whether preparing for a summer staycation or seeking to refresh the home upon returning from travels, LG's summer campaign is an invitation to upgrade and optimize the home environment, ensuring that every moment – from quiet evenings to lively gatherings – is made more comfortable and entertaining. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
