Energy

Bloomberg South Africa’s government is drafting a new law that aims at securing it a free stake in all new oil and gas ventures, revising the terms of a proposal shelved four years ago. Under the legislation, which the Department of Mineral Resources and Energy outlined to lawmakers in Cape Town, the state would secure 10% ownership of energy projects ...

Bloomberg India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in Bharat Petroleum Corp., people with knowledge of the matter said. The government is keen to lure multinational companies in the domestic fuel retailing to boost competition and shake ...

Bloomberg Exports of sanction-hit Venezuelan oil now face a new concern: a shortage of vessels willing to transport crude produced by the regime of President Nicolas Maduro. Shipowners are avoiding transporting Venezuelan oil for fear of being sanctioned and losing insurance coverage on their vessels, according to people with knowledge of the situation. The lack of vessels may take a ...

Bloomberg The world will probably need more power from natural gas in the coming decades than previously thought because low electricity prices during the day could limit the rise in solar plants. The cleanest fossil fuel’s share of the primary energy mix in 2050 will be as much as 29%, according to a report by energy and maritime risk services ...

Bloomberg Poland won a European Union court ruling that limits Russia’s control of a key natural gas link. The eastern European nation successfully challenged a European Commission decision from 2016 that allowed Gazprom PJSC to use most of the capacity on the Opal pipeline in Germany. That link in turn carries fuel from the Baltic Sea Nord Stream pipeline, a ...

Bloomberg Uganda is seeking $3.5 billion in private investment to expand its power-transmission network in attempt to curb spending without slowing its economic growth. Liberalising transmission will provide additional resources needed to transmit power from new generation projects including the 600-megawatt Karuma hydropower plant scheduled to start output in December, according to the electricity regulator. The capital injection, above the ...

Bloomberg Oil kept up its push higher after Saudi Arabia’s new energy minister signaled that Opec and its allies would continue with output cuts as the group prepared to gather in Abu Dhabi. Futures in New York added as much as 2.9% after newly-appointed Saudi Energy Minister Prince Abdulaziz bin Salman said there won’t be radical change in the policy ...

Bloomberg China is exploring ambitious new plans for the future of its car industry, weighing a target for 60% of all automobiles sold in the country to run on electric motors by 2035, according to people familiar with the matter. China’s Ministry of Industry and Information Technology is spearheading the government’s latest auto industry plans for 2021 through 2035, said ...

Bloomberg A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies. China Huanqiu Contracting and Engineering Corporation, an affiliate of government-run China National Petroleum Corp., (CNPC) notified the Sinovensa joint venture it has suspended work to expand a crude ...

Bloomberg Natural gas prices in Europe are set to fall further below their lowest in a decade as suppliers show few signs of scaling back abundant deliveries. Inventories are near capacity weeks earlier than usual and are being flooded with more fuel coming both from tankers and pipelines. While producers have reduced some flows with repairs and maintenance at gas ...