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Energy

Sound Energy Partners with Calvalley Petroleum for Tendrara Exploitation in Morocco

World Economic Magazine June 19, 2023

Sound Energy PLC has signed a significant agreement with Calvalley Petroleum Ltd to secure funding for exploration operations in Morocco’s Tendrara exploration permit area. This partnership is a major step forward for Sound Energy’s development of the Tendrara gas field. Under the agreement, Calvalley Petroleum will provide substantial funding, enabling Sound Energy to advance its exploration activities and expedite development. With Calvalley Petroleum’s full funding for the TE-4 Horst Well, this collaboration highlights the confidence in Sound Energy’s capabilities and the project’s potential. The partnership with Calvalley Petroleum and Sound Energy’s stake in the drilling permit showcases a balanced collaboration between international companies and Moroccan authorities. The extended negotiation period for financing the gas production associated with the Tendrara license further emphasizes the commitment to securing favorable financial arrangements. This collaboration holds significant implications for the energy sector in Morocco, contributing to the country’s energy security, economic growth, and regional leadership in the energy market.

Russia Emerges as India’s Dominant Oil Supplier, Surpassing Traditional Middle Eastern Sources

World Economic Magazine June 6, 2023

In a significant shift within India’s crude oil market, Russia has surpassed Saudi Arabia, Iraq, the UAE, and the US to become India’s top oil supplier. The import of Russian oil has reached unprecedented levels, reaching nearly 2 million barrels per day in May alone, accounting for approximately 42% of India’s total oil imports that month. This surge in Russia’s dominance has come at the expense of traditional Middle Eastern suppliers, with shipments from Saudi Arabia hitting their lowest level since February 2021.

Muscat Making Strides Towards Ambitious Renewable Energy Goals for 2040

World Economic Magazine June 6, 2023

Powering the Future: Muscat’s Bold Move Towards Renewable Energy by 2040. With a remarkable 31.5% increase in renewable electricity production, Muscat sets its sights on an impressive 118.5% growth this year. Solar PV installations surge, showcasing the governorate’s commitment to sustainability and Oman Vision 2040. Muscat drives clean energy adoption, making significant strides towards a greener and more sustainable future.

Robust Fuel Sales Drive Profits for Oman’s Oil Marketing Companies in Q1 2023

World Economic Magazine June 6, 2023

Fueling Success: Oman’s Oil Marketing Companies Soar to New Heights in Q1 2023. Robust sales drive profits, with Oman Oil Marketing Company leading the charge, witnessing a remarkable 16% increase in net profit. Al Maha Petroleum also shines with a staggering 74% year-on-year growth. While Shell Oman’s Marketing faces a slight decline, the industry remains resilient and adaptive. As Oman’s economy flourishes, these companies spearhead sustainable development and meet energy demands.

Baltic Wind Connector Project To be Developed Between Germany and Estonia

World Economic Magazine May 11, 2023

50Hertz, the German electricity transmission system operator (TSO), and its counterparts from Estonia, Latvia and Lithuania on Tuesday have agreed to jointly develop a hybrid submarine cable project “Baltic WindConnector” in the Baltic Sea between Estonia and Germany.

TotalEnergies to Invest in Iraq’s Gas Growth Integrated Project

World Economic Magazine May 9, 2023

As a follow-up to the confirmation of the terms of development and production contract signed in September 2021. French energy giant TotalEnergies on Wednesday announced a multi-billion-dollar deal with the Iraqi government and will pick up a key stake in the Middle Eastern nation’s Gas Growth Integrated Project (GGIP).

Unlocking the Future of ESG Investments

World Economic Magazine May 8, 2023

The rise of environmental, social, and governance (ESG) investments has seen an increase in demand for such products in the asset management market. However, concerns around the lack of clear ESG standards and the potential for “greenwashing” have regulators proposing new rules and guidance. Asset managers must ensure their ESG products deliver genuine outcomes to meet regulatory standards, but face challenges in finding enough investable opportunities in the market. The creation of high carbon transition funds by large institutional investors may offer a solution to the traditional divestment approach, contributing to real economy emission reductions. Firms launching new ESG products must stay ahead of the evolving regulatory environment, with KPMG’s Asset Management team offering effective ESG strategies and regulatory analysis to stay competitive.

Sound Energy Partners with Calvalley Petroleum for Tendrara Exploitation in Morocco

World Economic Magazine June 19, 2023

Sound Energy PLC has signed a significant agreement with Calvalley Petroleum Ltd to secure funding for exploration operations in Morocco’s Tendrara exploration permit area. This partnership is a major step forward for Sound Energy’s development of the Tendrara gas field. Under the agreement, Calvalley Petroleum will provide substantial funding, enabling Sound Energy to advance its exploration activities and expedite development. With Calvalley Petroleum’s full funding for the TE-4 Horst Well, this collaboration highlights the confidence in Sound Energy’s capabilities and the project’s potential. The partnership with Calvalley Petroleum and Sound Energy’s stake in the drilling permit showcases a balanced collaboration between international companies and Moroccan authorities. The extended negotiation period for financing the gas production associated with the Tendrara license further emphasizes the commitment to securing favorable financial arrangements. This collaboration holds significant implications for the energy sector in Morocco, contributing to the country’s energy security, economic growth, and regional leadership in the energy market.

Russia Emerges as India’s Dominant Oil Supplier, Surpassing Traditional Middle Eastern Sources

World Economic Magazine June 6, 2023

In a significant shift within India’s crude oil market, Russia has surpassed Saudi Arabia, Iraq, the UAE, and the US to become India’s top oil supplier. The import of Russian oil has reached unprecedented levels, reaching nearly 2 million barrels per day in May alone, accounting for approximately 42% of India’s total oil imports that month. This surge in Russia’s dominance has come at the expense of traditional Middle Eastern suppliers, with shipments from Saudi Arabia hitting their lowest level since February 2021.

Muscat Making Strides Towards Ambitious Renewable Energy Goals for 2040

World Economic Magazine June 6, 2023

Powering the Future: Muscat’s Bold Move Towards Renewable Energy by 2040. With a remarkable 31.5% increase in renewable electricity production, Muscat sets its sights on an impressive 118.5% growth this year. Solar PV installations surge, showcasing the governorate’s commitment to sustainability and Oman Vision 2040. Muscat drives clean energy adoption, making significant strides towards a greener and more sustainable future.

Robust Fuel Sales Drive Profits for Oman’s Oil Marketing Companies in Q1 2023

World Economic Magazine June 6, 2023

Fueling Success: Oman’s Oil Marketing Companies Soar to New Heights in Q1 2023. Robust sales drive profits, with Oman Oil Marketing Company leading the charge, witnessing a remarkable 16% increase in net profit. Al Maha Petroleum also shines with a staggering 74% year-on-year growth. While Shell Oman’s Marketing faces a slight decline, the industry remains resilient and adaptive. As Oman’s economy flourishes, these companies spearhead sustainable development and meet energy demands.

Baltic Wind Connector Project To be Developed Between Germany and Estonia

World Economic Magazine May 11, 2023

50Hertz, the German electricity transmission system operator (TSO), and its counterparts from Estonia, Latvia and Lithuania on Tuesday have agreed to jointly develop a hybrid submarine cable project “Baltic WindConnector” in the Baltic Sea between Estonia and Germany.

TotalEnergies to Invest in Iraq’s Gas Growth Integrated Project

World Economic Magazine May 9, 2023

As a follow-up to the confirmation of the terms of development and production contract signed in September 2021. French energy giant TotalEnergies on Wednesday announced a multi-billion-dollar deal with the Iraqi government and will pick up a key stake in the Middle Eastern nation’s Gas Growth Integrated Project (GGIP).

Unlocking the Future of ESG Investments

World Economic Magazine May 8, 2023

The rise of environmental, social, and governance (ESG) investments has seen an increase in demand for such products in the asset management market. However, concerns around the lack of clear ESG standards and the potential for “greenwashing” have regulators proposing new rules and guidance. Asset managers must ensure their ESG products deliver genuine outcomes to meet regulatory standards, but face challenges in finding enough investable opportunities in the market. The creation of high carbon transition funds by large institutional investors may offer a solution to the traditional divestment approach, contributing to real economy emission reductions. Firms launching new ESG products must stay ahead of the evolving regulatory environment, with KPMG’s Asset Management team offering effective ESG strategies and regulatory analysis to stay competitive.

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