??⚛️ Reopening the Nuclear Chapter: Italy’s Revival of Atomic Energy
Italy's Industry Minister, Adolfo Urso, has announced that the country is poised to re-enter the nuclear energy sector by initiating a new project to construct reactors in partnership with an undisclosed foreign company.

This declaration marks a significant shift in Italy's energy landscape, particularly considering that the nuclear sector has been non-existent from a formal standpoint for several decades. Italy's nuclear energy program was effectively dismantled in the 1990s following a national referendum that prohibited the development of nuclear power plants, halting all related projects.

Before this, Italy's nuclear industry was recognized as one of the most advanced in Europe. Between 1958 and 1970, the country constructed four nuclear power plants and established fuel fabrication facilities that supplied reactors in France and Switzerland.

However, from 1987 to 1990, nuclear operations were gradually shut down, and the facilities were decommissioned. The Fukushima disaster in 2011 further solidified the decision to abandon nuclear energy in Italy.

Currently, Italy faces significant energy challenges, as it imports approximately 15% of its energy needs, all of which is derived from nuclear power abroad. Additionally, around 65% of Italy's domestic energy production is carbon-based, requiring the import of nearly 90% of the necessary fuel.

In light of these challenges, Italy is now considering a return to nuclear power to stabilize its energy balance. Energy Minister Gilberto Pichetto Fratin has indicated that the government is prepared to pass legislation supporting the revival of nuclear energy in the country.

#Italy #nuclear #energy
@songofoil

??❗️ In recent days, finding accurate and honest information about the protests in Britain has become increasingly difficult.

We agree with our colleagues that some sources have started publishing questionable "anonymous" reports.

✅ We have created a list of CHANNELS for our subscribers. Some of these have already established themselves as reliable resources, while others are just beginning the fight against disinformation and provocations.

We ask you to support our friends and colleagues, because only together can we continue the fight for our future.

Follow @MadTParty on Telegram | ?u

??ADNOC and ExxonMobil Aim to Develop the World's Largest Blue Hydrogen Production Facility

The UAE's National Oil Company, ADNOC, has announced its decision to acquire a 35% stake in ExxonMobil's ambitious project to construct a blue hydrogen and ammonia production complex in Baytown, Texas.

ExxonMobil expects to make a final investment decision on the project next year. The proposed facility is projected to produce 900,000 tons of hydrogen (H2) and one million tons of ammonia (NH3), with operations anticipated to commence in 2029.

However, the final go-ahead for the project remains pending. It will hinge on “supportive government policies and necessary regulatory approvals,” according to a company statement.

ExxonMobil is currently lobbying the U.S. government for more flexible regulations concerning emissions calculations for blue hydrogen projects. This effort is aimed at securing a tax credit of up to $3 per kilogram under the 45V legislation, a Department of Energy policy on tax credits for clean hydrogen production.

#UAE #hydrogen
@songofoil

? Container Carriers See Profit Surge Amid Geopolitical Turbulence

Amidst a volatile geopolitical landscape, the global container shipping industry has seen its profits soar to over $10 billion in the second quarter, driven by unprecedented volumes and increased freight rates following a route adjustment in the Red Sea.

Net profits for leading container carriers, such as Denmark’s AP Moller-Maersk A/S and China’s Cosco Shipping Holdings Co., nearly doubled from the first quarter, reaching $8.88 billion by the close of Q2 2023.

Preliminary projections indicate that the current quarter could also experience “substantial growth” due to the resilience of the international commodities trading market.

In spite of geopolitical challenges, global shipment volumes reached an all-time high of 46.4 million 20-foot containers in the recent quarter, surpassing the previous record of 46.2 million units set in Q2 2021.

#transport #container
@songofoil

???? TotalEnergies Withdraws from Africa

French energy giant TotalEnergies has announced its exit from two key oil fields in Nigeria, the continent's leading oil exporter. The fields in question are the Olo and Olo West blocks, which were being developed in collaboration with the Nigerian National Oil Company.

As reported by Agence Ecofin, TotalEnergies sold these assets to the local firm Aradel Holdings for $19.5 million.

This move is part of TotalEnergies' broader strategy of reducing its footprint in Africa. Over recent months, the company has been focusing on streamlining its management structure and optimizing its portfolio of oil and gas assets, leading to a steady decrease in investments across the continent.

In late July 2024, TotalEnergies had already divested 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, effectively exiting 18 oil and gas projects in the Niger Delta.

These shifts are also driven by the Nigerian government's initiative to enhance the role of national companies in oil production, moving beyond merely collecting royalties.

#TotalEnergies #France #Nigeria
@songofoil

?? ExxonMobil Considers Divesting Oil Assets

American energy giant ExxonMobil is weighing the sale of a package of oil assets located in the Permian Basin, which spans Texas and New Mexico.

According to Bloomberg, the assets under consideration include non-shale properties and older wells situated in the central part of the oil-rich basin. These wells have a low but consistent production rate. If the deal goes through, ExxonMobil could receive up to $1 billion, although the final sum will largely depend on prevailing oil prices.

An ExxonMobil representative told the agency that the company is “exploring market interest in certain conventional assets in West Texas and southeastern New Mexico.”

The decision to sell these assets comes after ExxonMobil’s acquisition of major shale oil producer Pioneer Natural Resources Co. The acquisition, valued at nearly $60 billion, positions ExxonMobil to produce 4.3 million barrels per day (bpd) this year, marking the highest production level in more than a decade.

#US #Exxonmobil #oil
@songofoil

????Saudi Arabia has not renewed a 50-year pact with the U.S. to sell oil only for dollars

The famous petrodollar pact between Saudi Arabia and the US, signed in 1974, has come to an end. The so-called "Security Agreement" was signed by Washington and Riyadh on June 8, 1974. It provided for the establishment of two joint commissions - on economic cooperation and on Saudi Arabia's military needs. The U.S. persuaded the Saudis to trade oil only for dollars, in return promising security guarantees, arms sales, and so on.

The contract expired on June 9, 2024. The decision not to extend the contract will allow Saudi Arabia to sell oil and other goods in any currencies, including yuan, euros, yen, not only in U.S. dollars. In addition, the use of digital currencies such as bitcoin may be considered.

Curiously, the Saudis' statement came just as the US announced new sanctions against Russia and its financial and energy sectors.

#SaudiArabia #USA
@songofoil

?? Venezuela Does Not Recognize the UN Court's Position in the Essequibo DisputeThe Venezuelan authorities, although participating in the UN court hearing the dispute with Guyana over the possession of the province of Essequibo, do not intend to recognize this jurisdiction. In the dispute over the territory, it is necessary to negotiate directly. This statement was made by representatives of Venezuela.

In the UN court, it is important for Caracas to present its historical position, as well as to declare non-recognition of the decisions of the court, emphasize the Venezuelan authorities.

Recall, Venezuela and Guyana have a century-long dispute over the ownership of Essequibo. After the discovery of oil reserves in the territory of Essequibo, the dispute has only worsened. The parties are still unable to reach an agreement.

#Venezuela #UN
@songofoil

?? Oil McCarthyism in the American Way

The US Senate has decided to bring back the good old days and start hunting top managers of American oil companies. The reason is conspiracy: secret ties between representatives of corporations and OPEC in order to maintain high oil prices.

The proposal was made by the leader of the Senate majority and supported by 22 senators. The secret ties were brought up for a reason. In May, state regulators approved the sale of the Pioneer Shale for $60 billion in favor of Exxon.

The deal was authorized, but the state did not approve CEO Scott Sheffield's transition to a new job. The reason is the alleged coordination of the company's production with OPEC.

It's unclear whether the U.S. Justice Department will heed the Senate's statements, but one can only be happy for the potential investigation. The more the U.S. pressures its oil producers in search of spies and saboteurs, the less incentive they will have to go along with it and increase production, which will support oil prices.

#USA #oil
@songofoil