Oil prices steady, poised for weekly gains
Oil prices were little changed on Friday and poised for weekly gains after closing at their highest in more than two months in the previous session, underpinned by expectations of ...
Vasiliko LNG ‘may reduce electricity bills by 40 per cent’
The utilisation of liquefied natural gas (LNG) brought onshore at Vasiliko could reduce electricity bills by as much as 35 or 40 per cent, energy expert Dr Charles Ellinas said on Thursday.
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Ample supply, slow demand to temper oil price gains in 2025
Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts ...
Russian gas flows via Ukraine for last days as transit deal crumbles
Russia pumped gas on Monday to European customers via Ukraine for one of the last days before a key transit deal expires at the end of the year, marking the ...
Cyprus’ gas vessel stuck in Malaysia for technical checks
The floating, storage and regasification unit (Fsru) is currently moored at the Strait of Malacca, Malaysia, where it’s undergoing technical checks, the energy minister said on Monday.
George Papanastasiou ...
Oil prices slip in thin holiday trade ahead of key economic data
Oil prices slipped lower on Monday in thin holiday trade ahead of the year-end as traders awaited more economic data from China and the US later this week to assess ...
Sustainable fuel production disappointing, says IATA
The International Air Transport Association (IATA) has released new estimates for sustainable aviation fuel (SAF) production, revealing slower-than-expected growth.
In 2024, SAF production reached 1 million tonnes (1.3 billion litres), doubling the 0.5 million ...
Cyprus petroleum product sales fall 4.7 per cent in November
Total petroleum product sales in Cyprus fell by 4.7 per cent in November, compared to the same month in 2023, according to the Cyprus Statistical Service (Cystat).
Despite the overall decline, kerosene ...
European oil majors double down on oil, abandon climate commitments
Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down – and at times reversing – climate commitments in a shift that they are ...
Gas drilling to begin mid-January
ExxonMobil’s drilling rig will start drilling in mid-January at the ‘Electra’ target, located in Block 5 of Cyprus’ Exclusive Economic Zone (EEZ), for approximately one month, Energy Minister George Papanastasiou ...
Cyprus issues Navtex for drilling in block 5
The Joint Rescue Coordination Centre (JRCC) has issued a Navtex warning for drilling works in Cyprus’ Exclusive Economic Zone (EEZ) block 5 to be conducted for the next two months.
The ...
LNG unit could remain in Greece for a year
The floating, storage and regasification unit (Fsru) may head out to Greece and moor there for about a year until the LNG terminal in Cyprus is completed, reports said on ...
The hidden cost of energy waste: Why every business should prioritise efficiency
Operating expenses may easily spiral out of control for firms, with business energy waste frequently playing a subtle but substantial role. Energy waste management inefficiency raises electricity costs and hurts ...
US LNG exports hit record highs in 2024 despite price pressures
US liquefied natural gas exports are on track to climb to new highs in 2024, as record domestic natural gas production spurred the 10th straight year of volume growth in the ...
Mixed messages surround Cyprus’ energy project
News-wise, the Great Sea Interconnector had had quite the week: first the leaking of two reports casting major doubts over the endeavour, followed almost instantaneously by the revelation that a ...
Impact of developments in Syria on energy
By Charles Ellinas
Developments in Syria have been precipitous and momentous. Ahmad al-Sharaa, the leader of the Sharaa’s Hayat Tahrir al-Sham (HTS) group that deposed al-Assad last Sunday, has ...
French firm acquires 49.9% stake in €1.9 billion Sea Interconnector
A French company has agreed to buy a significant stake in the Great Sea Interconnector project, media reports said on Thursday.
Bloomberg broke the story, naming the company as Meridiam ...
Fed’s hawkish stance weighs on oil prices
Oil prices fell in Asian trade on Thursday after the US Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth and ...
Cyprus ‘ready’ to begin consultations for interconnector
The Cypriot government is “ready” to begin consultations with both Greece’s independent transmission system operator Admie and the country’s energy ministry to find an agreement on “all matters” ...
Decision on Aphrodite gas field ‘within days’
Cyprus will respond in the coming days as to whether it will accept Chevron’s development and production plan for the Block 12 Aphrodite gas field, Energy Minister George Papanastasiou said ...
BP and ADNOC launch new gas venture in Egypt
BP (BP.L) and Abu Dhabi National Oil Company’s international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in ...
Positive developments over LNG unit ‘Prometheus’ – Christodoulides
The departure of the floating storage and regasification unit (FSRU) ‘Prometheus’ is a positive development, President Nikos Christodoulides said on Sunday, over the ship that will form part of the ...
‘Crucial and decisive step’ – LNG unit departs from Shanghai
The floating storage and regasification unit (FSRU) Prometheus departed from Shanghai in the early hours of Saturday morning, the government confirmed.
This marks the beginning “of a new era for ...
LNG unit departing from Shanghai ‘imminently’
The floating storage and regasification unit (FSRU) Prometheus is expected to depart from Shanghai in a matter of hours, Energy Minister George Papanastasiou said on Friday.
The FSRU will form ...