Europe needs to ramp up efforts to cut its dependency from Russian fossil fuel imports in the face of the latest crisis, German Chancellor Olaf Scholz said in Brussels on Friday.

“All together, we are very, very well prepared for the difficult challenge linked to Russian fossil fuel imports,” he told reporters as he arrived for the second day of an EU summit.

He said this was the reason why the bloc had not only imposed sanctions on Russian coal and oil at an early stage, but had as well worked on adjusting its infrastructure in a way that European countries can import gas from other countries, too.

EU Must Speed Up Efforts to Get Independent from Russian Fossil Fuel | Devamı>>>

Fossil fuels have surpassed renewables to become the European Union’s largest source of power generation as use of natural gas reached its highest point in a decade, the bloc’s statistics office said on Thursday.

While Eurostat says renewables topped the list in the first year of the coronavirus pandemic, the economic recovery saw the region’s electricity supply increase by 4% in 2021, with coal, oil and gas.

Fossil Fuels Surpass Renewables as EU’s Top Power Source | Devamı>>>

Shell completed the sale of its oil assets located in the Western Sahara Desert location to Cheiron Petroleuim and Cairn Energy for $926 million.

Royal Dutch Shell announced that it has completed the sale of its oil and gas assets in Egypt’s Western Sahara Desert location, while Egypt-based Cheiron Petroleuim and UK-based Cairn Energy together with Shell Egypt’s share of 13 land licenses for $926 million in the business’ Badr El-Din Petroleum. Company’s (BAPETCO) 50% shares were acquired.

Sale of ‘Shell’ Assets in Egypt Completed | Devamı>>>

9.5 billion shares of Permian Basin, America’s largest oil field, to ConocoPhilips by Shell
Sold for dollars.

In line with Royal Dutch Shell’s goal of reducing carbon emissions and turning to environmental solutions, the assets purchased by the American energy company ConocoPhilips include 600 miles of oil, natural gas and water pipelines.

7 billion dollars of the revenue to be provided by Shell from the sale will be directed to the shareholders and the balance sheet will be supported with the remaining amount.

‘Shell’ Sells Its Permian Shares To ConocoPhilips | Devamı>>>

In the monthly report published by the Organization of Petroleum Exporting Countries (OPEC), global oil production increased by 30,000 barrels per day on average in August 2021 compared to the previous month, and became 95.69 million barrels/day, compared to 4.93 million barrels per day in 2020. barrel/day increased.

According to the Petroleum Market, OPEC’s report, in August, OPEC’s crude oil production amounted to 26 million 762 thousand barrels/day, with an increase of 151 thousand barrels/day compared to the previous month.

Global Oil Production Increases in August | Devamı>>>

According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

Herculean global action to roll back the economic carnage of the coronavirus is about to bump into a new problem: climate change. With as much as $15 trillion in economic stimulus on offer – an unfathomable 17% of global GDP – we’ll see spending on a scale that will affect the earth’s climate no matter what.

Most of the spending is being raised in China, the European Union and the United States, the big three global emitters.

Can Coronavirus Stimulus Get Us Off Fossil Fuels? | Devamı>>>

Oil and gas pipelines in Turkey, will be protected by a newly developed integrated security systems. Critical points against terrorism, sabotage and theft will be followed by 7/24 with indigenous UAVs and closed circuit camera subsystems.

BOTAŞ’s critical pipelines will now be protected by the newly developed integrated security system and the field applications of the Safety of Oil and Natural Gas Pipelines Project have started with an agreement in Silopi with Aselsan-Havelsan joint venture.

Oil and Gas Pipelines in Turkey to Protect Unmanned Aerial Vehicles | Devamı>>>

Fossil fuel producers may need $90 billion a year or more to spread carbon capture technology. Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit.

The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a potential $90-billion-a-year price tag, it’s too rich for them to do it on their own.

Big Coal Wants You to Pay to Fix Its Problem | Devamı>>>

China National Petroleum Corp (CNPC) has suspended investment in Iran’s South Pars natural gas project in response to U.S. pressure and to minimize tensions amid trade talks between Beijing and Washington, three Chinese state oil executives said.

South Pars is the world’s largest gas field and CNPC’s investment freeze is a blow to Tehran’s efforts to maintain financing for energy projects amid the re-imposition U.S. sanctions on its energy sector earlier this year.

CNPC Suspends Investment in Iran’s South Pars | Devamı>>>

In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada.

“By agreeing a cut of 1.2 million b/d, and additional output curbs in Canada, producers may go some way towards restoring balance to the world market,” IEA said.

IEA Revises Downward Non-OPEC Supply Growth Forecast for 2019 | Devamı>>>