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BP Starts Up 6th ‘Major’ Project of 2025

BP announced, in a statement posted on its website on Thursday, that it has started up its sixth “major” upstream oil and gas project of 2025. That project is the Murlach field in the UK North Sea, the statement pointed out, adding that the development adds a peak net production of around 15,000 barrels of oil equivalent per day to the BP operated Eastern Trough Area Project (ETAP) in the central North Sea. The ETAP hub has been operating for 27 years, BP highlighted in its statement. The Murlach project received government and regulatory approvals in 2023 and involved the redevelopment of a field originally in operation in the early 2000s, according to BP’s statement, which noted that the company acquired the field license after it was relinquished by the previous operator. The redevelopment included drilling two new wells, adding subsea equipment, reusing some existing kit, and making topside changes to the ETAP central processing facility, BP said in the statement. Overall, the six projects started up this year add around 150,000 barrels of oil equivalent per day of combined peak net production, according to BP’s statement, which noted that this contributes to the company’s target to deliver an additional 250,000 barrels of oil equivalent per day of combined peak net production by the end of 2027. “Murlach is the sixth start-up for BP in 2025 and marks another important milestone in our plan to deliver 10 major upstream oil and gas projects by the end of 2027,” Ewan Drummond, BP’s senior vice president of projects, said in the statement. “These projects reflect BP’s strength in safely increasing production to supply energy to meet global demand, while maintaining a relentless focus on shareholder returns. They also highlight our focus on efficient delivery, with four starting up ahead of schedule,” he

Read More »

Aramco Raises Petro Rabigh Stake to 60 Percent

Saudi Arabian Oil Co (Aramco) said Thursday it had completed the acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co (Petro Rabigh) from Sumitomo Chemical Corp for $702 million or SAR 7 ($1.9) per share. The transaction has increased the state-owned oil giant’s ownership in Petro Rabigh to 60 percent. Tokyo-based Sumitomo retains 15 percent. “The transaction reflects Aramco’s commitment to its partners and, as it forges ahead with a downstream strategy that promotes value creation, business integration and portfolio diversification”, Aramco said in a statement on its website. “The transaction also enhances Aramco’s ability to support the transformation program underway at Petro Rabigh, which includes targeted asset upgrades to improve the yield of high-margin products and enhance plant reliability”. Petro Rabigh produces 14.9 million metric tons per annum (MMtpa) of refined products and 4.9 MMtpa of petrochemical products, Petro Rabigh says on its website. As part of the transaction, Aramco and Sumitomo agreed to inject $1.4 billion to prepay part of Petro Rabigh’s debt. The capital will come from Petro Rabigh’s issuance of Class B shares to be fully subscribed to by Aramco and Sumitomo. “Through the Class B share issuance, Aramco and Sumitomo will be able to inject fresh capital without altering Petro Rabigh’s existing governance structure or diluting the voting power of Petro Rabigh’s other shareholders”, Aramco said. Also under the transaction, Aramco and Sumitomo had waived $1.5 billion in shareholder loans to Petro Rabigh, completed in two phases in August 2024 and January 2025, Aramco said. Aramco senior vice president for fuels Hussain A. Al Qahtani said, “Petro Rabigh is a key player in the kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects”. “We look forward to exploring closer integration with Petro Rabigh, with the

Read More »

Naftogaz Secures Gas Loans from EIB, Oschadbank

Naftogaz Group over the last week announced loans of EUR 300 million ($347.25 million) from the European Investment Bank (EIB) and UAH 3 billion ($71.97 million) from Ukraine’s state-owned Oschadbank to buy natural gas for Ukraine. The EIB loan is part of the European Union bank’s Ukraine Energy Rescue Plan, unveiled October 2024 with up to EUR 600 million in urgent and medium-term energy financing. “This new financing [EUR 300 million] from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses”, EIB president Nadia Calviño said in a statement from the bank October 1. “This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration”, said EIB vice president Teresa Czerwinska, who oversees the bank’s Ukraine operations. Under the agreement, Ukraine’s state-owned integrated oil and gas company Naftogaz will reinvest an equivalent amount in renewable energy and other decarbonization projects. In another financing announced June 2024, the EIB committed EUR 400,000 for technical support to help Naftogaz craft its decarbonization strategy. “EUR 300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter”, Naftogaz chief executive Sergii Koretskyi said in a statement from the company. Ukraine Prime Minister Yuliia Svyrydenko was quoted by Naftogaz as saying, “Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks”. The European Commission agreed to guarantee the loan through the Ukraine Investment Framework (UIF), the EIB said. The UIF is part of the EU’s Ukraine Facility, a platform to mobilize up to EUR 50

Read More »

Oil Slips as Middle East Tensions Ease

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone. West Texas Intermediate fell 1.7% to settle below $62 a barrel while Brent closed near $65. Israel has begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the the release of all the hostages it holds, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude. After a dip lower at the start of the month, crude has edged back toward the $62 to $67 band in which it traded for weeks at the end of the summer. The Organization of the Petroleum Exporting Countries and its allies are ramping up supplies, but so far the impact on prices has been limited by China hoarding barrels. “Sentiment remains subdued, weighed down by concerns over a sizable fourth-quarter surplus and fears that Chinese crude buying is slowing,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Trading likely stays rangebound with a mild downside bias, particularly if broader risk assets come under pressure.” The commodity also moved lower in tandem with wider markets without any strong new indicators on supply and demand. The dollar strengthened, making commodities priced in the currency less attractive. Offering a floor to prices, the US Treasury Department sanctioned more than 50 individuals, entities and vessels that “facilitate” Iranian oil and liquefied petroleum gas sales and shipments from the country. Traders will be following whether an end to fighting in Gaza will impact the status of restrictions against Iran, which backs Hamas. Many Wall Street banks and other observers including the International Energy Agency have predicted the market will move into a

Read More »

Civitas Weighs Merger With Permian Basin Rival

Civitas Resources Inc., an oil and gas explorer that has been weighing a sale, is considering a merger with Permian Basin rival SM Energy Co., according to people familiar with the matter.  Civitas has been discussing a deal with SM that wouldn’t include a premium and would be structured as a merger of equals as it explores strategic options, said the people, who asked to not be identified because the details aren’t public. No deal has been finalized and other parties are circling Civitas, the people added.  Representatives for Civitas and SM Energy declined to comment.  If a transaction is consummated, the combined company would be worth at least $14 billion, including debt, making it one of the year’s biggest oil and gas deals, according to data compiled by Bloomberg.  The Permian Basin of West Texas and New Mexico — the largest and most productive US oil field — has seen a blitz of merger activity in recent years as small players pair up to gain scale and major operators look for a toehold. In August, Crescent Energy Co. agreed to buy Permian Basin rival Vital Energy Inc. for $3.1 billion. This deal would bring together two of the region’s midsize, public players. Civitas, with a market value of about $3.2 billion, produces oil across about 140,000 net acres throughout the basin, according to an investor presentation in August. SM has a market value of about $2.9 billion and about 109,000 acres in a well-developed swathe of the Permian known as the Midland Basin. SM has an enterprise value of about $5.5 billion while Civitas is worth about $8.5 billion, including debt. EOG Resources Inc.’s $5.6 billion takeover of Encino Acquisition Partners is the largest deal announced this year in the US oil and gas exploration sector, according to data compiled by Bloomberg.  The companies’ operations

Read More »

Newsom signs 1 bill to speed geothermal approvals, vetoes another

Gov. Gavin Newsom, D-Calif., signed into law Monday a bill that will expand the California Energy Commission’s streamlined certification program to allow it to speed approvals for geothermal energy, but he vetoed a bill to speed approvals of well-drilling for geothermal exploratory projects. “In addition to delaying much-needed regulations that are already in process, the [Geologic Energy Management] Division would need to substantially increase fees on geothermal operators to implement the new requirements imposed by the bill,” Newsom wrote in his veto message for the second bill, AB527. Newsom said in the message that while he supports the expansion of geothermal energy in California “as a much-needed source of baseload clean power,” he thinks that the increased fees would disincentivize geothermal development “beyond any incentive provided by a [California Environmental Quality Act] exemption for one part of a project’s permitting process.” The governor also noted that he signed AB1359 last year, which reformed the approval process for geothermal exploration, and he thinks it is “prudent that we understand the effects of these changes before granting wholesale CEQA exemptions with costly and complicated conditions.” AB527 would have allowed geothermal exploratory projects that GEMD deems to meet certain criteria to also be presumed to “have satisfied the requirements of CEQA for the geothermal exploratory project, including to support the issuance of any permit, funding, or other approval by a state or local agency, as provided.” AB531, which Newsom signed, makes geothermal projects one of the types of projects that — once the state Energy Commission certifies them as an “environmental leadership development project” — can benefit from a streamlined approval process under CEQA. The other projects that can receive that certification are solar or wind farms generating 50 MW or more, energy storage systems capable of storing 200 MWh or more, power plants 50 MW or

Read More »

BP Starts Up 6th ‘Major’ Project of 2025

BP announced, in a statement posted on its website on Thursday, that it has started up its sixth “major” upstream oil and gas project of 2025. That project is the Murlach field in the UK North Sea, the statement pointed out, adding that the development adds a peak net production of around 15,000 barrels of oil equivalent per day to the BP operated Eastern Trough Area Project (ETAP) in the central North Sea. The ETAP hub has been operating for 27 years, BP highlighted in its statement. The Murlach project received government and regulatory approvals in 2023 and involved the redevelopment of a field originally in operation in the early 2000s, according to BP’s statement, which noted that the company acquired the field license after it was relinquished by the previous operator. The redevelopment included drilling two new wells, adding subsea equipment, reusing some existing kit, and making topside changes to the ETAP central processing facility, BP said in the statement. Overall, the six projects started up this year add around 150,000 barrels of oil equivalent per day of combined peak net production, according to BP’s statement, which noted that this contributes to the company’s target to deliver an additional 250,000 barrels of oil equivalent per day of combined peak net production by the end of 2027. “Murlach is the sixth start-up for BP in 2025 and marks another important milestone in our plan to deliver 10 major upstream oil and gas projects by the end of 2027,” Ewan Drummond, BP’s senior vice president of projects, said in the statement. “These projects reflect BP’s strength in safely increasing production to supply energy to meet global demand, while maintaining a relentless focus on shareholder returns. They also highlight our focus on efficient delivery, with four starting up ahead of schedule,” he

Read More »

Aramco Raises Petro Rabigh Stake to 60 Percent

Saudi Arabian Oil Co (Aramco) said Thursday it had completed the acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co (Petro Rabigh) from Sumitomo Chemical Corp for $702 million or SAR 7 ($1.9) per share. The transaction has increased the state-owned oil giant’s ownership in Petro Rabigh to 60 percent. Tokyo-based Sumitomo retains 15 percent. “The transaction reflects Aramco’s commitment to its partners and, as it forges ahead with a downstream strategy that promotes value creation, business integration and portfolio diversification”, Aramco said in a statement on its website. “The transaction also enhances Aramco’s ability to support the transformation program underway at Petro Rabigh, which includes targeted asset upgrades to improve the yield of high-margin products and enhance plant reliability”. Petro Rabigh produces 14.9 million metric tons per annum (MMtpa) of refined products and 4.9 MMtpa of petrochemical products, Petro Rabigh says on its website. As part of the transaction, Aramco and Sumitomo agreed to inject $1.4 billion to prepay part of Petro Rabigh’s debt. The capital will come from Petro Rabigh’s issuance of Class B shares to be fully subscribed to by Aramco and Sumitomo. “Through the Class B share issuance, Aramco and Sumitomo will be able to inject fresh capital without altering Petro Rabigh’s existing governance structure or diluting the voting power of Petro Rabigh’s other shareholders”, Aramco said. Also under the transaction, Aramco and Sumitomo had waived $1.5 billion in shareholder loans to Petro Rabigh, completed in two phases in August 2024 and January 2025, Aramco said. Aramco senior vice president for fuels Hussain A. Al Qahtani said, “Petro Rabigh is a key player in the kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects”. “We look forward to exploring closer integration with Petro Rabigh, with the

Read More »

Naftogaz Secures Gas Loans from EIB, Oschadbank

Naftogaz Group over the last week announced loans of EUR 300 million ($347.25 million) from the European Investment Bank (EIB) and UAH 3 billion ($71.97 million) from Ukraine’s state-owned Oschadbank to buy natural gas for Ukraine. The EIB loan is part of the European Union bank’s Ukraine Energy Rescue Plan, unveiled October 2024 with up to EUR 600 million in urgent and medium-term energy financing. “This new financing [EUR 300 million] from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses”, EIB president Nadia Calviño said in a statement from the bank October 1. “This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration”, said EIB vice president Teresa Czerwinska, who oversees the bank’s Ukraine operations. Under the agreement, Ukraine’s state-owned integrated oil and gas company Naftogaz will reinvest an equivalent amount in renewable energy and other decarbonization projects. In another financing announced June 2024, the EIB committed EUR 400,000 for technical support to help Naftogaz craft its decarbonization strategy. “EUR 300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter”, Naftogaz chief executive Sergii Koretskyi said in a statement from the company. Ukraine Prime Minister Yuliia Svyrydenko was quoted by Naftogaz as saying, “Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks”. The European Commission agreed to guarantee the loan through the Ukraine Investment Framework (UIF), the EIB said. The UIF is part of the EU’s Ukraine Facility, a platform to mobilize up to EUR 50

Read More »

Oil Slips as Middle East Tensions Ease

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone. West Texas Intermediate fell 1.7% to settle below $62 a barrel while Brent closed near $65. Israel has begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the the release of all the hostages it holds, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude. After a dip lower at the start of the month, crude has edged back toward the $62 to $67 band in which it traded for weeks at the end of the summer. The Organization of the Petroleum Exporting Countries and its allies are ramping up supplies, but so far the impact on prices has been limited by China hoarding barrels. “Sentiment remains subdued, weighed down by concerns over a sizable fourth-quarter surplus and fears that Chinese crude buying is slowing,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Trading likely stays rangebound with a mild downside bias, particularly if broader risk assets come under pressure.” The commodity also moved lower in tandem with wider markets without any strong new indicators on supply and demand. The dollar strengthened, making commodities priced in the currency less attractive. Offering a floor to prices, the US Treasury Department sanctioned more than 50 individuals, entities and vessels that “facilitate” Iranian oil and liquefied petroleum gas sales and shipments from the country. Traders will be following whether an end to fighting in Gaza will impact the status of restrictions against Iran, which backs Hamas. Many Wall Street banks and other observers including the International Energy Agency have predicted the market will move into a

Read More »

Civitas Weighs Merger With Permian Basin Rival

Civitas Resources Inc., an oil and gas explorer that has been weighing a sale, is considering a merger with Permian Basin rival SM Energy Co., according to people familiar with the matter.  Civitas has been discussing a deal with SM that wouldn’t include a premium and would be structured as a merger of equals as it explores strategic options, said the people, who asked to not be identified because the details aren’t public. No deal has been finalized and other parties are circling Civitas, the people added.  Representatives for Civitas and SM Energy declined to comment.  If a transaction is consummated, the combined company would be worth at least $14 billion, including debt, making it one of the year’s biggest oil and gas deals, according to data compiled by Bloomberg.  The Permian Basin of West Texas and New Mexico — the largest and most productive US oil field — has seen a blitz of merger activity in recent years as small players pair up to gain scale and major operators look for a toehold. In August, Crescent Energy Co. agreed to buy Permian Basin rival Vital Energy Inc. for $3.1 billion. This deal would bring together two of the region’s midsize, public players. Civitas, with a market value of about $3.2 billion, produces oil across about 140,000 net acres throughout the basin, according to an investor presentation in August. SM has a market value of about $2.9 billion and about 109,000 acres in a well-developed swathe of the Permian known as the Midland Basin. SM has an enterprise value of about $5.5 billion while Civitas is worth about $8.5 billion, including debt. EOG Resources Inc.’s $5.6 billion takeover of Encino Acquisition Partners is the largest deal announced this year in the US oil and gas exploration sector, according to data compiled by Bloomberg.  The companies’ operations

Read More »

Newsom signs 1 bill to speed geothermal approvals, vetoes another

Gov. Gavin Newsom, D-Calif., signed into law Monday a bill that will expand the California Energy Commission’s streamlined certification program to allow it to speed approvals for geothermal energy, but he vetoed a bill to speed approvals of well-drilling for geothermal exploratory projects. “In addition to delaying much-needed regulations that are already in process, the [Geologic Energy Management] Division would need to substantially increase fees on geothermal operators to implement the new requirements imposed by the bill,” Newsom wrote in his veto message for the second bill, AB527. Newsom said in the message that while he supports the expansion of geothermal energy in California “as a much-needed source of baseload clean power,” he thinks that the increased fees would disincentivize geothermal development “beyond any incentive provided by a [California Environmental Quality Act] exemption for one part of a project’s permitting process.” The governor also noted that he signed AB1359 last year, which reformed the approval process for geothermal exploration, and he thinks it is “prudent that we understand the effects of these changes before granting wholesale CEQA exemptions with costly and complicated conditions.” AB527 would have allowed geothermal exploratory projects that GEMD deems to meet certain criteria to also be presumed to “have satisfied the requirements of CEQA for the geothermal exploratory project, including to support the issuance of any permit, funding, or other approval by a state or local agency, as provided.” AB531, which Newsom signed, makes geothermal projects one of the types of projects that — once the state Energy Commission certifies them as an “environmental leadership development project” — can benefit from a streamlined approval process under CEQA. The other projects that can receive that certification are solar or wind farms generating 50 MW or more, energy storage systems capable of storing 200 MWh or more, power plants 50 MW or

Read More »

BP Starts Up 6th ‘Major’ Project of 2025

BP announced, in a statement posted on its website on Thursday, that it has started up its sixth “major” upstream oil and gas project of 2025. That project is the Murlach field in the UK North Sea, the statement pointed out, adding that the development adds a peak net production of around 15,000 barrels of oil equivalent per day to the BP operated Eastern Trough Area Project (ETAP) in the central North Sea. The ETAP hub has been operating for 27 years, BP highlighted in its statement. The Murlach project received government and regulatory approvals in 2023 and involved the redevelopment of a field originally in operation in the early 2000s, according to BP’s statement, which noted that the company acquired the field license after it was relinquished by the previous operator. The redevelopment included drilling two new wells, adding subsea equipment, reusing some existing kit, and making topside changes to the ETAP central processing facility, BP said in the statement. Overall, the six projects started up this year add around 150,000 barrels of oil equivalent per day of combined peak net production, according to BP’s statement, which noted that this contributes to the company’s target to deliver an additional 250,000 barrels of oil equivalent per day of combined peak net production by the end of 2027. “Murlach is the sixth start-up for BP in 2025 and marks another important milestone in our plan to deliver 10 major upstream oil and gas projects by the end of 2027,” Ewan Drummond, BP’s senior vice president of projects, said in the statement. “These projects reflect BP’s strength in safely increasing production to supply energy to meet global demand, while maintaining a relentless focus on shareholder returns. They also highlight our focus on efficient delivery, with four starting up ahead of schedule,” he

Read More »

Aramco Raises Petro Rabigh Stake to 60 Percent

Saudi Arabian Oil Co (Aramco) said Thursday it had completed the acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co (Petro Rabigh) from Sumitomo Chemical Corp for $702 million or SAR 7 ($1.9) per share. The transaction has increased the state-owned oil giant’s ownership in Petro Rabigh to 60 percent. Tokyo-based Sumitomo retains 15 percent. “The transaction reflects Aramco’s commitment to its partners and, as it forges ahead with a downstream strategy that promotes value creation, business integration and portfolio diversification”, Aramco said in a statement on its website. “The transaction also enhances Aramco’s ability to support the transformation program underway at Petro Rabigh, which includes targeted asset upgrades to improve the yield of high-margin products and enhance plant reliability”. Petro Rabigh produces 14.9 million metric tons per annum (MMtpa) of refined products and 4.9 MMtpa of petrochemical products, Petro Rabigh says on its website. As part of the transaction, Aramco and Sumitomo agreed to inject $1.4 billion to prepay part of Petro Rabigh’s debt. The capital will come from Petro Rabigh’s issuance of Class B shares to be fully subscribed to by Aramco and Sumitomo. “Through the Class B share issuance, Aramco and Sumitomo will be able to inject fresh capital without altering Petro Rabigh’s existing governance structure or diluting the voting power of Petro Rabigh’s other shareholders”, Aramco said. Also under the transaction, Aramco and Sumitomo had waived $1.5 billion in shareholder loans to Petro Rabigh, completed in two phases in August 2024 and January 2025, Aramco said. Aramco senior vice president for fuels Hussain A. Al Qahtani said, “Petro Rabigh is a key player in the kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects”. “We look forward to exploring closer integration with Petro Rabigh, with the

Read More »

Naftogaz Secures Gas Loans from EIB, Oschadbank

Naftogaz Group over the last week announced loans of EUR 300 million ($347.25 million) from the European Investment Bank (EIB) and UAH 3 billion ($71.97 million) from Ukraine’s state-owned Oschadbank to buy natural gas for Ukraine. The EIB loan is part of the European Union bank’s Ukraine Energy Rescue Plan, unveiled October 2024 with up to EUR 600 million in urgent and medium-term energy financing. “This new financing [EUR 300 million] from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses”, EIB president Nadia Calviño said in a statement from the bank October 1. “This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration”, said EIB vice president Teresa Czerwinska, who oversees the bank’s Ukraine operations. Under the agreement, Ukraine’s state-owned integrated oil and gas company Naftogaz will reinvest an equivalent amount in renewable energy and other decarbonization projects. In another financing announced June 2024, the EIB committed EUR 400,000 for technical support to help Naftogaz craft its decarbonization strategy. “EUR 300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter”, Naftogaz chief executive Sergii Koretskyi said in a statement from the company. Ukraine Prime Minister Yuliia Svyrydenko was quoted by Naftogaz as saying, “Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks”. The European Commission agreed to guarantee the loan through the Ukraine Investment Framework (UIF), the EIB said. The UIF is part of the EU’s Ukraine Facility, a platform to mobilize up to EUR 50

Read More »

Civitas Weighs Merger With Permian Basin Rival

Civitas Resources Inc., an oil and gas explorer that has been weighing a sale, is considering a merger with Permian Basin rival SM Energy Co., according to people familiar with the matter.  Civitas has been discussing a deal with SM that wouldn’t include a premium and would be structured as a merger of equals as it explores strategic options, said the people, who asked to not be identified because the details aren’t public. No deal has been finalized and other parties are circling Civitas, the people added.  Representatives for Civitas and SM Energy declined to comment.  If a transaction is consummated, the combined company would be worth at least $14 billion, including debt, making it one of the year’s biggest oil and gas deals, according to data compiled by Bloomberg.  The Permian Basin of West Texas and New Mexico — the largest and most productive US oil field — has seen a blitz of merger activity in recent years as small players pair up to gain scale and major operators look for a toehold. In August, Crescent Energy Co. agreed to buy Permian Basin rival Vital Energy Inc. for $3.1 billion. This deal would bring together two of the region’s midsize, public players. Civitas, with a market value of about $3.2 billion, produces oil across about 140,000 net acres throughout the basin, according to an investor presentation in August. SM has a market value of about $2.9 billion and about 109,000 acres in a well-developed swathe of the Permian known as the Midland Basin. SM has an enterprise value of about $5.5 billion while Civitas is worth about $8.5 billion, including debt. EOG Resources Inc.’s $5.6 billion takeover of Encino Acquisition Partners is the largest deal announced this year in the US oil and gas exploration sector, according to data compiled by Bloomberg.  The companies’ operations

Read More »

Oil Slips as Middle East Tensions Ease

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone. West Texas Intermediate fell 1.7% to settle below $62 a barrel while Brent closed near $65. Israel has begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the the release of all the hostages it holds, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude. After a dip lower at the start of the month, crude has edged back toward the $62 to $67 band in which it traded for weeks at the end of the summer. The Organization of the Petroleum Exporting Countries and its allies are ramping up supplies, but so far the impact on prices has been limited by China hoarding barrels. “Sentiment remains subdued, weighed down by concerns over a sizable fourth-quarter surplus and fears that Chinese crude buying is slowing,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Trading likely stays rangebound with a mild downside bias, particularly if broader risk assets come under pressure.” The commodity also moved lower in tandem with wider markets without any strong new indicators on supply and demand. The dollar strengthened, making commodities priced in the currency less attractive. Offering a floor to prices, the US Treasury Department sanctioned more than 50 individuals, entities and vessels that “facilitate” Iranian oil and liquefied petroleum gas sales and shipments from the country. Traders will be following whether an end to fighting in Gaza will impact the status of restrictions against Iran, which backs Hamas. Many Wall Street banks and other observers including the International Energy Agency have predicted the market will move into a

Read More »

Newsom signs 1 bill to speed geothermal approvals, vetoes another

Gov. Gavin Newsom, D-Calif., signed into law Monday a bill that will expand the California Energy Commission’s streamlined certification program to allow it to speed approvals for geothermal energy, but he vetoed a bill to speed approvals of well-drilling for geothermal exploratory projects. “In addition to delaying much-needed regulations that are already in process, the [Geologic Energy Management] Division would need to substantially increase fees on geothermal operators to implement the new requirements imposed by the bill,” Newsom wrote in his veto message for the second bill, AB527. Newsom said in the message that while he supports the expansion of geothermal energy in California “as a much-needed source of baseload clean power,” he thinks that the increased fees would disincentivize geothermal development “beyond any incentive provided by a [California Environmental Quality Act] exemption for one part of a project’s permitting process.” The governor also noted that he signed AB1359 last year, which reformed the approval process for geothermal exploration, and he thinks it is “prudent that we understand the effects of these changes before granting wholesale CEQA exemptions with costly and complicated conditions.” AB527 would have allowed geothermal exploratory projects that GEMD deems to meet certain criteria to also be presumed to “have satisfied the requirements of CEQA for the geothermal exploratory project, including to support the issuance of any permit, funding, or other approval by a state or local agency, as provided.” AB531, which Newsom signed, makes geothermal projects one of the types of projects that — once the state Energy Commission certifies them as an “environmental leadership development project” — can benefit from a streamlined approval process under CEQA. The other projects that can receive that certification are solar or wind farms generating 50 MW or more, energy storage systems capable of storing 200 MWh or more, power plants 50 MW or

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Microsoft will invest $80B in AI data centers in fiscal 2025

And Microsoft isn’t the only one that is ramping up its investments into AI-enabled data centers. Rival cloud service providers are all investing in either upgrading or opening new data centers to capture a larger chunk of business from developers and users of large language models (LLMs).  In a report published in October 2024, Bloomberg Intelligence estimated that demand for generative AI would push Microsoft, AWS, Google, Oracle, Meta, and Apple would between them devote $200 billion to capex in 2025, up from $110 billion in 2023. Microsoft is one of the biggest spenders, followed closely by Google and AWS, Bloomberg Intelligence said. Its estimate of Microsoft’s capital spending on AI, at $62.4 billion for calendar 2025, is lower than Smith’s claim that the company will invest $80 billion in the fiscal year to June 30, 2025. Both figures, though, are way higher than Microsoft’s 2020 capital expenditure of “just” $17.6 billion. The majority of the increased spending is tied to cloud services and the expansion of AI infrastructure needed to provide compute capacity for OpenAI workloads. Separately, last October Amazon CEO Andy Jassy said his company planned total capex spend of $75 billion in 2024 and even more in 2025, with much of it going to AWS, its cloud computing division.

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John Deere unveils more autonomous farm machines to address skill labor shortage

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Self-driving tractors might be the path to self-driving cars. John Deere has revealed a new line of autonomous machines and tech across agriculture, construction and commercial landscaping. The Moline, Illinois-based John Deere has been in business for 187 years, yet it’s been a regular as a non-tech company showing off technology at the big tech trade show in Las Vegas and is back at CES 2025 with more autonomous tractors and other vehicles. This is not something we usually cover, but John Deere has a lot of data that is interesting in the big picture of tech. The message from the company is that there aren’t enough skilled farm laborers to do the work that its customers need. It’s been a challenge for most of the last two decades, said Jahmy Hindman, CTO at John Deere, in a briefing. Much of the tech will come this fall and after that. He noted that the average farmer in the U.S. is over 58 and works 12 to 18 hours a day to grow food for us. And he said the American Farm Bureau Federation estimates there are roughly 2.4 million farm jobs that need to be filled annually; and the agricultural work force continues to shrink. (This is my hint to the anti-immigration crowd). John Deere’s autonomous 9RX Tractor. Farmers can oversee it using an app. While each of these industries experiences their own set of challenges, a commonality across all is skilled labor availability. In construction, about 80% percent of contractors struggle to find skilled labor. And in commercial landscaping, 86% of landscaping business owners can’t find labor to fill open positions, he said. “They have to figure out how to do

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2025 playbook for enterprise AI success, from agents to evals

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More 2025 is poised to be a pivotal year for enterprise AI. The past year has seen rapid innovation, and this year will see the same. This has made it more critical than ever to revisit your AI strategy to stay competitive and create value for your customers. From scaling AI agents to optimizing costs, here are the five critical areas enterprises should prioritize for their AI strategy this year. 1. Agents: the next generation of automation AI agents are no longer theoretical. In 2025, they’re indispensable tools for enterprises looking to streamline operations and enhance customer interactions. Unlike traditional software, agents powered by large language models (LLMs) can make nuanced decisions, navigate complex multi-step tasks, and integrate seamlessly with tools and APIs. At the start of 2024, agents were not ready for prime time, making frustrating mistakes like hallucinating URLs. They started getting better as frontier large language models themselves improved. “Let me put it this way,” said Sam Witteveen, cofounder of Red Dragon, a company that develops agents for companies, and that recently reviewed the 48 agents it built last year. “Interestingly, the ones that we built at the start of the year, a lot of those worked way better at the end of the year just because the models got better.” Witteveen shared this in the video podcast we filmed to discuss these five big trends in detail. Models are getting better and hallucinating less, and they’re also being trained to do agentic tasks. Another feature that the model providers are researching is a way to use the LLM as a judge, and as models get cheaper (something we’ll cover below), companies can use three or more models to

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OpenAI’s red teaming innovations define new essentials for security leaders in the AI era

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More OpenAI has taken a more aggressive approach to red teaming than its AI competitors, demonstrating its security teams’ advanced capabilities in two areas: multi-step reinforcement and external red teaming. OpenAI recently released two papers that set a new competitive standard for improving the quality, reliability and safety of AI models in these two techniques and more. The first paper, “OpenAI’s Approach to External Red Teaming for AI Models and Systems,” reports that specialized teams outside the company have proven effective in uncovering vulnerabilities that might otherwise have made it into a released model because in-house testing techniques may have missed them. In the second paper, “Diverse and Effective Red Teaming with Auto-Generated Rewards and Multi-Step Reinforcement Learning,” OpenAI introduces an automated framework that relies on iterative reinforcement learning to generate a broad spectrum of novel, wide-ranging attacks. Going all-in on red teaming pays practical, competitive dividends It’s encouraging to see competitive intensity in red teaming growing among AI companies. When Anthropic released its AI red team guidelines in June of last year, it joined AI providers including Google, Microsoft, Nvidia, OpenAI, and even the U.S.’s National Institute of Standards and Technology (NIST), which all had released red teaming frameworks. Investing heavily in red teaming yields tangible benefits for security leaders in any organization. OpenAI’s paper on external red teaming provides a detailed analysis of how the company strives to create specialized external teams that include cybersecurity and subject matter experts. The goal is to see if knowledgeable external teams can defeat models’ security perimeters and find gaps in their security, biases and controls that prompt-based testing couldn’t find. What makes OpenAI’s recent papers noteworthy is how well they define using human-in-the-middle

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Three Aberdeen oil company headquarters sell for £45m

Three Aberdeen oil company headquarters have been sold in a deal worth £45 million. The CNOOC, Apache and Taqa buildings at the Prime Four business park in Kingswells have been acquired by EEH Ventures. The trio of buildings, totalling 275,000 sq ft, were previously owned by Canadian firm BMO. The financial services powerhouse first bought the buildings in 2014 but took the decision to sell the buildings as part of a “long-standing strategy to reduce their office exposure across the UK”. The deal was the largest to take place throughout Scotland during the last quarter of 2024. Trio of buildings snapped up London headquartered EEH Ventures was founded in 2013 and owns a number of residential, offices, shopping centres and hotels throughout the UK. All three Kingswells-based buildings were pre-let, designed and constructed by Aberdeen property developer Drum in 2012 on a 15-year lease. © Supplied by CBREThe Aberdeen headquarters of Taqa. Image: CBRE The North Sea headquarters of Middle-East oil firm Taqa has previously been described as “an amazing success story in the Granite City”. Taqa announced in 2023 that it intends to cease production from all of its UK North Sea platforms by the end of 2027. Meanwhile, Apache revealed at the end of last year it is planning to exit the North Sea by the end of 2029 blaming the windfall tax. The US firm first entered the North Sea in 2003 but will wrap up all of its UK operations by 2030. Aberdeen big deals The Prime Four acquisition wasn’t the biggest Granite City commercial property sale of 2024. American private equity firm Lone Star bought Union Square shopping centre from Hammerson for £111m. © ShutterstockAberdeen city centre. Hammerson, who also built the property, had originally been seeking £150m. BP’s North Sea headquarters in Stoneywood, Aberdeen, was also sold. Manchester-based

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2025 ransomware predictions, trends, and how to prepare

Zscaler ThreatLabz research team has revealed critical insights and predictions on ransomware trends for 2025. The latest Ransomware Report uncovered a surge in sophisticated tactics and extortion attacks. As ransomware remains a key concern for CISOs and CIOs, the report sheds light on actionable strategies to mitigate risks. Top Ransomware Predictions for 2025: ● AI-Powered Social Engineering: In 2025, GenAI will fuel voice phishing (vishing) attacks. With the proliferation of GenAI-based tooling, initial access broker groups will increasingly leverage AI-generated voices; which sound more and more realistic by adopting local accents and dialects to enhance credibility and success rates. ● The Trifecta of Social Engineering Attacks: Vishing, Ransomware and Data Exfiltration. Additionally, sophisticated ransomware groups, like the Dark Angels, will continue the trend of low-volume, high-impact attacks; preferring to focus on an individual company, stealing vast amounts of data without encrypting files, and evading media and law enforcement scrutiny. ● Targeted Industries Under Siege: Manufacturing, healthcare, education, energy will remain primary targets, with no slowdown in attacks expected. ● New SEC Regulations Drive Increased Transparency: 2025 will see an uptick in reported ransomware attacks and payouts due to new, tighter SEC requirements mandating that public companies report material incidents within four business days. ● Ransomware Payouts Are on the Rise: In 2025 ransom demands will most likely increase due to an evolving ecosystem of cybercrime groups, specializing in designated attack tactics, and collaboration by these groups that have entered a sophisticated profit sharing model using Ransomware-as-a-Service. To combat damaging ransomware attacks, Zscaler ThreatLabz recommends the following strategies. ● Fighting AI with AI: As threat actors use AI to identify vulnerabilities, organizations must counter with AI-powered zero trust security systems that detect and mitigate new threats. ● Advantages of adopting a Zero Trust architecture: A Zero Trust cloud security platform stops

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The Download: mysteries of the immunome, and how to choose a climate tech pioneer

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. How healthy am I? My immunome knows the score.   Made up of 1.8 trillion cells and trillions more proteins, metabolites, mRNA, and other biomolecules, every person’s immunome is different, and it is constantly changing.It’s shaped by everything we have ever been exposed to physically and emotionally, and powerfully influences everything from our vulnerability to viruses and cancer to how well we age to whether we tolerate certain foods better than others.Yet as critical as the immunome is to each of us, it has remained largely beyond the reach of modern medicine. Now, thanks to a slew of new technologies, understanding this vital and mysterious system is within our grasp, paving the way for powerful new tools and tests to help us better assess, diagnose and treat diseases. Read the full story. —David Ewing Duncan
The story is a collaboration between MIT Technology Review and Aventine, a non-profit research foundation that creates and supports content about how technology and science are changing the way we live.
3 takeaways about climate tech right now On Monday, we published our 2025 edition of Climate Tech Companies to Watch. Curating this list gives our team a chance to take a step back and consider the broader picture. What industries are making progress or lagging behind? Which countries or regions are seeing quick changes? Who’s likely to succeed?  This year is an especially interesting moment in the climate tech world, something we grappled with while choosing companies. Here are three of the biggest takeaways from the process of building this list. —Casey Crownhart This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here. 2025 climate tech companies to watch: Cemvision and its low-emissions cement Cement is one of the most used materials on the planet, and the industry emits billions of tons of greenhouse gasses annually. Swedish startup Cemvision wants to use waste materials and alternative fuels to help reduce climate pollution from cement production. Read the full story.

—Casey Crownhart Cemvision is one of our 10 climate tech companies to watch—our annual list of some of the most promising climate tech firms on the planet. Check out the rest of the list here. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 OpenAI wasn’t expecting its Sora copyright backlash  CEO Sam Altman says the company will reverse course and “let rightsholders decide how to proceed.” (The Verge)+ It appears to be struggling to work out which requests to approve right now. (404 Media)+ Sam Altman says video IP is a lot trickier than for images. (Insider $)+ What comes next for AI copyright lawsuits? (MIT Technology Review) 2 Apple has removed another ICE app from its storeThis one archives video evidence of abuses, rather than tracking officers’ locations. (404 Media)+ Another effort to track ICE raids was just taken offline. (MIT Technology Review)3 How private firms are helping economists work out what’s going onIn the absence of economic data from the US government, experts are getting creative. (WP $)+ How to fine-tune AI for prosperity. (MIT Technology Review) 4 China is cracking down on its rare earth exportsIt’s keen to protect its leverage over the critical minerals. (FT $)+ This rare earth metal shows us the future of our planet’s resources. (MIT Technology Review)
5 Microsoft wants to become a chatbot powerhouse in its own rightWhich means lessening its dependence on OpenAI. (WSJ $) 6 High schoolers are starting romantic relationships with AI modelsIt’s a whole new issue for schools and parents to grapple with. (NPR)+ It’s surprisingly easy to stumble into a relationship with an AI chatbot. (MIT Technology Review)
7 Those Prime Day savings are often too good to be trueBuyer beware. (WP $) 8 The future of the AI boom hinges on a small Dutch cityChipmaker ASML is planning a massive expansion—but is the surrounding area ready to support it? (Bloomberg $)+ Welcome to robot city. (MIT Technology Review) 9 Ferrari’s first electric car is on the horizonIt’s expected to go on sale next year. (Reuters)+ It sports four motors and more than 1,000 horsepower. (Ars Technica)10 Inside the enduring appeal of The SimsKeeping a house full of angry little materialists alive is still lots of fun. (NYT $) Quote of the day “The ICE raid is just the cherry on top. How is anybody going to trust us going forward?”
—Betony Jones, a senior fellow at the Roosevelt Institute think tank, tells IEEE Spectrum how an ICE raid on a Hyundai EV factory in Georgia has shaken the industry. One more thing The flawed logic of rushing out extreme climate solutionsEarly in 2022, entrepreneur Luke Iseman says, he released a pair of sulfur dioxide–filled weather balloons from Mexico’s Baja California peninsula, in the hope that they’d burst miles above Earth.It was a trivial act in itself, effectively a tiny, DIY act of solar geoengineering, the controversial proposal that the world could counteract climate change by releasing particles that reflect more sunlight back into space.
Entrepreneurs like Iseman invoke the stark dangers of climate change to explain why they do what they do—even if they don’t know how effective their interventions are. But experts say that urgency doesn’t create a social license to ignore the underlying dangers or leapfrog the scientific process. Read the full story. —James Temple We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + What language did residents of the ancient Mesoamerican city of Teotihuacan speak? We’re finally starting to find out.+ If you’re unsure whether an animal is safe to pet, this handy guide is a good starting point.+ The Metropolitan Museum of Art’s new ancient Egypt exhibition sounds brilliant.+ This story digging into the psychology experiment behind Star Wars’ special effects is completely bonkers.

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3 takeaways about climate tech right now

On Monday, we published our 2025 edition of Climate Tech Companies to Watch. This marks the third time we’ve put the list together, and it’s become one of my favorite projects to work on every year.  In the journalism world, it’s easy to get caught up in the latest news, whether it’s a fundraising round, research paper, or startup failure. Curating this list gives our team a chance to take a step back and consider the broader picture. What industries are making progress or lagging behind? Which countries or regions are seeing quick changes? Who’s likely to succeed?  This year is an especially interesting moment in the climate tech world, something we grappled with while choosing companies. Here are three of my takeaways from the process of building this list.  1. It’s hard to overstate China’s role in energy technology right now.  To put it bluntly, China’s progress on cleantech is wild. The country is dominating in installing wind and solar power and building EVs, and it’s also pumping government money into emerging technologies like fusion energy. 
We knew we wanted this list to reflect China’s emergence as a global energy superpower, and we ended up including two Chinese firms in key industries: renewables and batteries. In 2024, China accounted for the top four wind turbine makers worldwide. Envision was in the second spot, with 19.3 gigawatts of new capacity added last year. But the company isn’t limited to wind; it’s working to help power heavy industries like steel and chemicals with technology like green hydrogen. 
Batteries are also a hot industry in China, and we’re seeing progress in tech beyond the lithium-ion cells that currently dominate EVs and energy storage on the grid. We represent that industry with HiNa Battery Technology, a leading startup building sodium-ion batteries, which could be cheaper than today’s options. The company’s batteries are already being used in electric mopeds and grid installations.  2. Energy demand from data centers and AI is on everyone’s mind, especially in the US.  Another trend we noticed this year was a fixation on the growing energy demand of data centers, including massive planned dedicated facilities that power AI models. (Here’s another nudge to check out our Power Hungry series on AI and energy, in case you haven’t explored it already.)  Even if their technology has nothing to do with data centers, companies are trying to show how they can be valuable in this age of rising energy demand. Some are signing lucrative deals with tech giants that could provide the money needed to help bring their product to market.  Kairos Power hopes to be one such energy generator, building next-generation nuclear reactors. Last year, the company signed an agreement with Google that will see the company buy up to 500 megawatts of electricity from Kairos’s first reactors through 2035.  In a more direct play, Redwood Materials is stringing together used EV batteries to build microgrids that could power—you guessed it—data centers. The company’s first installation fired up this year, and while it’s small, it’s an interesting example of a new use for old technology.  3. Materials continue to be an area that’s ripe for innovation.  In a new essay that accompanies the list, Bill Gates lays out the key role of innovation in making progress on climate technology. One thing that jumped out at me while I was reading that piece was a number: 30% of global greenhouse-gas emissions come from manufacturing, including cement and steel production.  I’ve obviously covered materials and heavy industry for years. But it still strikes me just how much innovation we still need in the most important materials we use to scaffold our world.  Several companies on this year’s list focus on materials: We’ve once again represented cement, a material that accounts for 7% of global greenhouse-gas emissions. Cemvision is working to use alternative fuel sources and starting materials to clean up the dirty industry.  And Cyclic Materials is trying to reclaim and recycle rare earth magnets, a crucial technology that underpins everything from speakers to EVs and wind turbines. Today, only about 0.2% of rare earths from recycled devices are recycled, but the company is building multiple facilities in North America in hopes of changing that.  Our list of 10 Climate Tech Companies to Watch highlights businesses we think have a shot at helping the world address and adapt to climate change with the help of everything from established energy technologies to novel materials. It’s a representation of this moment, and I hope you enjoy taking a spin through it.

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How healthy am I? My immunome knows the score.  

The story is a collaboration between MIT Technology Review and Aventine, a non-profit research foundation that creates and supports content about how technology and science are changing the way we live. It’s not often you get a text about the robustness of your immune system, but that’s what popped up on my phone last spring. Sent by John Tsang, an immunologist at Yale, the text came after his lab had put my blood through a mind-boggling array of newfangled tests. The result—think of it as a full-body, high-resolution CT scan of my immune system—would reveal more about the state of my health than any test I had ever taken. And it could potentially tell me far more than I wanted to know. “David,” the text read, “you are the red dot.” Tsang was referring to an image he had attached to the text that showed a graph with a scattering of black dots representing other people whose immune systems had been evaluated—and a lone red one. There also was a score: 0.35. I had no idea what any of this meant. The red dot was the culmination of an immuno-quest I had begun on an autumn afternoon a few months earlier, when a postdoc in Tsang’s lab drew several vials of my blood. It was also a significant milestone in a decades-long journey I’ve taken as a journalist covering life sciences and medicine. Over the years, I’ve offered myself up as a human guinea pig for hundreds of tests promising new insights into my health and mortality. In 2001, I was one of the first humans to have my DNA sequenced. Soon after, in the early 2000s, researchers tapped into my proteome—proteins circulating in my blood. Then came assessments of my microbiome, metabolome, and much more. I have continued to test-drive the latest protocols and devices, amassing tens of terabytes of data on myself, and I’ve reported on the results in dozens of articles and a book called Experimental Man. Over time, the tests have gotten better and more informative, but no test I had previously taken promised to deliver results more comprehensive or closer to revealing the truth about my underlying state of health than what John Tsang was offering.
Over the years, I’ve offered myself up as a human guinea pig for hundreds of tests promising new insights into my health and mortality. But no test I had previously taken promised to deliver results more comprehensive or closer to revealing the truth about my underlying state of health. It also was not lost on me that I’m now 20-plus years older than I was when I took those first tests. Back in my 40s, I was ridiculously healthy. Since then, I’ve been battered by various pathogens, stresses, and injuries, including two bouts of covid and long covid—and, well, life. But I’d kept my apprehensions to myself as Tsang, a slim, perpetually smiling man who directs the Yale Center for Systems and Engineering Immunology, invited me into his office in New Haven to introduce me to something called the human immunome.
John Tsang has helped create a new test for your immune system. JULIE BIDWELL Made up of 1.8 trillion cells and trillions more proteins, metabolites, mRNA, and other biomolecules, every person’s immunome is different, and it is constantly changing. It’s shaped by our DNA, past illnesses, the air we have breathed, the food we have eaten, our age, and the traumas and stresses we have experienced—in short, everything we have ever been exposed to physically and emotionally. Right now, your immune system is hard at work identifying and fending off viruses and rogue cells that threaten to turn cancerous—or maybe already have. And it is doing an excellent job of it all, or not, depending on how healthy it happens to be at this particular moment. Yet as critical as the immunome is to each of us, this universe of cells and molecules has remained largely beyond the reach of modern medicine—a vast yet inaccessible operating system that powerfully influences everything from our vulnerability to viruses and cancer to how well we age to whether we tolerate certain foods better than others. Now, thanks to a slew of new technologies and to scientists like Tsang, who is on the Steering Committee of the Chan Zuckerberg Biohub New York, understanding this vital and mysterious system is within our grasp, paving the way for powerful new tools and tests to help us better assess, diagnose and treat diseases. Already, new research is revealing patterns in the ways our bodies respond to stress and disease. Scientists are creating contrasting portraits of weak and robust immunomes—portraits that someday, it’s hoped, could offer new insights into patient care and perhaps detect illnesses before symptoms appear. There are plans afoot to deploy this knowledge and technology on a global scale, which would enable scientists to observe the effects of climate, geography, and countless other factors on the immunome. The results could transform what it means to be healthy and how we identify and treat disease. It all begins with a test that can tell you whether your immune system is healthy or not. Reading the immunome Sitting in his office last fall, Tsang—a systems immunologist whose expertise combines computer science and immunology— began my tutorial in immunomics by introducing me to a study that he and his team wrote up in a 2024 paper published in Nature Medicine. It described the results of measurements made on blood samples taken from 270 subjects—tests similar to the ones Tsang’s team would be running on me. In the study, Tsang and his colleagues looked at the immune systems of 228 patients diagnosed with a variety of genetic disorders and a control group of 42 healthy people.
To help me visualize what my results might look like, Tsang opened his laptop to reveal several colorful charts from the study, punctuated by black dots representing each person evaluated. The results reminded me vaguely of abstract paintings by Joan Miró. But in place of colorful splotches, whirls, and circles were an assortment of scatter plots, Gantt charts, and heat maps tinted in greens, blues, oranges, and purples. It all looked like gibberish to me. Luckily, Tsang was willing to serve as my guide. Flashing his perpetually patient smile, he explained that these colorful jumbles depicted what his team had uncovered about each subject after taking blood samples and assessing the details of how well their immune cells, proteins, mRNA, and other immune system components were doing their job. IBRAHIM RAYINTAKATH The results placed people—represented by the individual dots—on a left-to-right continuum, ranging from those with unhealthy immunomes on the left to those with healthy immunomes on the right. Background colors, meanwhile, were used to identify people with different medical conditions affecting their immune systems. For example, olive-green indicated those with auto-immune disorders; orange backgrounds were designated for individuals with no known disease history. Tsang said he and his team would be placing me on a similar graph after they finished analyzing my blood.
Tsang’s measurements go significantly beyond what can be discerned from the handful of immune biomarkers that people routinely get tested for today. “The main immune cell panel typically ordered by a physician is called a CBC differential,” he told me. CBC, which stands for “complete blood count,” is a decades-old type of analysis that counts levels of red blood cells, hemoglobin, and basic immune cell types (neutrophils, lymphocytes, monocytes, basophils, and eosinophils). Changes in these levels can indicate whether a person’s immune system might be reacting to a virus or other infection, cancer, or something else. Other blood tests—like one that looks for elevated levels of C-reactive protein, which can indicate inflammation associated with heart disease—are more specific than the CBC. But they still rely on blunt counting—in this case of certain proteins. Tsang’s assessment, by contrast, tests up to a million cells, proteins, mRNA and immune biomolecules—significantly more than the CBC and others. His protocol is designed to paint a more holistic portrait of a person’s immune system by not only counting cells and molecules but also by assessing their interactions. The CBC “doesn’t tell me as a physician what the cells being counted are doing,” says Rachel Sparks, a clinical immunologist who was the lead author of the Nature Medicine study and is now a translational medicine physician with the drug giant AstraZeneca. “I just know that there are more neutrophils than normal, which may or may not indicate that they’re behaving badly. We now have technology that allows us to see at a granular level what a cell is actually doing when a virus appears—how it’s changing and reacting.” Tsang’s measurements go significantly beyond what can be discerned from the handful of immune biomarkers that people routinely get tested for today. His assessment tests up to a million cells, proteins, mRNA and immune biomolecules. Such breakthroughs have been made possible thanks to a raft of new and improved technologies that have evolved over the past decade, allowing scientists like Tsang and Sparks to explore the intricacies of the immunome with newfound precision. These include devices that can count myriad different types of cells and biomolecules, as well as advanced sequencers that identify and characterize DNA, RNA, proteins, and other molecules. There are now instruments that also can measure thousands of changes and reactions that occur inside a single immune cell as it reacts to a virus or other threat. Tsang and Spark’s’ team used data generated by such measurements to identify and characterize a series of signals distinctive to unhealthy immune systems. Then they used the presence or absence of these signals to create a numerical assessment of the health of a person’s immunome—a score they call an “immune health metric,” or IHM.
Clinical immunologist Rachel Sparks hopes new tests can improve medical care. JARED SOARES To make sense of the crush of data being collected, Tsang’s team used machine-learning algorithms that correlated the results of the many measurements with a patient’s known health status and age. They also used AI to compare their findings with immune system data collected elsewhere. All this allowed them to determine and validate an IHM score for each person, and to place it on their spectrum, identifying that person as healthy or not. It all came together for the first time with the publication of the Nature Medicine paper, in which Tsang and his colleagues reported the results from testing multiple immune variables in the 270 subjects. They also announced a remarkable discovery: Patients with different kinds of diseases reacted with similar disruptions to their immunomes. For instance, many showed a lower level of the aptly named natural killer immune cells, regardless of what they were suffering from. Critically, the immune profiles of those with diagnosed diseases tended to look very different from those belonging to the outwardly healthy people in the study. And, as expected, immune health declined in the older patients. But then the results got really interesting. In a few cases, the immune systems of  unhealthy and healthy people looked similar, with some people appearing near the “healthy” area of the chart even though they were known to have diseases. Most likely this was because their symptoms were in remission and not causing an immune reaction at the moment when their blood was drawn, Tsang told me.  In other cases, people without a known disease showed up on the chart closer to those who were known to be sick. “Some of these people who appear to be in good health are overlapping with pathology that traditional metrics can’t spot,” says Tsang, whose Nature Medicine paper reported that roughly half the healthy individuals in the study had IHM scores that overlapped with those of people known to be sick. Either these seemingly healthy people had normal immune systems that were busy fending off, say, a passing virus, or  their immune systems had been impacted by aging and the vicissitudes of life. Potentially more worrisome, they were harboring an illness or stress that was not yet making them ill but might do so eventually. These findings have obvious implications for medicine. Spotting a low immune score in a seemingly healthy person could make it possible to identify and start treating an illness before symptoms appear, diseases worsen, or tumors grow and metastasize. IHM-style evaluations could also provide clues as to why some people respond differently to viruses like the one that causes covid, and why vaccines—which are designed to activate a healthy immune system—might not work as well in people whose immune systems are compromised. Spotting a low immune score in a seemingly healthy person could make it possible to identify and start treating an illness before symptoms appear, diseases worsen, or tumors grow and metastasize. “One of the more surprising things about the last pandemic was that all sorts of random younger people who seemed very healthy got sick and then they were gone,” says Mark Davis, a Stanford immunologist who helped pioneer the science being developed in labs like Tsang’s. “Some had underlying conditions like obesity and diabetes, but some did not. So the question is, could we have pointed out that something was off with these folks’ immune systems? Could we have diagnosed that and warned people to take extra precautions?”
Tsang’s IHM test is designed to answer a simple question: What is the relative health of your immune system? But there are other assessments being developed to provide more detailed information on how the body is doing. Tsang’s own team is working on a panel of additional scores aimed at getting finer detail on specific immune conditions. These include a test that measures the health of a person’s bone marrow, which makes immune cells. “If you have a bone marrow stress or inflammatory condition in the bone marrow, you could have lower capacity to produce cells, which will be reflected by this score,” he says. Another detailed metric will measure protein levels to predict how a person will respond to a virus. Tsang hopes that an IHM-style test will one day be part of a standard physical exam—a snapshot of a patient’s immune system that could inform care. For instance, has a period of intense stress compromised the immune system, making it less able to fend off this season’s flu? Will someone’s score predict a better or worse response to a vaccine or a cancer drug? How does a person’s immune system change with age?
Or, as I anxiously wondered while waiting to learn my own score, will the results reveal an underlying disorder or disease, silently ticking away until it shows itself? Toward a human immunome project   The quest to create advanced tests like the IHM for the immune system began more than 15 years ago, when scientists like Mark Davis became frustrated with a field in which research—primarily in mice—was focused mostly on individual immune cells and proteins. In 2007 he launched the Stanford Human Immune Monitoring Center, one of the first efforts to conceptualize the human immunome as a holistic, body-wide network in human beings. Speaking by Zoom from his office in Palo Alto, California, Davis told me that the effort had spawned other projects, including a landmark twin study showing that a lot of immune variation is not genetic, which was then the prevailing theory, but is heavily influenced by environmental factors—a major shift in scientists’ understanding. Shai Shen-Orr sees a day when people will check their immune scores on an app. COURTESY OF SHAI SHEN-ORR Davis and others also laid the groundwork for tests like John Tsang’s by discovering how a T cell—among the most common and important immune players—can recognize pathogens, cancerous cells, and other threats, triggering defensive measures that can include destroying the threat. This and other discoveries have revealed many of the basic mechanics of how immune cells work, says Davis, “but there’s still a lot we have to learn.” One researcher working with Davis in those early days was Shai Shen-Orr, who is now director of the Zimin Institute for AI Solutions in Healthcare at the Technion-Israel Institute of Technology, based in Haifa, Israel. (He’s also a frequent collaborator with Tsang.) Shen-Orr, like Tsang, is a systems immunologist. He recalls that in 2007, when he was a postdoc in Davis’s lab, immunologists had identified around 100 cell types and a similar number of cytokines—proteins that act as messengers in the immune system. But they weren’t able to measure them simultaneously, which limited visibility into how the immune system works as a whole. Today, Shen-Orr says, immunologists can measure hundreds of cell types and thousands of proteins and watch them interact. Shen-Orr’s current lab has developed its own version of an immunome test that he calls IMM-AGE (short for “immune age”), the basics of which were published in a 2019 paper in Nature Medicine. IMM-AGE looks at the composition of people’s immune systems—how many of each type of immune cell they have and how these numbers change as they age. His team has used this information primarily to ascertain a person’s risk of heart disease. Shen-Orr also has been a vociferous advocate for expanding the pool of test samples, which now come mostly from Americans and Europeans. “We need to understand why different people in different environments react differently and how that works,” he says. “We also need to test a lot more people—maybe millions.” Tsang has seen why a limited sample size can pose problems. In 2013, he says, researchers at the National Institutes of Health came up with a malaria vaccine that was effective for almost everyone who got it during clinical trials conducted in Maryland. “But in Africa,” he says, “it only worked for about 25% of the people.” He attributes this to the significant differences in genetics, diet, climate, and other environmental factors that cause people’s immunomes to develop differently. “Why?” he asks. “What exactly was different about the immune systems in Maryland and Tanzania? That’s what we need to understand so we can design personalized vaccines and treatments.” “What exactly was different about the immune systems in Maryland and Tanzania? That’s what we need to understand so we can design personalized vaccines and treatments.”John Tsang For several years, Tsang and Shen-Orr have advocated going global with testing, “but there has been resistance,” Shen-Orr says. “Look, medicine is conservative and moves slowly, and the technology is expensive and labor intensive.” They finally got the audience they needed at a 2022 conference in La Jolla, California, convened by the Human Immunome Project, or HIP. (The organization was originally founded in 2016 to create more effective vaccines but had recently changed its name to emphasize a pivot from just vaccines to the wider field of immunome science.) It was in La Jolla that they met HIP’s then-new chairperson, Jane Metcalfe, a cofounder of Wired magazine, who saw what was at stake.
“We’ve got all of these advanced molecular immunological profiles being developed,” she said, “but we can’t begin to predict the breadth of immune system variability if we’re  only testing small numbers of people in Palo Alto or Tel Aviv. And that’s when the big aha moment struck us that we need sites everywhere to collect that information so we can build proper computer models and a predictive understanding of the human immune system.” IBRAHIM RAYINTAKATH Following that meeting, HIP created a new scientific plan, with Tsang and Shen-Orr as chief science officers. The group set an ambitious goal of raising around $3 billion over the next 10 years—a goal Tsang and Metcalfe say will be met by working in conjunction with a broad network of public and private supporters. Cutbacks in federal funding for biomedical research in the US may limit funds from this traditional source, but HIP plans to work with government agencies outside the US too, with the goal of creating a comprehensive global immunological database. HIP’s plan is to first develop a pilot version based on Tsang’s test, which it will call the Immune Monitoring Kit, to test a few thousand people in Africa, Australia, East Asia, Europe, the US, and Israel. The initial effort, according to Metcalfe, is expected to begin by the end of the year.   After that, HIP would like to expand to some 150 sites around the world, eventually assessing about 250,000 people and collecting a vast cache of data and insights that Tsang believes will profoundly affect—even revolutionize—clinical medicine, public health, and drug development. My immune health metric score is … As HIP develops its pilot study to take on the world, John Tsang, for better or worse, has added one more North American Caucasian male to the small number of people who have received an IHM score to date. That would be me. It took a long time to get my score, but Tsang didn’t leave me hanging once he pinged me the red dot. “We plotted you with other participants who are clinically quite healthy,” he texted, referring to a cluster of black dots on the grid he had sent, although he cautioned that the group I’m being compared with includes only a few dozen people. “Higher IHM means better immune health,” he wrote, referring to my 0.35 score, which he described as a number on an arbitrary scale. “As you can see, your IHM is right in the middle of a bunch of people 20 years younger.” This was a relief, given that our immune system, like so many other bodily functions, declines with age—though obviously at different rates. Yet I also felt a certain disappointment. To be honest, I had expected more granular detail after having a million or so cells and markers tested—like perhaps some insights on why I got long covid (twice) and others didn’t. Tsang and other scientists are working on ways to extract more specific information from the tests. Still, he insists that the single score itself is a powerful tool to understand the general state of our immunomes, indicating the absence or presence of underlying health issues that might not be revealed in traditional testing. To be honest, I had expected more granular detail after having a million or so cells and markers tested—like perhaps some insights on why I got long covid (twice) and others didn’t. I asked Tsang what my score meant for my future. “Your score is always changing depending on what you’re exposed to and due to age,” he said, adding that the IHM is still so new that it’s hard to know exactly what the score means until researchers do more work—and until HIP can evaluate and compare thousands or hundreds of thousands of people. They also need to keep testing me over time to see how my immune system changes as it’s exposed to new perturbations and stresses. For now, I’m left with a simple number. Though it tells me little about the detailed workings of my immune system, the good news is that it raises no red flags. My immune system, it turns out, is pretty healthy. A few days after receiving my score from Tsang, I heard from Shen-Orr about more results. Tsang had shared my data with his lab so that he could run his IMM-AGE protocol on my immunome and provide me with another score to worry about. Shen-Orr’s result put the age of my immune system at around 57—still 10 years younger than my true age. The coming age of the immunome Shai Shen-Orr imagines a day when people will be able to check their advanced IHM and IMM-AGE scores—or their HIP Immune Monitoring Kit score—on an app after a blood draw, the way they now check health data such as heart rate and blood pressure. Jane Metcalfe talks about linking IHM-type measurements and analyses with rising global temperatures and steamier days and nights to study how global warming might affect the immune system of, say, a newborn or a pregnant woman. “This could be plugged into other people’s models and really help us understand the effects of pollution, nutrition, or climate change on human health,” she says. “I think [in 10 years] I’ll be able to use this much more granular understanding of what the immune system is doing at the cellular level in my patients. And hopefully we could target our therapies more directly to those cells or pathways that are contributing to disease.”Rachel Sparks Other clues could also be on the horizon. “At some point we’ll have IHM scores that can provide data on who will be most affected by a virus during a pandemic,” Tsang says. Maybe that will help researchers engineer an immune system response that shuts down the virus before it spreads. He says it’s possible to run a test like that now, but it remains experimental and will take years to fully develop, test for safety and accuracy, and establish standards and protocols for use as a tool of global public health. “These things take a long time,” he says.  The same goes for bringing IHM-style tests into the exam room, so doctors like Rachel Sparks can use the results to help treat their patients. “I think in 10 years, with some effort, we really could have something useful,” says Stanford’s Mark Davis. Sparks agrees. “I think by then I’ll be able to use this much more granular understanding of what the immune system is doing at the cellular level in my patients,” she says. “And hopefully we could target our therapies more directly to those cells or pathways that are contributing to disease.” Personally, I’ll wait for more details with a mix of impatience, curiosity, and at least a hint of concern. I wonder what more the immune circuitry deep inside me might reveal about whether I’m healthy at this very moment, or will be tomorrow, or next month, or years from now.  David Ewing Duncan is an award-winning science writer. For more information on this story check out his Futures Column on Substack.

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The Download: carbon removal factories’ funding cuts, and AI toys

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. The Trump administration may cut funding for two major direct-air capture plants The US Department of Energy appears poised to terminate funding for a pair of large carbon-sucking factories that were originally set to receive more than $1 billion in government grants, according to a department-issued list of projects obtained by MIT Technology Review and circulating among federal agencies.One of the projects is the South Texas Direct Air Capture Hub, a facility that Occidental Petroleum’s 1PointFive subsidiary planned to develop in Kleberg County, Texas. The other is Project Cypress in Louisiana, a collaboration between Battelle, Climeworks, and Heirloom. Read the full story. —James Temple
AI toys are all the rage in China—and now they’re appearing on shelves in the US too
Kids have always played with and talked to stuffed animals. But now their toys can talk back, thanks to a wave of companies that are fitting children’s playthings with chatbots and voice assistants. It’s a trend that has particularly taken off in China: A recent report by the Shenzhen Toy Industry Association and JD.com predicts that the sector will surpass ¥100 billion ($14 billion) by 2030, growing faster than almost any other branch of consumer AI. But Chinese AI toy companies have their sights set beyond the nation’s borders. Read the full story. —Caiwei Chen 2025 climate tech companies to watch: Pairwise and its climate-adapted crops Climate change will make it increasingly difficult to grow crops across many parts of the world. Startup Pairwise is using CRISPR gene editing to develop plants that can better withstand adverse conditions. The company uses cutting-edge gene editing to produce crops that can withstand increasingly harsh climate conditions, helping to feed a growing population even as the world warms. Last year, it delivered its first food to the US market: a less-bitter–tasting mustard green. It’s now working to produce crops with climate-resilient traits, through partnerships with two of the world’s largest plant biotech companies. Read the full story. —James Temple Pairwise is one of our 10 climate tech companies to watch—our annual list of some of the most promising climate tech firms on the planet. Check out the rest of the list here.

MIT Technology Review Narrated: How to measure the returns on R&D spending Given the draconian cuts to US federal funding for science, it’s worth asking some hard-nosed money questions: How much should we be spending on R&D? How much value do we get out of such investments, anyway? To answer that, in several recent papers, economists have approached this issue in clever new ways.  And, though they ask slightly different questions, their conclusions share a bottom line: R&D is, in fact, one of the better long-term investments that the government can make. This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 How OpenAI and Nvidia are fueling the AI bubble Experts fear their circular deals could be artificially inflating the market. (Bloomberg $)+ OpenAI will pay for AMD’s chips using, err, AMD’s own stock. (TechCrunch)+ The Bank of England is concerned about AI inflating tech stocks. (FT $)+ What comes next, that’s the big question. (NBC News) 2 Around 15% of the world’s working population is using AIAnd countries in Europe are among the most enthusiastic adopters. (FT $)+ The EU is keen to get even more of its citizens using it, too. (WSJ $)+ Meanwhile, America’s public opinion towards AI is souring. (WP $)
3 Three quantum mechanics scientists have won the Nobel Prize for PhysicsTwo of whom were instrumental in building Google’s working quantum machines. (Bloomberg $)+ Their work shone a light on behaviors of the subatomic realm. (NYT $)+ Quantum particles behave in notoriously strange ways. (New Scientist $) 4 The CDC has finally signed off on covid vaccine recommendationsDespite the delay, access looks largely similar to last years’. (Ars Technica)+ The Supreme Court isn’t sold on medical expertise these days. (Vox) 5 What makes TikTok so ‘sticky’ Even its hardcore users can be persuaded to keep scrolling for hours. (WP $) 6 ICE bought fake cell towers to spy on nearby phonesIt’s used cell-site simulators in the past to track down alleged criminals. (TechCrunch)+ Meet the volunteers tracking ICE officers in LA. (New Yorker $) 7 Watermark removers for Sora 2 videos are already readily availableNo permission? No problem. (404 Media)+ What about copyright for AI-generated art? (The Information $)+ And what comes next for AI copyright lawsuits? (MIT Technology Review) 8 How diamonds can help to cool down chipsThey’re remarkably good at transferring heat. (NYT $)
9 Amazon Pharmacy is launching electronic prescription kiosksFor drugs including antibiotics, asthma inhalers and treatments for high blood pressure. (Reuters) 10 Should you limit your smartphone use to two hours a day?Japan thinks so. (The Guardian)+ How to log off. (MIT Technology Review) Quote of the day
“OpenAI is building the future of AI on infrastructure it doesn’t own, power it doesn’t control, and capital it doesn’t have.” —Andrey Sidorenko, head of research at data firm Mostly AI, critiques what he calls the consolidation of the AI ecosystem in a post on LinkedIn. One more thing How AI can help make cities work betterIn recent decades, cities have become increasingly adept at amassing all sorts of data. But that data can have limited impact when government officials are unable to communicate, let alone analyze or put to use, all the information they have access to.This dynamic has always bothered Sarah Williams, a professor of urban planning and technology at MIT. Shortly after joining MIT in 2012, Williams created the Civic Data Design Lab to bridge that divide. Over the years, she and her colleagues have made urban planning data more vivid and accessible through human stories and striking graphics. Read the full story. —Ben Schneider We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Life lessons from the one and only Ozzy Osbourne—what’s not to like?+ Did you know that most countries have their own camouflage? Check the patterns out here.+ These hamsters getting an MRI scan is the cutest thing you’ll see today.+ Pumpkin chili sounds like a fantastic way to warm up.

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Introducing the Gemini 2.5 Computer Use model

Earlier this year, we mentioned that we’re bringing computer use capabilities to developers via the Gemini API. Today, we are releasing the Gemini 2.5 Computer Use model, our new specialized model built on Gemini 2.5 Pro’s visual understanding and reasoning capabilities that powers agents capable of interacting with user interfaces (UIs). It outperforms leading alternatives on multiple web and mobile control benchmarks, all with lower latency. Developers can access these capabilities via the Gemini API in Google AI Studio and Vertex AI.While AI models can interface with software through structured APIs, many digital tasks still require direct interaction with graphical user interfaces, for example, filling and submitting forms. To complete these tasks, agents must navigate web pages and applications just as humans do: by clicking, typing and scrolling. The ability to natively fill out forms, manipulate interactive elements like dropdowns and filters, and operate behind logins is a crucial next step in building powerful, general-purpose agents.How it worksThe model’s core capabilities are exposed through the new `computer_use` tool in the Gemini API and should be operated within a loop. Inputs to the tool are the user request, screenshot of the environment, and a history of recent actions. The input can also specify whether to exclude functions from the full list of supported UI actions or specify additional custom functions to include.

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The US is set to cancel funding for two major direct-air-capture plants

The US Department of Energy appears poised to terminate funding for a pair of large carbon-sucking factories that were originally set to receive more than $1 billion in government grants, according to a department-issued list of projects obtained by MIT Technology Review and circulating among federal agencies. One of the projects is the South Texas Direct Air Capture Hub, a facility that Occidental Petroleum’s 1PointFive subsidiary planned to develop in Kleberg County, Texas. The other is Project Cypress in Louisiana, a collaboration between Battelle, Climeworks, and Heirloom. The list features a “latest status” column, which includes the word “terminate” next to the roughly $50 million award amounts for each project. Those line up with the initial tranche of Department of Energy funding for each development. According to the original announcement in 2023, the projects could have received $500 million or more in total grants as they proceeded. It’s not clear if the termination of the initial grants would mean the full funding would also be canceled.
“It could mean nothing,” says Erin Burns, executive director of Carbon180, a nonprofit that advocates for the removal and reuse of carbon dioxide. “It could mean there’s a renegotiation of the awards. Or it could mean they’re entirely cut. But the uncertainty certainly doesn’t help projects.”A DOE spokesman stressed that no final decision has been made.”It is incorrect to suggest those two projects have been terminated and we are unable to verify any lists provided by anonymous sources,” Ben Dietderich, the department’s press secretary, said in an email, adding: “The Department continues to conduct an individualized and thorough review of financial awards made by the previous administration.” Last week, the DOE announced it would terminate about $7.5 billion in grants for more than 200 projects, stating that they “did not adequately advance the nation’s energy needs, were not economically viable, and would not provide a positive return on investment of taxpayer dollars.”Battelle and 1PointFive didn’t respond to inquiries from MIT Technology Review.
“Market rumors have surfaced, and Climeworks is prepared for all scenarios,” Christoph Gebald, one of the company’s co-CEOs, said in a statement. He added later: “The need for DAC is growing as the world falls short of its climate goals and we’re working to achieve the gigaton capacity that will be needed.”“We aren’t aware of a decision from DOE and continue to productively engage with the administration in a project review,” Heirloom said in a statement. The rising dangers of climate change have driven the development of the direct-air-capture industry in recent years. Climate models have found that it may be necessary to suck down billions of tons of carbon dioxide per year by around midcentury, on top of dramatic emissions cuts, to prevent the planet from warming more than 2 °C over preindustrial levels. Direct air capture is considered one of the most reliable ways of drawing the greenhouse gas out of the atmosphere, but it also remains one of the most expensive and energy-intensive methods.Under former president Joe Biden, the US began providing increasingly generous grants, subsidies, and other forms of support to help scale up the nascent sector. The grants now in question were allocated under the DOE’s Regional Direct Air Capture Hubs program, which was funded through the Bipartisan Infrastructure Law. The goal was to set up several major carbon removal clusters across the US, each capable of sucking down and sequestering at least a million tons of the greenhouse gas per year. “Today’s news that a decision to cancel lawfully designated funding for the [direct-air-capture projects] could come soon risks handing a win to competitors abroad and undermines the commitments made to businesses, communities, and leaders in Louisiana and South Texas,” said Giana Amador of the Carbon Removal Alliance and Ben Rubin of the Carbon Business Council in a joint statement. This story was updated to include additional quotes, a response from the Department of Energy, and added context on the development of the carbon removal sector.

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BP Starts Up 6th ‘Major’ Project of 2025

BP announced, in a statement posted on its website on Thursday, that it has started up its sixth “major” upstream oil and gas project of 2025. That project is the Murlach field in the UK North Sea, the statement pointed out, adding that the development adds a peak net production of around 15,000 barrels of oil equivalent per day to the BP operated Eastern Trough Area Project (ETAP) in the central North Sea. The ETAP hub has been operating for 27 years, BP highlighted in its statement. The Murlach project received government and regulatory approvals in 2023 and involved the redevelopment of a field originally in operation in the early 2000s, according to BP’s statement, which noted that the company acquired the field license after it was relinquished by the previous operator. The redevelopment included drilling two new wells, adding subsea equipment, reusing some existing kit, and making topside changes to the ETAP central processing facility, BP said in the statement. Overall, the six projects started up this year add around 150,000 barrels of oil equivalent per day of combined peak net production, according to BP’s statement, which noted that this contributes to the company’s target to deliver an additional 250,000 barrels of oil equivalent per day of combined peak net production by the end of 2027. “Murlach is the sixth start-up for BP in 2025 and marks another important milestone in our plan to deliver 10 major upstream oil and gas projects by the end of 2027,” Ewan Drummond, BP’s senior vice president of projects, said in the statement. “These projects reflect BP’s strength in safely increasing production to supply energy to meet global demand, while maintaining a relentless focus on shareholder returns. They also highlight our focus on efficient delivery, with four starting up ahead of schedule,” he

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Aramco Raises Petro Rabigh Stake to 60 Percent

Saudi Arabian Oil Co (Aramco) said Thursday it had completed the acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co (Petro Rabigh) from Sumitomo Chemical Corp for $702 million or SAR 7 ($1.9) per share. The transaction has increased the state-owned oil giant’s ownership in Petro Rabigh to 60 percent. Tokyo-based Sumitomo retains 15 percent. “The transaction reflects Aramco’s commitment to its partners and, as it forges ahead with a downstream strategy that promotes value creation, business integration and portfolio diversification”, Aramco said in a statement on its website. “The transaction also enhances Aramco’s ability to support the transformation program underway at Petro Rabigh, which includes targeted asset upgrades to improve the yield of high-margin products and enhance plant reliability”. Petro Rabigh produces 14.9 million metric tons per annum (MMtpa) of refined products and 4.9 MMtpa of petrochemical products, Petro Rabigh says on its website. As part of the transaction, Aramco and Sumitomo agreed to inject $1.4 billion to prepay part of Petro Rabigh’s debt. The capital will come from Petro Rabigh’s issuance of Class B shares to be fully subscribed to by Aramco and Sumitomo. “Through the Class B share issuance, Aramco and Sumitomo will be able to inject fresh capital without altering Petro Rabigh’s existing governance structure or diluting the voting power of Petro Rabigh’s other shareholders”, Aramco said. Also under the transaction, Aramco and Sumitomo had waived $1.5 billion in shareholder loans to Petro Rabigh, completed in two phases in August 2024 and January 2025, Aramco said. Aramco senior vice president for fuels Hussain A. Al Qahtani said, “Petro Rabigh is a key player in the kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects”. “We look forward to exploring closer integration with Petro Rabigh, with the

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Naftogaz Secures Gas Loans from EIB, Oschadbank

Naftogaz Group over the last week announced loans of EUR 300 million ($347.25 million) from the European Investment Bank (EIB) and UAH 3 billion ($71.97 million) from Ukraine’s state-owned Oschadbank to buy natural gas for Ukraine. The EIB loan is part of the European Union bank’s Ukraine Energy Rescue Plan, unveiled October 2024 with up to EUR 600 million in urgent and medium-term energy financing. “This new financing [EUR 300 million] from the EIB will help reinforce Ukraine’s energy security during the winter, providing vital support to communities and businesses”, EIB president Nadia Calviño said in a statement from the bank October 1. “This loan combines rapid crisis response with a long-term view. It supports the country’s shift to cleaner, more sustainable energy – a cornerstone of the country’s recovery and EU integration”, said EIB vice president Teresa Czerwinska, who oversees the bank’s Ukraine operations. Under the agreement, Ukraine’s state-owned integrated oil and gas company Naftogaz will reinvest an equivalent amount in renewable energy and other decarbonization projects. In another financing announced June 2024, the EIB committed EUR 400,000 for technical support to help Naftogaz craft its decarbonization strategy. “EUR 300 million from the EIB is substantial and practical support that will help us guarantee the country’s energy resilience ahead of the winter”, Naftogaz chief executive Sergii Koretskyi said in a statement from the company. Ukraine Prime Minister Yuliia Svyrydenko was quoted by Naftogaz as saying, “Thanks to this financing, Ukraine will be able to secure gas reserves and ensure a stable supply of heat this winter for hundreds of thousands of households, even amid ongoing enemy attacks”. The European Commission agreed to guarantee the loan through the Ukraine Investment Framework (UIF), the EIB said. The UIF is part of the EU’s Ukraine Facility, a platform to mobilize up to EUR 50

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Oil Slips as Middle East Tensions Ease

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone. West Texas Intermediate fell 1.7% to settle below $62 a barrel while Brent closed near $65. Israel has begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the the release of all the hostages it holds, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude. After a dip lower at the start of the month, crude has edged back toward the $62 to $67 band in which it traded for weeks at the end of the summer. The Organization of the Petroleum Exporting Countries and its allies are ramping up supplies, but so far the impact on prices has been limited by China hoarding barrels. “Sentiment remains subdued, weighed down by concerns over a sizable fourth-quarter surplus and fears that Chinese crude buying is slowing,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Trading likely stays rangebound with a mild downside bias, particularly if broader risk assets come under pressure.” The commodity also moved lower in tandem with wider markets without any strong new indicators on supply and demand. The dollar strengthened, making commodities priced in the currency less attractive. Offering a floor to prices, the US Treasury Department sanctioned more than 50 individuals, entities and vessels that “facilitate” Iranian oil and liquefied petroleum gas sales and shipments from the country. Traders will be following whether an end to fighting in Gaza will impact the status of restrictions against Iran, which backs Hamas. Many Wall Street banks and other observers including the International Energy Agency have predicted the market will move into a

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Civitas Weighs Merger With Permian Basin Rival

Civitas Resources Inc., an oil and gas explorer that has been weighing a sale, is considering a merger with Permian Basin rival SM Energy Co., according to people familiar with the matter.  Civitas has been discussing a deal with SM that wouldn’t include a premium and would be structured as a merger of equals as it explores strategic options, said the people, who asked to not be identified because the details aren’t public. No deal has been finalized and other parties are circling Civitas, the people added.  Representatives for Civitas and SM Energy declined to comment.  If a transaction is consummated, the combined company would be worth at least $14 billion, including debt, making it one of the year’s biggest oil and gas deals, according to data compiled by Bloomberg.  The Permian Basin of West Texas and New Mexico — the largest and most productive US oil field — has seen a blitz of merger activity in recent years as small players pair up to gain scale and major operators look for a toehold. In August, Crescent Energy Co. agreed to buy Permian Basin rival Vital Energy Inc. for $3.1 billion. This deal would bring together two of the region’s midsize, public players. Civitas, with a market value of about $3.2 billion, produces oil across about 140,000 net acres throughout the basin, according to an investor presentation in August. SM has a market value of about $2.9 billion and about 109,000 acres in a well-developed swathe of the Permian known as the Midland Basin. SM has an enterprise value of about $5.5 billion while Civitas is worth about $8.5 billion, including debt. EOG Resources Inc.’s $5.6 billion takeover of Encino Acquisition Partners is the largest deal announced this year in the US oil and gas exploration sector, according to data compiled by Bloomberg.  The companies’ operations

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Newsom signs 1 bill to speed geothermal approvals, vetoes another

Gov. Gavin Newsom, D-Calif., signed into law Monday a bill that will expand the California Energy Commission’s streamlined certification program to allow it to speed approvals for geothermal energy, but he vetoed a bill to speed approvals of well-drilling for geothermal exploratory projects. “In addition to delaying much-needed regulations that are already in process, the [Geologic Energy Management] Division would need to substantially increase fees on geothermal operators to implement the new requirements imposed by the bill,” Newsom wrote in his veto message for the second bill, AB527. Newsom said in the message that while he supports the expansion of geothermal energy in California “as a much-needed source of baseload clean power,” he thinks that the increased fees would disincentivize geothermal development “beyond any incentive provided by a [California Environmental Quality Act] exemption for one part of a project’s permitting process.” The governor also noted that he signed AB1359 last year, which reformed the approval process for geothermal exploration, and he thinks it is “prudent that we understand the effects of these changes before granting wholesale CEQA exemptions with costly and complicated conditions.” AB527 would have allowed geothermal exploratory projects that GEMD deems to meet certain criteria to also be presumed to “have satisfied the requirements of CEQA for the geothermal exploratory project, including to support the issuance of any permit, funding, or other approval by a state or local agency, as provided.” AB531, which Newsom signed, makes geothermal projects one of the types of projects that — once the state Energy Commission certifies them as an “environmental leadership development project” — can benefit from a streamlined approval process under CEQA. The other projects that can receive that certification are solar or wind farms generating 50 MW or more, energy storage systems capable of storing 200 MWh or more, power plants 50 MW or

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