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GA Drilling s plasma drilling technology in action. PHOTO SOURCE: GA Drilling
Geothermal energy is considered a renewable resource, but it shares some similarities with non-renewable oil and gas, according to the head of a Slovakia-based company that aims to lower the cost of ultra-deep geothermal drilling with its plasma drilling technology.
“Geothermal is the closest renewable to oil and gas,” Igor Kočiš, CEO and Founder of Slovakia-based GA Drilling, owner of the “Plasmabit” alternative to conventional drilling, told Rigzone. “We are sharing assets, experience, highly skilled labor, and other resources. The industry understands this very well. The big global players are investing in geothermal solutions and technological startups like us while at the same time building their own geothermal divisions.”
by Bloomberg
|Thursday, May 20, 2021
The world s top exporter of LNG is ramping up production dramatically and undercutting competitors.
(Bloomberg) The world’s top exporter of liquefied natural gas is ramping up production dramatically and undercutting competitors in a bid to squeeze them out the market.
Qatar is dropping prices and pushing ahead with a $29 billion project to boost its exports of the fuel by more than 50%, stymieing the prospects of new plants elsewhere. It’s also established a trading team to compete in the nascent spot market and pushing into Asia more aggressively, according to people familiar with the matter.
by Bloomberg
|Wednesday, May 19, 2021
Nord Stream 2 will help Germany secure a relatively low-cost supply of natural gas.
(Bloomberg) The U.S. will impose and immediately waive sanctions on the company overseeing construction of the Nord Stream 2 gas pipeline from Russia to Germany, people familiar with the matter said, a move meant to bolster ties with Berlin that sparked criticism the Biden administration is soft on Russia.
In a report to Congress on Wednesday, the State Department will say that Nord Stream 2 AG and its chief executive Matthias Warnig are engaged in sanctionable activity under U.S. law but that the Biden administration decided to waive the sanctions for national security reasons, according to the people, who spoke on condition of anonymity.
by Bloomberg
|Wednesday, May 19, 2021
Oil fell for a second day amid a spate of weakness in wider markets and as traders tracked talks between world powers on a revival of the Iran nuclear deal.
(Bloomberg) Oil fell for a second day amid a spate of weakness in wider markets and as traders tracked talks between world powers on a revival of the Iran nuclear deal.
West Texas Intermediate for June delivery tumbled 1.4%, while global benchmark Brent which topped $70 a barrel briefly in early Tuesday trade also declined. Stock markets fell on inflation fears, while the dollar climbed, hampering prices. There was also an increase in U.S. crude stockpiles last week, the American Petroleum Institute reported.