Latest news with #energyIndependence
Yahoo
08-07-2025
- Business
- Yahoo
New gas discovery off Cyprus coast may reduce EU energy dependence
A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said on Monday. New natural gas discoveries in the eastern Mediterranean could help Europe lessen its dependence on Russian hydrocarbons by diversifying its energy supply and help buttress a budding energy partnership between Cyprus, Greece and Israel, said John Sitilides, a senior fellow at the Foreign Policy Research Institute and geopolitical strategist at Trilogy Advisors in Washington. "Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe's hopeful re-industrialisation," Sitilides said. Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that ExxonMobil's vice president, John Ardill, briefed Cypriot President Nikos Christodoulides about the discovery at the Pegasus-1 well during a teleconference. Related Energy in Europe is also at stake as Israel-Iran conflict escalates BP sees major downturn as gas trading and refining divisions lag The well was discovered about 190 kilometres (118 miles) southwest of Cyprus at a depth of 1,921 meters (6,302 feet) of water. No estimates of the quantity of natural gas were given. The statement said more assessments will be conducted in the coming months to evaluate the results. The ExxonMobil-Qatar Energy consortium holds exploration licences for two areas — or blocks — inside Cyprus' exclusive economic zone. In 2019, the consortium discovered the Glaucus-1 well inside the same Block 10 where the Pegasus-1 well is located. Cypriot authorities say Glaucus-1 is estimated to contain 3.7 trillion cubic feet of gas. Overall, Pegasus-1 is the sixth natural gas deposit to be discovered inside Cyprus' economic zone in the last 14 years. Other deposits include the Zeus, Cronos and Calypso wells, which lie inside Block 6 that is operated by a consortium made up of Italy's Eni and Total of France. Cronos is estimated to hold 3.1 trillion cubic feet of gas, and Zeus 2.5 trillion cubic feet. Calypso is still being evaluated. The Eni-Total consortium holds exploration licences for four blocks. The earliest field to be discovered, Aphrodite, is estimated to hold 5.6 trillion cubic feet of gas. The field is inside Block 12, which is operated by a consortium made up of Chevron, NewMed Energy and Shell. Agreements with Egypt foresee gas from the Cronos and Aphrodite fields to be sent to Egypt via a pipeline for either domestic use or to be processed at Egyptian facilities for export to Europe and other markets. Cyprus' Energy Minister George Panastasiou also said that ExxonMobil, Eni and Total could partner up to jointly develop their gas deposits found in close proximity to each other. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
OpenAI, Oracle Deal Shows Need for Compute Power
The US is self-sufficient in energy compared to the rest of the world, says Janet Mui, head of market analysis at RBC Brewin Dolphin. She joins Ed Ludlow on "Bloomberg Tech" to discuss the need for compute power as OpenAI and Oracle expand their on their Project Stargate deal. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
Polish refiner Orlen completes transition from Russian oil
Polish refiner Orlen has announced the cessation of Russian oil purchases for its refineries, effectively ending its reliance on Russian energy resources. This comes after the company's last remaining contract for Russian crude oil, which served Orlen's refinery in the Czech Republic, expired in June 2025. 'Since March 2025, all of the Group's refineries have been supplied exclusively with crude oil sourced outside of Russia,' Orlen said in a statement. 'The final contract for Russian oil deliveries expired at the end of June, marking the complete elimination of Russian crude from Orlen's supply chain. 'This means that Orlen – and, by extension, the entire region – is no longer bound by any agreements with Russian entities for the supply of oil.' Previously, Orlen had ended all contracts for oil deliveries to Poland via the Druzhba pipeline and ceased importing Russian oil by sea. The company's Polish and Lithuanian refineries have been processing crude oil sourced from outside Russia since 2023. The recently concluded contract was signed 12 years ago. It covered oil deliveries to Orlen's Litvínov refinery in the Czech Republic. Orlen's other Czech refinery in Kralupy had already been utilising non-Russian crude. However, the Litvínov plant had continued to rely on the Druzhba pipeline due to limited pipeline infrastructure for alternative supplies. The Czech refineries have diversified its oil procurement, now sourcing crude from regions such as the Middle East, Persian Gulf, North Sea, Africa, and the Americas. This diversification aligns with the European Union's broader strategy to reduce reliance on Russian energy imports, particularly following the conflict in Ukraine. Recently, the European Commission proposed a gradual phase-out of Russian gas and oil imports by 2027, as outlined in the REPowerEU road map. This initiative aims to secure the EU's full energy independence from Russia. "Polish refiner Orlen completes transition from Russian oil" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Russia Today
17-06-2025
- Business
- Russia Today
EU bosses back total Russian gas ban
The European Commission has proposed phasing out all remaining Russian gas imports to the EU by the end of 2027. Energy Commissioner Dan Jorgensen unveiled the plan which would ban new gas contracts with Russia from 2026 and 'full phaseout' a year later, on Tuesday, after it was approved by European Commission President Ursula von der Leyen. The controversial legislation, which is opposed by Hungry, Austria and Slovakia, and reportedly by Italy, is expected to be proposed as trade law that does not require unanimity among bloc members to become law, the Financial Times has reported. Hungarian Foreign Minister Peter Szijjarto called the plan 'absolute insanity,' warning it could fuel price hikes and undermine national sovereignty. Prime Minister Viktor Orban has vowed to block the move. 'Today, we have decided to close the tap on Russian gas,' Jorgensen said in Strasbourg, 'because the less energy we import from Russia, the more security and independence we will have in Europe.' Jorgensen told reporters the phaseout was not linked to the Ukraine conflict but rather because 'Russia has weaponized energy' against the EU. He added: 'Irrespectively of whether there is a peace or not … this ban will still stand.' The proposed regulation will now move through the EU's co-decision legislative process, requiring approval from both the European Parliament and the Council. Unlike sanctions, the proposal would not need unanimous backing from all member states – only a qualified majority in the Council, the Commission said, noting it would continue 'working closely' with governments most affected by the planned phaseout. A reinforced majority means having the support of at least 15 of the EU's 27 member countries, representing at least 65% of the EU's population, according to Reuters. 'Nobody will be able to veto [the proposal],' Jorgensen said, as quoted by media outlets. He warned that those who do not implement the measures would face 'legal consequences as for any other EU legislation.' While pipeline flows have dropped sharply since 2022, EU imports of Russian LNG have soared. Russia supplied 17.5% of the bloc's LNG in 2024, trailing only the US at 45.3%, according to industry data. France, Spain, and Belgium accounted for 85% of the EU's LNG imports from the sanctioned country, according to the Institute for Energy Economics and Financial Analysis (IEEFA). Russia maintains that it is still a reliable supplier, while denouncing Western sanctions and trade restrictions targeting its exports as illegal under international law. The country has successfully shifted exports to 'friendly' markets, it added.
Bloomberg
17-06-2025
- Business
- Bloomberg
Canada Business Group Pushes for Pipeline Expansion in Mexico
Canadian companies could help Mexico reduce its lopsided dependency on imported US natural gas by maximizing its own domestic supplies of the fuel, according to the head of Canada's top business group. While Mexico has for decades been a major oil producer, local natural gas output has failed to keep up with demand as it instead favored imports from US suppliers, mostly across the border in Texas.
