Energy

Bloomberg Oil’s dominance as a energy source may be on the wane, but one Indonesian producer is confident there’s still plenty of opportunities to be had as the age of the hydrocarbon enters its final act. PT Medco Energi Internasional is aiming to lift its oil and gas output from 120,000 barrels of oil equivalent a day to 300,000 in …

Bloomberg Sudan’s newly appointed oil minister urged international energy companies to speed up efforts to find and develop deposits in a country struggling to recover from US sanctions and a plunge in petroleum revenue. Officials from Schlumberger Ltd., an oilfield services company based in Houston, met with Oil and Mining Minister Adel Ali Ibrahim and expressed a readiness to resume …

Bloomberg Kenya is expanding its solar power, building two utility-scale projects that will supply green electricity to about 300,000 of the nation’s homes. The Radiant and Eldosol solar plants with a combined capacity of 80 megawatts will cost $147 million, the European Investment Bank said. The European trade bloc’s lender is co-funding the plants with Dutch bank Nederlandse FMO NV, …

Bloomberg The UK is set to open the first contest in a decade intended to draw as much as $25 billion of investment in offshore wind farms. The move in a competitive auction for leases where developers can plant large-scale turbines at sea will bring at least 7 gigawatts of new power generation capacity to the UK grid and speed …

Bloomberg Tellurian Inc. said it signed a $7.5 billion agreement for India’s Petronet LNG Ltd. to buy into its proposed liquefied natural gas terminal in Louisiana, in what could potentially be one of the largest foreign investments in the US to ship shale gas abroad. Petronet will spend $2.5 billion for an 18% equity stake in the $28 billion Driftwood …

Bloomberg Exxon Mobil Corp. is again trying to sell its oil and gas operations in southeast Australia as part of a move to shed assets and boost shareholder returns. The US supermajor “will be testing market interest” for global assets, including what it operates in Australia, the company said in an emailed statement. No buyers have been identified and no …

Bloomberg India’s NTPC Ltd. plans to set up a 5 gigawatt solar park in the western state of Gujarat, which would be the biggest in the country, as the top electricity generator shifts towards cleaner energy. A site has been identified for the project, which is expected to cost as much as 250 billion rupees ($3.5 billion) and begin operations …

Bloomberg Zambia, Africa’s second-biggest copper producer, may double power tariffs as the government seeks more costly imports to offset a shortfall from its drought-stricken hydropower dams. The southern African nation has an electricity deficit of more than 700 megawatts, about a quarter of total capacity, and wants to buy 300 megawatts from South Africa, Energy Minister Matthew Nkhuwa told reporters …

Bloomberg A plan to establish the world’s largest green-energy financing initiative is being threshed out in South Africa, which needs to reduce its environmental footprint and find innovative ways to fund debt-stricken state power utility Eskom Holdings SOC Ltd. The plan being formulated by Meridian Economics, a Cape Town-based think tank, is under consideration by the government. It envisions the …

Bloomberg Lebanon’s gas station owners will stage a nationwide strike on Wednesday to protest the government’s failure to provide enough dollars to pay suppliers. The businesses say local banks lack hard currency they need, forcing them to buy dollars at exchange houses above the fixed rate of 1,507.5 Lebanese pounds to the greenback. The Energy Ministry prices gasoline and diesel …