Daily Energy News
Policy & Regulatory
The UK’s updated NDC targets 68% GHG emissions cut by 2030
7 Dec 2020The UK government has updated its Nationally Determined Contribution (NDC). The country aims to reduce its greenhouse gas (GHG) emissions by 68% by 2030, compared to 1990 levels, compared to a previous NDC target of 53%. In June 2019, the United Kingdom adopted a law with an objective to reach net-zero emission by 2050. This means that the UK will continue to cut its GHG emissions and that residual emissions will have to be balanced by schemes to offset an equivalent amount of GHG, such as planting trees or using technology like carbon capture and storage (CCS).
Read moreDenmark ends new oil and gas exploration in the North Sea
7 Dec 2020Denmark has cancelled the ongoing 8th licensing round and all future rounds to extract oil and gas in the North Sea, after a majority in the Danish Parliament agreed to phase out fossil fuel extraction by 2050. In 2019, Denmark produced 102,000 bbl/d of crude oil and 3.3 bcm of natural gas. In December 2019, the Danish parliament adopted a new Climate Act with a legally binding objective to reduce greenhouse gas (GHG) emissions by 70% by 2030 (compared to the 1990 level).
Read moreKenya selects KenGen to complete the 465 MW Menengai geothermal project
4 Dec 2020Kenya has dropped independent power producers (IPPs) as partners to develop the second and third phases of the 465 MW Menengai geothermal project, located about 185 km northwest of capital city Nairobi. The first phase of the project (105 MW) was awarded to three IPPs, namely Orpower 22, Quantum Power East Africa, and Sosian Energy, which are each developing 35 MW. Progress has been slow – construction was expected to start in 2018 and is now expected in 2021 – and the projects have been delayed by more than two years to 2027.
Read moreCompanies
Chevron cuts capital and exploratory budget through 2025 to US$14-16bn
7 Dec 2020Chevron has reduced its total capital and exploratory budget through 2025 to US$14-16bn, compared to a previous estimate of US$19-22bn, which excluded Noble Energy. In 2021, the company plans to spend US$14bn, including US$11.5bn on exploration and production and US$2.1bn on refining related operations. In October 2020, Chevron completed the acquisition of Noble Energy, acquiring offshore gas assets in Israel and shale oil blocks in the DJ Basin and Permian Basin (United States).
Read moreGreece’s PPC plans to add 1.3 GW of renewables capacity by 2023
4 Dec 2020The Greek power utility Public Power Corporation (PPC, 51% state-owned) plans to invest €3.4bn by 2023. The company intends to add 1.3 GW of solar and wind projects to reach 1.5 GW of renewable capacity by 2023. PPC has pledged to shut down its 1.6 GW Agios Dimitrios coal-fired power plant by end-2022.
Read moreEnergy & Climate Markets
The OPEC+ will relax oil production cuts to 7.2 mb/d as of January 2021
7 Dec 2020The OPEC+ has agreed to relax crude oil production cuts by 500 kb/d, from 7.7 mb/d to 7.2 mb/d as of January 2021. In addition, the group decided to hold monthly OPEC and non-OPEC ministerial meetings starting January 2021 to assess market conditions and decide on further production adjustments for the following month, with further monthly adjustments being no more than 500 kb/d.
Read moreInfrastructure & Investments
PipeChina completes middle section of China-Russia gas pipeline
7 Dec 2020China Oil & Gas Piping Network Corporation (PipeChina) has commissioned the middle portion of the China-Russia East gas pipeline linking Changling city in Jilin to Yongqing city in Hebei. The 1,110 km section, which allows to supply 27 mcm/d (9.9 bcm/year) of natural gas from the Power of Siberia pipeline to the Beijing-Tianjin-Hebei region, also connects the existing network in north-eastern and northern China, as well as the gas storage projects in Dalian, Tangshan and Liaohe. Construction started in July 2019.
Read moreIndonesia signs Abadi LNG development agreement with Inpex
7 Dec 2020The Japanese exploration and production company Inpex has reached an agreement with the Indonesian government to develop the US$15bn Abadi LNG project. The company will submit a development plan for the project to Indonesian authorities by the end of 2020 and target a final investment decision within 2-3 years.
Read morePakistan’s 701 MW Azad Pattan hydropower project signs new agreements
7 Dec 2020Azad Pattan Power Private Ltd has signed water use and implementation agreements with the Government of Azad Jammu and Kashmir for the 701 MW Azad Pattan hydropower project on the Jhelum River. Azad Pattan Power Private Ltd is a joint venture between China Gezhouba Group and Pakistani renewable energy developer Laraib Group. The consortium was awarded the project under a build-own-operate-transfer (BOOT) basis for a term of 30 years.
Read moreEPZ proposes to build two new nuclear reactors at Borssele in the Netherlands
7 Dec 2020The Dutch power company EPZ, which owns and operates the 485 MW Borssele nuclear plant that was commissioned in Zeeland in 1973 and is expected to stop operations in 2033, intends to extend the life of the Netherlands’ only nuclear power plant and considers building two more nuclear reactors at the same site. The construction of a new reactor at Borssele would require an investment of €8bn to €10bn and would take 8 years.
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