Latest Energy News
Policy & Regulatory
China’s NDRC finalizes 2020 solar subsidy policy
10 Apr 2020The National Development and Reform Commission (NDRC) of China has finalised its solar PV subsidy policy for 2020, taking into account the permitting rules set by the National Energy Administration (NEA) for the construction of new projects. Distributed PV and utility projects seeking financial support from the central government will have to go through a bidding process.
Read moreSaudi Arabia creates a committee to accelerate renewable power projects
10 Apr 2020Saudi Arabia has created a supreme committee to implement the country’s renewable and localisation programmes. The Supreme Committee for Energy Mix Affairs, for Electricity Production and Enabling Renewable Energy, chaired by the Crown Prince, will aim at coordinating the execution of renewable projects between the different government sectors.
Read moreVietnam approves new FiTs for solar power projects
9 Apr 2020The government of Vietnam has unveiled new feed-in tariff rates for utility-scale, rooftop and floating solar PV projects. The new text determines FiT prices based on three technology types: ground-mounted solar energy projects will receive VND1,644/kWh (US$7.09c/kWh), floating solar energy projects VND1,783/kWh (US$7.69c/kWh) and rooftop solar energy projects VND1,943/kWh (US$8.38c/kWh).
Read moreCompanies
PetroChina makes a new oil discovery in Tarim field (China)
10 Apr 2020PetroChina has discovered a new fracture zone with petroleum reserves of 228 Mt at the Tarim oil field, in the Xinjiang Uygur Autonomous Region (north-western China). PetroChina is the listed branch of state-owned China Petroleum National Corporation (CNPC). After production testing, the company China extracted 624 m3/d of crude oil and 371,000 m3/d of natural gas (i.e. an average of 135 mcm/year).
Read moreCNOOC (China) aims to cut 2020 investment by 10-15%
9 Apr 2020China National Offshore Oil Corp (CNOOC) plans to cut its 2020 investments by 10% to 15% and to reduce losses at its unprofitable subsidiaries by CNY 5bn (US$710m) in 2020. However, the Chinese company has maintained its plans to raise its domestic oil and gas production in 2020.
Read moreEnergy & Climate Markets
Energean raises Karish North oil and gas reserve by 32% (Israel)
10 Apr 2020According to a new estimate, the Karish North field offshore Israel, which is operated by Energean Oil and Gas, would contain gross resources of 1.2 tcf (33.7 bcm) of gas and 39 mbl of liquids (a total of 250 Mboe, of which 84% is gas. This is 32% more than the previous estimate. The independent oil and gas producer submitted an addendum to the Karish and Tanin field development plan, to include the Karish North development, envisaging a production capacity of up to 300 mcf/d (approximately 3 bcm/year).
Read moreKNOC will buy 640,000 bbl of oil for its strategic reserves (S. Korea)
10 Apr 2020South Korea’s state-owned oil company Korea National Oil Corp (KNOC) has decided to buy 640,000 bbl of oil (490,000 bbl of crude oil and 150,000 bbl of diesel) in 2020 to raise its strategic oil reserves. The company will hold several tenders during the year and will lease spare storage capacity to South Korean refiners, which are currently struggling to find available space to store crude oil, in a context of lower demand.
Read moreInfrastructure & Investments
The 2.1 GW Julius Nyerere hydropower project still due in 2022 (Tanzania)
10 Apr 2020According to the government of Tanzania, the construction of the 2,115 MW Julius Nyerere hydropower project is still scheduled for completion by June 2022. The US$3.6bn project, which is also known as the Stiegler’s Gorge hydropower project, is 78% complete.
Read moreTerna plans to invest €14bn in Italy’s power grid over the next decade
10 Apr 2020Italy’s power transmission system operator Terna (CDP Reti 29.85%) has presented its new 10-year investment plan, with the objective to invest €14bn to upgrade Italy’s power grid and to support the shift towards renewables. Investments under this plan will contribute to raise the cross-border exchange capacity (+5 GW) and transit limits between market zones thanks to new power lines (+7 GW), while reducing grid losses and cutting related CO2 emissions by 2.1 Mt/year.
Read moreIOC signs EPCC contract for its Barauni refinery expansion (India)
10 Apr 2020Indian Oil Corporation (IOC) has awarded Larsen & Toubro an engineering, procurement, construction and commissioning (EPCC) contract ranging between INR25bn and INR50bn (US$328-655m) for the expansion of its Barauni refinery in Bihar (eastern India). The Barauni refinery is being expanded from 6 Mt/year to 9 Mt/year and a new atmospheric and vacuum distillation unit will be set up.
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