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Dec 5, 2025

Daily (05.12.2025): Renewed geopolitical tensions lifted oil, strong supply kept gas low

Crude oil prices rose on Thursday, supported by renewed Ukrainian attacks on Russian energy infrastructure and stalled U.S.–Russia diplomatic efforts. On 1 December, Ukrainian forces targeted the Druzhba pipeline, a key route for Russian oil exports to Hungary and Slovakia. While the pipeline operator later confirmed that flows from Russia’s...

Dec 5, 2025

Vår Energi Discovers Oil Near Arctic Field in Norway

Vår Energi announced an oil discovery on Thursday near its Goliat field in the Barents Sea, Norway's first operational Arctic oilfield. The discovery, made at the Goliat North exploration well, is located five kilometers (3 miles) north of the Goliat field. This find increases the total gross discovered resources at the Goliat Ridge and could conne...

Dec 5, 2025

France urges the EU to back domestic electric vehicle production in the auto aid agreement.

France is urging the European Union to establish regulations that mandate automakers to manufacture electric vehicles within the region, as various proposals are being presented during the bloc's review of CO2 emissions from vehicle fleets. President Emmanuel Macron's administration aims for 75 percent of the parts used in electric vehicles sold i...

Dec 5, 2025

GE Vernova signs deal for 42 wind turbines with Greenvolt.

GE Vernova has reached an agreement with Greenvolt Power to provide onshore wind turbines for the Gurbanesti wind farm located in Călărași county, Romania. The contract includes the supply, installation, and commissioning of 42 turbines, each with a capacity of 6.1MW and a rotor diameter of 158m. This is GE Vernova Romania's second significant on...

Dec 5, 2025

International geothermal standards committee established

The International Geothermal Standard Committee (IGSC) was officially formed on November 26 in Beijing, China, with its permanent Secretariat hosted by China Petroleum and Chemical Corp (Sinopec). This marks a significant step in the global standardization of geothermal energy. Founded by the International Geothermal Association (IGA), the IGSC c...

Dec 5, 2025

Ørsted's Borkum Riffgrund 3 wind farm generates its first electricity in Germany.

Ørsted's offshore wind farm, Borkum Riffgrund 3, has started generating electricity, delivering its initial power to the German grid. Co-owned by Ørsted and Nuveen Infrastructure, the project boasts an installed capacity of 913MW. Located nearly 72 km from the German North Sea coast, the wind farm covers an area of roughly 75 km². Construction i...

Dec 5, 2025

Spain intends to increase electric vehicle sales with a $1.5 billion incentives program.

Spain will allocate nearly €1.3 billion ($1.5 billion) next year to bolster its electric vehicle market and industry as part of a strategy to increase the production of EVs in the country to 95 percent by 2035, according to Prime Minister Pedro Sanchez. The initiative includes €400 million in direct consumer subsidies for purchasing EVs in 2026, a...

Dec 5, 2025

Vulcan Energy obtains complete financing for its geothermal lithium project in Germany.

Vulcan Energy has obtained a substantial financial package of around EUR 2.2 billion from various sources, which will fully finance the construction of Phase One of the Lionheart lithium and geothermal energy project in Germany's Upper Rhine Valley. With this funding, the company has reached a Final Investment Decision for Phase One of the Lionhea...

Dec 5, 2025

Romania's bonus wind power auction exceeded its quota.

Romania has reportedly secured moderately lower prices in its recent wind power auction for contracts for difference (CfDs) compared to the regular round. A media report indicates that nine bids were accepted for seven proposed projects, with winners including OX2, Qair, and Zen Energy Group. All wind farm projects in Romania that gained state sup...

Dec 5, 2025

OPEC oil production declines in November despite the planned increase.

OPEC's oil production decreased slightly in November, even with an OPEC+ agreement to boost output for the month. This drop, attributed to outages among some member countries, pushed the group's supply further below its target, according to a Reuters survey. The Organization of the Petroleum Exporting Countries produced 28.40 million barrels per d...

Dec 5, 2025

Austria will use $584 million from state-owned company reserves to reduce energy costs.

Austria's government announced on Thursday plans to invest a 500-million-euro ($584 million) package aimed at lowering energy costs through special allocations and reserves from state-owned enterprises. The funding will be sourced from 200 million euros in reserves from the real estate operator BIG, another 200 million euros from the energy compan...

Dec 5, 2025

Norwegian oil companies will reduce exploration well drilling by 18% in 2026.

Oil companies in Norway are expected to drill 18% fewer exploration wells next year as they shift their focus to existing production sites, according to a survey released on Thursday. This trend may pose challenges to the government's objective of maintaining output from Europe’s largest oil producer. The Norwegian government aims for increased ex...

Dec 5, 2025

Sizewell C is set to provide a significant £26 billion boost to the UK economy.

New research from Oxford Economics indicates that Sizewell C will provide a substantial economic uplift, contributing £26.6 billion in Gross Value Added during its construction. This translates to an average of £1.57 billion per year injected into the UK economy. The report asserts that the nuclear initiative will significantly benefit the East o...

Dec 5, 2025

Equinor has discovered two gas and condensate fields in the North Sea.

Norway's Equinor announced two new gas and condensate discoveries in the North Sea on Friday. These discoveries are the largest for Equinor this year and can be utilized for the European market using current infrastructure, according to their statement. Initial estimates suggest the reservoirs might hold between 30 million and 110 million barre...

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