Energy

BLOOMBERG President Joe Biden authorised a giant ConocoPhillips oil project in northwest Alaska that environmentalists argue has no place in a warming world, even as he sought to bar future drilling across US Arctic waters and lands. The approach represents Biden’s bid for a middle ground, as he seeks to accelerate the transition away from fossil fuels while bound by ...

BLOOMBERG Oil tumbled, shaken by the biggest US bank collapse since 2008 as investors fled from risk assets and sought shelter in government bonds and gold. The failure of Silicon Valley Bank roiled markets as traders try to assess how the collapse will reverberate across the economy. Global benchmark Brent crude fell below $80 for the first time in more ...

BLOOMBERG For over a decade, Viridos Inc. was the centerpiece of Exxon Mobil Corp.’s heavily advertised push to develop climate-friendly biofuels from algae. The oil major slashed its support for the company last year. Now Viridos, based in La Jolla, California, has secured funding from a new group of backers. Viridos announced on Monday a $25 million round of financing ...

BLOOMBERG Chancellor of the Exchequer Jeremy Hunt will announce $24 billion for domestic carbon capture projects over the next 20 years in his budget next week, as the UK seeks to hit its net zero targets and spur green jobs. “It’s time for a clean energy reset,” Hunt said in an e-mailed statement, which also trailed plans to boost Britain’s ...

BLOOMBERG France’s troubled nuclear industry is supposed to be in revival, but the discovery of further defects at some reactors this week is stoking fears that the year ahead could be just as difficult as the last. Electricite de France SA’s fleet of 56 atomic power plants has long been the backbone of Europe’s energy system, but in 2022 it ...

BLOOMBERG A US probe into the 13,000-barrel oil spill on TC Energy’s Keystone pipeline is expected to cut into crude flows ahead of the summer driving season. Regulators ordered the company to reduce operating pressure along the entire Keystone system stretching from Hardisty, Canada, to Cushing, Oklahoma until further notice. The new restrictions will likely force the pipeline to curb ...

BLOOMBERG Vietnam is looking to purchase the country’s first liquefied natural gas shipment, the latest emerging nation to rekindle interest in the super-chilled fuel after a drop in prices. PetroVietnam Gas JSC is in discussions with suppliers about procuring an LNG shipment for this summer to the Thi Vai terminal, according to traders with knowledge of the matter. PV Gas, ...

BLOOMBERG In a world of finite land, solar farms can take up a lot of space. But there’s a solution for that scarcity: panels that float. In nearly a dozen countries around the world, floating solar farms are providing a welcome alternative to ground-mounted modules, with the potential to significantly boost clean power as the world races to cut carbon ...

BLOOMBERG Oil held a hefty loss after Federal Reserve Chair Jerome Powell signalled interest rates could rise higher and faster than previously anticipated, raising concerns about the economy and energy demand. West Texas Intermediate futures edged lower near $77 a barrel after posting the biggest one-day decline since early January. The remarks, made during a testimony before Congress, opened the ...

BLOOMBERG European energy prices rose amid fresh concerns about corrosion in France’s nuclear fleet, against a backdrop of strikes throughout the country and a cold snap elsewhere in the region. French power for next year jumped as much as 7.9%, the most since late January. Benchmark front-month Dutch natural gas also advanced. Electricite de France SA must review its program ...