Your Gateway to Power, Energy, Datacenters, Bitcoin and AI

Dive into the latest industry updates, our exclusive Paperboy Newsletter, and curated insights designed to keep you informed. Stay ahead with minimal time spent.

Discover What Matters Most to You

Explore ONMINE’s curated content, from our Paperboy Newsletter to industry-specific insights tailored for energy, Bitcoin mining, and AI professionals.

AI

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Bitcoin:

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Datacenter:

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Energy:

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Shape
Discover What Matter Most to You

Featured Articles

This test could reveal the health of your immune system

Attentive readers might have noticed my absence over the last couple of weeks. I’ve been trying to recover from a bout of illness. It got me thinking about the immune system, and how little I know about my own immune health. The vast array of cells, proteins, and biomolecules that works to defend us from disease is mind-bogglingly complicated. Immunologists are still getting to grips with how it all works. Those of us who aren’t immunologists are even more in the dark. I had my flu jab last week and have no idea how my immune system responded. Will it protect me from the flu virus this winter? Is it “stressed” from whatever other bugs it has encountered in the last few months? And since my husband had his shot at the same time, I can’t help wondering how our responses will compare.  So I was intrigued to hear about a new test that is being developed to measure immune health. One that even gives you a score.
Writer David Ewing Duncan hoped that the test would reveal more about his health than any other he’d ever taken. He described the experience in a piece published jointly by MIT Technology Review and Aventine. The test David took was developed by John Tsang at Yale University and his colleagues. The team wanted to work out a way of measuring how healthy a person’s immune system might be.
It’s a difficult thing to do, for several reasons. First, there’s the definition of “healthy.” I find it’s a loose concept that becomes more complicated the more you think about it. Yes, we all have a general sense of what it means to be in good health. But is it just the absence of disease? Is it about resilience? Does it have something to do with withstanding the impact of aging? Tsang and his colleagues wanted to measure “deviation from health.” They looked at blood samples from 228 people who had immune diseases that were caused by single-gene mutations, as well as 42 other people who were free from disease. All those individuals could be considered along a health spectrum. Another major challenge lies in trying to capture the complexity of the immune system, which involves hundreds of proteins and cells interacting in various ways. (Side note: Last year, MIT Technology Review recognized Ang Cui at Harvard University as one of our Innovators under 35 for her attempts to make sense of it all using machine learning. She created the Immune Dictionary to describe how hundreds of proteins affect immune cells—something she likens to a “periodic table” for the immune system.) Tsang and his colleagues tackled this by running a series of tests on those blood samples. The vast scope of these tests is what sets them apart from the blood tests you might get during a visit to the doctor. The team looked at how genes were expressed by cells in the blood. They measured a range of immune cells and more than 1,300 proteins. The team members used machine learning to find correlations between these measurements and health, allowing them to create an immune health score for each of the volunteers. They call it the immune health metric, or IHM. When they used this approach to find the immune scores of people who had already volunteered in other studies, they found that the IHM seemed to align with other measures of health, such as how people respond to diseases, treatments, and vaccines. The study was published in the journal Nature Medicine last year. The researchers behind it hope that a test like this could one day help identify people who are at risk of cancer and other diseases, or explain why some people respond differently to treatments or immunizations. But the test isn’t ready for clinical use. If, like me, you’re finding yourself curious to know your own IHM, you’ll just have to wait. This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

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 »

This test could reveal the health of your immune system

Attentive readers might have noticed my absence over the last couple of weeks. I’ve been trying to recover from a bout of illness. It got me thinking about the immune system, and how little I know about my own immune health. The vast array of cells, proteins, and biomolecules that works to defend us from disease is mind-bogglingly complicated. Immunologists are still getting to grips with how it all works. Those of us who aren’t immunologists are even more in the dark. I had my flu jab last week and have no idea how my immune system responded. Will it protect me from the flu virus this winter? Is it “stressed” from whatever other bugs it has encountered in the last few months? And since my husband had his shot at the same time, I can’t help wondering how our responses will compare.  So I was intrigued to hear about a new test that is being developed to measure immune health. One that even gives you a score.
Writer David Ewing Duncan hoped that the test would reveal more about his health than any other he’d ever taken. He described the experience in a piece published jointly by MIT Technology Review and Aventine. The test David took was developed by John Tsang at Yale University and his colleagues. The team wanted to work out a way of measuring how healthy a person’s immune system might be.
It’s a difficult thing to do, for several reasons. First, there’s the definition of “healthy.” I find it’s a loose concept that becomes more complicated the more you think about it. Yes, we all have a general sense of what it means to be in good health. But is it just the absence of disease? Is it about resilience? Does it have something to do with withstanding the impact of aging? Tsang and his colleagues wanted to measure “deviation from health.” They looked at blood samples from 228 people who had immune diseases that were caused by single-gene mutations, as well as 42 other people who were free from disease. All those individuals could be considered along a health spectrum. Another major challenge lies in trying to capture the complexity of the immune system, which involves hundreds of proteins and cells interacting in various ways. (Side note: Last year, MIT Technology Review recognized Ang Cui at Harvard University as one of our Innovators under 35 for her attempts to make sense of it all using machine learning. She created the Immune Dictionary to describe how hundreds of proteins affect immune cells—something she likens to a “periodic table” for the immune system.) Tsang and his colleagues tackled this by running a series of tests on those blood samples. The vast scope of these tests is what sets them apart from the blood tests you might get during a visit to the doctor. The team looked at how genes were expressed by cells in the blood. They measured a range of immune cells and more than 1,300 proteins. The team members used machine learning to find correlations between these measurements and health, allowing them to create an immune health score for each of the volunteers. They call it the immune health metric, or IHM. When they used this approach to find the immune scores of people who had already volunteered in other studies, they found that the IHM seemed to align with other measures of health, such as how people respond to diseases, treatments, and vaccines. The study was published in the journal Nature Medicine last year. The researchers behind it hope that a test like this could one day help identify people who are at risk of cancer and other diseases, or explain why some people respond differently to treatments or immunizations. But the test isn’t ready for clinical use. If, like me, you’re finding yourself curious to know your own IHM, you’ll just have to wait. This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

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 »

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

Read More »

Citigroup Flags Oil Market’s Bearish Consensus

The broad mood in the oil market remains bearish, although there are discrepancies as to how gloomy crude’s prospects are, according to Citigroup Inc., summarizing views from clients in North America and Europe. “Conviction differs on the depth of downside,” analysts including Francesco Martoccia said in a note. “Some clients doubt that a price floor at $60 a barrel for Brent crude oil would be enough to induce a supply-and-demand reaction to balance a global liquids market generally seen heading for a surplus.” Oil prices have shed more than 10% this year, with global benchmark Brent posting back-to-back monthly losses in August and September. The weakness has been driven largely by expectations that supplies will run ahead of demand as OPEC+ loosens output curbs and rival drillers also step up production. Still, stockpiling by China has acted to support the market, with inventory builds so far seen concentrated away from the market’s main pricing centers. “Other clients expect a more moderate, orderly price correction, arguing that projected stock builds could continue to accumulate outside of key pricing hubs, certainly ex-Cushing,” the analysts said, referring to the storage hub in Oklahoma that’s the physical delivery point for West Texas Intermediate. The Organization of the Petroleum Exporting Countries and its allies endorsed another quota hike last weekend, although the increment — 137,000 barrels a day for November’s production — was smaller than some of the sums that had been reported in the run-up to the gathering. “Today’s slower non-OPEC+ growth and greater OPEC+ optionality, along with heightened geopolitical risks looming on large producers” such as Russia and Iran, could temper the pace of price adjustment, the analysts said. Brent futures — which tumbled 8% last week ahead of the OPEC+ supply decision — traded slightly lower at $65.80 a barrel on Thursday. “Within the energy complex, consensus

Read More »

USA Crude Oil Stocks Rise by Almost 4 Million Barrels WoW

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.7 million barrels from the week ending September 26 to the week ending October 3, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That report, which was released on October 8 and included data for the week ending October 3, showed that crude oil stocks, not including the SPR, stood at 420.3 million barrels on October 3, 416.5 million barrels on September 26, and 422.7 million barrels on October 4, 2024. The report highlighted that data may not add up to totals due to independent rounding. Crude oil in the SPR stood at 407.0 million barrels on October 3, 406.7 million barrels on September 26, and 382.9 million barrels on October 4, 2024, the report revealed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.694 billion barrels on October 3, the report highlighted. Total petroleum stocks were down 0.9 million barrels week on week and up 52.2 million barrels year on year, the report showed. “At 420.3 million barrels, U.S. crude oil inventories are about four percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report. “Total motor gasoline inventories decreased by 1.6 million barrels from last week and are about one percent below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week,” it added. “Distillate fuel inventories decreased by 2.0 million barrels last week and are about six percent below the five year average for this time of year. Propane/propylene inventories decreased by 2.9 million

Read More »

To keep energy affordable, Virginia must embrace power line innovation

Jeff Dennis is executive director of the Electricity Customers Alliance, a coalition that advocates for customer-centric solutions to grid modernization and energy affordability challenges. A modern economy requires modern energy solutions to meet the growing energy demand created by reshored manufacturing, increased electrification of homes, businesses, and vehicles, and — of course — data centers. Virginia and the Mid-Atlantic house the data center capital of the Western world, and the Commonwealth is positioned to lead America’s push to win the global artificial intelligence race. Data center growth can deliver many economic benefits to communities. However, this increased electricity demand requires smartly planned power infrastructure and a focus on short- and long-term solutions to address consumers’ concerns about their power bills. Planning and building electricity infrastructure to meet rapidly growing demand while keeping electricity affordable for all consumers will take time. However, data centers and manufacturers need power now to win the AI race and capture new economic opportunities in manufacturing and the digital economy. Virginia must capitalize on short-term opportunities to expand and maximize the use of our existing grid assets to deliver more power while setting the foundation for smart, long-term buildout of our shared electricity grid. To address this challenge, the General Assembly passed, and Gov. Glenn Youngkin signed, legislation to encourage deployment of advanced transmission technologies that maximize the amount of power that can be delivered from our existing lines. Beginning in 2026, the legislation requires the State Corporation Commission to consider the use of new power line technologies called “advanced conductors” when deciding how to bring more power supply onto the grid. Many other Mid-Atlantic states have followed Virginia’s lead in encouraging adoption of these technologies to help meet our needs today while establishing a foundation for an efficient future electricity system. That’s great news for consumers —

Read More »

LG rolls out new AI services to help consumers with daily tasks

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More LG kicked off the AI bandwagon today with a new set of AI services to help consumers in their daily tasks at home, in the car and in the office. The aim of LG’s CES 2025 press event was to show how AI will work in a day of someone’s life, with the goal of redefining the concept of space, said William Joowan Cho, CEO of LG Electronics at the event. The presentation showed LG is fully focused on bringing AI into just about all of its products and services. Cho referred to LG’s AI efforts as “affectionate intelligence,” and he said it stands out from other strategies with its human-centered focus. The strategy focuses on three things: connected devices, capable AI agents and integrated services. One of things the company announced was a strategic partnership with Microsoft on AI innovation, where the companies pledged to join forces to shape the future of AI-powered spaces. One of the outcomes is that Microsoft’s Xbox Ultimate Game Pass will appear via Xbox Cloud on LG’s TVs, helping LG catch up with Samsung in offering cloud gaming natively on its TVs. LG Electronics will bring the Xbox App to select LG smart TVs. That means players with LG Smart TVs will be able to explore the Gaming Portal for direct access to hundreds of games in the Game Pass Ultimate catalog, including popular titles such as Call of Duty: Black Ops 6, and upcoming releases like Avowed (launching February 18, 2025). Xbox Game Pass Ultimate members will be able to play games directly from the Xbox app on select LG Smart TVs through cloud gaming. With Xbox Game Pass Ultimate and a compatible Bluetooth-enabled

Read More »

Big tech must stop passing the cost of its spiking energy needs onto the public

Julianne Malveaux is an MIT-educated economist, author, educator and political commentator who has written extensively about the critical relationship between public policy, corporate accountability and social equity.  The rapid expansion of data centers across the U.S. is not only reshaping the digital economy but also threatening to overwhelm our energy infrastructure. These data centers aren’t just heavy on processing power — they’re heavy on our shared energy infrastructure. For Americans, this could mean serious sticker shock when it comes to their energy bills. Across the country, many households are already feeling the pinch as utilities ramp up investments in costly new infrastructure to power these data centers. With costs almost certain to rise as more data centers come online, state policymakers and energy companies must act now to protect consumers. We need new policies that ensure the cost of these projects is carried by the wealthy big tech companies that profit from them, not by regular energy consumers such as family households and small businesses. According to an analysis from consulting firm Bain & Co., data centers could require more than $2 trillion in new energy resources globally, with U.S. demand alone potentially outpacing supply in the next few years. This unprecedented growth is fueled by the expansion of generative AI, cloud computing and other tech innovations that require massive computing power. Bain’s analysis warns that, to meet this energy demand, U.S. utilities may need to boost annual generation capacity by as much as 26% by 2028 — a staggering jump compared to the 5% yearly increases of the past two decades. This poses a threat to energy affordability and reliability for millions of Americans. Bain’s research estimates that capital investments required to meet data center needs could incrementally raise consumer bills by 1% each year through 2032. That increase may

Read More »

Final 45V hydrogen tax credit guidance draws mixed response

Dive Brief: The final rule for the 45V clean hydrogen production tax credit, which the U.S. Treasury Department released Friday morning, drew mixed responses from industry leaders and environmentalists. Clean hydrogen development within the U.S. ground to a halt following the release of the initial guidance in December 2023, leading industry participants to call for revisions that would enable more projects to qualify for the tax credit. While the final rule makes “significant improvements” to Treasury’s initial proposal, the guidelines remain “extremely complex,” according to the Fuel Cell and Hydrogen Energy Association. FCHEA President and CEO Frank Wolak and other industry leaders said they look forward to working with the Trump administration to refine the rule. Dive Insight: Friday’s release closed what Wolak described as a “long chapter” for the hydrogen industry. But industry reaction to the final rule was decidedly mixed, and it remains to be seen whether the rule — which could be overturned as soon as Trump assumes office — will remain unchanged. “The final 45V rule falls short,” Marty Durbin, president of the U.S. Chamber’s Global Energy Institute, said in a statement. “While the rule provides some of the additional flexibility we sought, … we believe that it still will leave billions of dollars of announced projects in limbo. The incoming Administration will have an opportunity to improve the 45V rules to ensure the industry will attract the investments necessary to scale the hydrogen economy and help the U.S. lead the world in clean manufacturing.” But others in the industry felt the rule would be sufficient for ending hydrogen’s year-long malaise. “With this added clarity, many projects that have been delayed may move forward, which can help unlock billions of dollars in investments across the country,” Kim Hedegaard, CEO of Topsoe’s Power-to-X, said in a statement. Topsoe

Read More »

Texas, Utah, Last Energy challenge NRC’s ‘overburdensome’ microreactor regulations

Dive Brief: A 69-year-old Nuclear Regulatory Commission rule underpinning U.S. nuclear reactor licensing exceeds the agency’s statutory authority and creates an unreasonable burden for microreactor developers, the states of Texas and Utah and advanced nuclear technology company Last Energy said in a lawsuit filed Dec. 30 in federal court in Texas. The plaintiffs asked the Eastern District of Texas court to exempt Last Energy’s 20-MW reactor design and research reactors located in the plaintiff states from the NRC’s definition of nuclear “utilization facilities,” which subjects all U.S. commercial and research reactors to strict regulatory scrutiny, and order the NRC to develop a more flexible definition for use in future licensing proceedings. Regardless of its merits, the lawsuit underscores the need for “continued discussion around proportional regulatory requirements … that align with the hazards of the reactor and correspond to a safety case,” said Patrick White, research director at the Nuclear Innovation Alliance. Dive Insight: Only three commercial nuclear reactors have been built in the United States in the past 28 years, and none are presently under construction, according to a World Nuclear Association tracker cited in the lawsuit. “Building a new commercial reactor of any size in the United States has become virtually impossible,” the plaintiffs said. “The root cause is not lack of demand or technology — but rather the [NRC], which, despite its name, does not really regulate new nuclear reactor construction so much as ensure that it almost never happens.” More than a dozen advanced nuclear technology developers have engaged the NRC in pre-application activities, which the agency says help standardize the content of advanced reactor applications and expedite NRC review. Last Energy is not among them.  The pre-application process can itself stretch for years and must be followed by a formal application that can take two

Read More »

Qualcomm unveils AI chips for PCs, cars, smart homes and enterprises

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Qualcomm unveiled AI technologies and collaborations for PCs, cars, smart homes and enterprises at CES 2025. At the big tech trade show in Las Vegas, Qualcomm Technologies showed how it’s using AI capabilities in its chips to drive the transformation of user experiences across diverse device categories, including PCs, automobiles, smart homes and into enterprises. The company unveiled the Snapdragon X platform, the fourth platform in its high-performance PC portfolio, the Snapdragon X Series, bringing industry-leading performance, multi-day battery life, and AI leadership to more of the Windows ecosystem. Qualcomm has talked about how its processors are making headway grabbing share from the x86-based AMD and Intel rivals through better efficiency. Qualcomm’s neural processing unit gets about 45 TOPS, a key benchmark for AI PCs. The Snapdragon X family of AI PC processors. Additionally, Qualcomm Technologies showcased continued traction of the Snapdragon X Series, with over 60 designs in production or development and more than 100 expected by 2026. Snapdragon for vehicles Qualcomm demoed chips that are expanding its automotive collaborations. It is working with Alpine, Amazon, Leapmotor, Mobis, Royal Enfield, and Sony Honda Mobility, who look to Snapdragon Digital Chassis solutions to drive AI-powered in-cabin and advanced driver assistance systems (ADAS). Qualcomm also announced continued traction for its Snapdragon Elite-tier platforms for automotive, highlighting its work with Desay, Garmin, and Panasonic for Snapdragon Cockpit Elite. Throughout the show, Qualcomm will highlight its holistic approach to improving comfort and focusing on safety with demonstrations on the potential of the convergence of AI, multimodal contextual awareness, and cloudbased services. Attendees will also get a first glimpse of the new Snapdragon Ride Platform with integrated automated driving software stack and system definition jointly

Read More »

Oil, Gas Execs Reveal Where They Expect WTI Oil Price to Land in the Future

Executives from oil and gas firms have revealed where they expect the West Texas Intermediate (WTI) crude oil price to be at various points in the future as part of the fourth quarter Dallas Fed Energy Survey, which was released recently. The average response executives from 131 oil and gas firms gave when asked what they expect the WTI crude oil price to be at the end of 2025 was $71.13 per barrel, the survey showed. The low forecast came in at $53 per barrel, the high forecast was $100 per barrel, and the spot price during the survey was $70.66 per barrel, the survey pointed out. This question was not asked in the previous Dallas Fed Energy Survey, which was released in the third quarter. That survey asked participants what they expect the WTI crude oil price to be at the end of 2024. Executives from 134 oil and gas firms answered this question, offering an average response of $72.66 per barrel, that survey showed. The latest Dallas Fed Energy Survey also asked participants where they expect WTI prices to be in six months, one year, two years, and five years. Executives from 124 oil and gas firms answered this question and gave a mean response of $69 per barrel for the six month mark, $71 per barrel for the year mark, $74 per barrel for the two year mark, and $80 per barrel for the five year mark, the survey showed. Executives from 119 oil and gas firms answered this question in the third quarter Dallas Fed Energy Survey and gave a mean response of $73 per barrel for the six month mark, $76 per barrel for the year mark, $81 per barrel for the two year mark, and $87 per barrel for the five year mark, that

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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. According to the Chinese corporation registration database Qichamao, there are over 1,500 AI toy companies operating in China as of October 2025. One of the latest entrants to the market is a toy called BubblePal, a device the size of a Ping-Pong ball that clips onto a child’s favorite stuffed animal and makes it “talk.” The gadget comes with a smartphone app that lets parents switch between 39 characters, from Disney’s Elsa to the Chinese cartoon classic Nezha. It costs $149, and 200,000 units have been sold since it launched last summer. It’s made by the Chinese company Haivivi and runs on DeepSeek’s large language models.  Other companies are approaching the market differently. FoloToy, another Chinese startup, allows parents to customize a bear, bunny, or cactus toy by training it to speak with their own voice and speech pattern. FoloToy reported selling more than 20,000 of its AI-equipped plush toys in the first quarter of 2025, nearly equaling its total sales for 2024, and it projects sales of 300,000 units this year. 
But Chinese AI toy companies have their sights set beyond the nation’s borders. BubblePal was launched in the US in December 2024 and is now also available in Canada and the UK. And FoloToy is now sold in more than 10 countries, including the US, UK, Canada, Brazil, Germany, and Thailand. Rui Ma, a China tech analyst at AlphaWatch.AI, says that AI devices for children make particular sense in China, where there is already a well-established market for kid-focused educational electronics—a market that does not exist to the same extent globally. FoloToy’s CEO, Kong Miaomiao, told the Chinese outlet Baijing Chuhai that outside China, his firm is still just “reaching early adopters who are curious about AI.” China’s AI toy boom builds on decades of consumer electronics designed specifically for children. As early as the 1990s, companies such as BBK popularized devices like electronic dictionaries and “study machines,” marketed to parents as educational aids. These toy-electronics hybrids read aloud, tell interactive stories, and simulate the role of a playmate.
The competition is heating up, however—US companies have also started to develop and sell AI toys. The musician Grimes helped to create Grok, a plush toy that chats with kids and adapts to their personality. Toy giant Mattel is working with OpenAI to bring conversational AI to brands like Barbie and Hot Wheels, with the first products expected to be announced later this year. However, reviews from parents who’ve bought AI toys in China are mixed. Although many appreciate the fact they are screen-free and come with strict parental controls, some parents say their AI capabilities can be glitchy, leading children to tire of them easily.  Penny Huang, based in Beijing, bought a BubblePal for her five-year-old daughter, who is cared for mostly by grandparents. Huang hoped that the toy could make her less lonely and reduce her constant requests to play with adults’ smartphones. But the novelty wore off quickly. “The responses are too long and wordy. My daughter quickly loses patience,” says Huang, “It [the role-play] doesn’t feel immersive—just a voice that sometimes sounds out of place.”  Another parent who uses BubblePal, Hongyi Li, found the voice recognition lagging: “Children’s speech is fragmented and unclear. The toy frequently interrupts my kid or misunderstands what she says. It also still requires pressing a button to interact, which can be hard for toddlers.”  Huang recently listed her BubblePal for sale on Xianyu, a secondhand marketplace. “This is just like one of the many toys that my daughter plays for five minutes then gets tired of,” she says. “She wants to play with my phone more than anything else.”

Read More »

The Download: extracting lithium, and what we still don’t know about Sora

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. This company is planning a lithium empire from the shores of the Great Salt Lake On a bright afternoon in August, the shore of Utah’s Great Salt Lake looks like something out of a science fiction film set in a scorching alien world.This otherworldly scene is the test site for a company called Lilac Solutions, which is developing a technology it says will shake up the United States’ efforts to pry control over the global supply of lithium, the so-called “white gold” needed for electric vehicles and batteries, away from China.The startup is in a race to commercialize a new, less environmentally-damaging way to extract lithium from rocks. If everything pans out, it could significantly increase domestic supply at a crucial moment for the nation’s lithium extraction industry. Read the full story. —Alexander C. Kaufman
The three big unanswered questions about Sora
Last week OpenAI released Sora, a TikTok-style app that presents an endless feed of exclusively AI-generated videos, each up to 10 seconds long. The app allows you to create a “cameo” of yourself—a hyperrealistic avatar that mimics your appearance and voice—and insert other peoples’ cameos into your own videos (depending on what permissions they set).  In the days since, it soared to the top spot on Apple’s US App Store. But its explosive growth raises a bunch of questions: can its popularity last? Can OpenAI afford it? And how soon until we start seeing lawsuits over its use of copyrighted content? Here’s what we’ve learned so far. This story originally appeared in The Algorithm, our weekly newsletter about the latest in AI. To get stories like this in your inbox first, sign up here. —James O’Donnell 2025 climate tech companies to watch: HiNa Battery Technology and its effort to commercialize salt cells Over the next few decades the world will need a lot more batteries to power electric cars and keep grids stable. Today most battery cells are made with lithium, so the mineral is expected to be in hyper demand. But a new technology has come on the scene, potentially disrupting the global battery industry.For decades, research of sodium-ion cell technology was abandoned due to the huge commercial success of lithium-ion cells. Now, HiNa Battery Technology is working to bring sodium back to the limelight—and to the mass market. Read the full story. —You Xiaoying

HiNa Battery Technology 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 has signed a major chip dealIt will collaborate with AMD in a challenge to Nvidia’s dominance. (WSJ $)+ The multi-billion dollar deal will play out over five years. (FT $)+ Just two weeks ago, OpenAI agreed a deal with Nvidia. (CNN)+ The data center boom in the desert. (MIT Technology Review) 2 Google lost a US Supreme Court bidThe justices denied Google’s bid to pause changes to its app store. (Bloomberg $)+ It’s part of the lawsuit Epic Games brought against the tech giant. (Reuters)+ The dispute remains unsolved, so it may be handed back to the justices. (NYT $) 3 You can now use some apps directly within ChatGPTIt’s all part of OpenAI’s ambitions to make it a one-stop-shop for all your needs. (The Verge)+ Sam Altman wants it to become your primary digital portal. (The Information $) 4 Deloitte used AI to generate a report for the Australian governmentUnfortunately, it was littered with hallucinated mistakes. (Ars Technica)5 The Nobel prize for medicine has been awarded to three immunity researchersThe trio discovered an immune cell that helps stop the immune system attacking itself. (New Scientist $)6 Russians are using AI to create video memorials of their war deadA burgeoning industry has sprung up, and practitioners will generate clips for $30. (WP $)+ Deepfakes of your dead loved ones are a booming Chinese business. (MIT Technology Review)
7 The dream of greener air travel is starting to die ✈️🍃Hydrogen-powered planes are years away. So what now? (FT $)+ How new technologies could clean up air travel. (MIT Technology Review) 8 How job hunters are trying to trick AI résumé-checkersInserting sneaky hidden prompts is becoming commonplace. (NYT $)
9 The creator of the Friend AI pendant doesn’t care if you hate itThe backlash to its provocative ads is all part of the plan, apparently. (The Atlantic $) 10 Taylor Swift’s fans really don’t like AIThey’ve accused the singer’s new videos, which appear to be AI-generated, of looking cheap and sloppy. (NY Mag $)+ AI text is out, moving pictures are in. (Economist $) Quote of the day “When AI videos are just as good as normal videos, I wonder what that will do to YouTube and how it will impact the millions of creators currently making content for a living… scary times.” —YouTuber Jimmy Donaldson, aka MrBeast, reflects on AI videos infiltrating the internet, TechCrunch reports.
One more thing The case against humans in spaceElon Musk and Jeff Bezos are bitter rivals in the commercial space race, but they agree on one thing: Settling space is an existential imperative. Space is the place. The final frontier. It is our human destiny to transcend our home world and expand our civilization to extraterrestrial vistas.This belief has been mainstream for decades, but its rise has been positively meteoric in this new gilded age of astropreneurs.But as visions of giant orbital stations and Martian cities dance in our heads, a case against human space colonization has found its footing in a number of recent books, from doubts about the practical feasibility of off-Earth communities, to realism about the harsh environment of space and the enormous tax it would exact on the human body. Read the full story.

Read More »

The three big unanswered questions about Sora

Last week OpenAI released Sora, a TikTok-style app that presents an endless feed of exclusively AI-generated videos, each up to 10 seconds long. The app allows you to create a “cameo” of yourself—a hyperrealistic avatar that mimics your appearance and voice—and insert other peoples’ cameos into your own videos (depending on what permissions they set).  To some people who believed earnestly in OpenAI’s promise to build AI that benefits all of humanity, the app is a punchline. A former OpenAI researcher who left to build an AI-for-science startup referred to Sora as an “infinite AI tiktok slop machine.”  That hasn’t stopped it from soaring to the top spot on Apple’s US App Store. After I downloaded the app, I quickly learned what types of videos are, at least currently, performing well: bodycam-style footage of police pulling over pets or various trademarked characters, including SpongeBob and Scooby Doo; deepfake memes of Martin Luther King Jr. talking about Xbox; and endless variations of Jesus Christ navigating our modern world.  Just as quickly, I had a bunch of questions about what’s coming next for Sora. Here’s what I’ve learned so far.
Can it last? OpenAI is betting that a sizable number of people will want to spend time on an app in which you can suspend your concerns about whether what you’re looking at is fake and indulge in a stream of raw AI. One reviewer put it this way: “It’s comforting because you know that everything you’re scrolling through isn’t real, where other platforms you sometimes have to guess if it’s real or fake. Here, there is no guessing, it’s all AI, all the time.” This may sound like hell to some. But judging by Sora’s popularity, lots of people want it. 
So what’s drawing these people in? There are two explanations. One is that Sora is a flash-in-the-pan gimmick, with people lining up to gawk at what cutting-edge AI can create now (in my experience, this is interesting for about five minutes). The second, which OpenAI is betting on, is that we’re witnessing a genuine shift in what type of content can draw eyeballs, and that users will stay with Sora because it allows a level of fantastical creativity not possible in any other app.  There are a few decisions down the pike that may shape how many people stick around: how OpenAI decides to implement ads, what limits it sets for copyrighted content (see below), and what algorithms it cooks up to decide who sees what.  Can OpenAI afford it? OpenAI is not profitable, but that’s not particularly strange given how Silicon Valley operates. What is peculiar, though, is that the company is investing in a platform for generating video, which is the most energy-intensive (and therefore expensive) form of AI we have. The energy it takes dwarfs the amount required to create images or answer text questions via ChatGPT. This isn’t news to OpenAI, which has joined a half-trillion-dollar project to build data centers and new power plants. But Sora—which currently allows you to generate AI videos, for free, without limits—raises the stakes: How much will it cost the company?  OpenAI is making moves toward monetizing things (you can now buy products directly through ChatGPT, for example). On October 3, its CEO, Sam Altman, wrote in a blog post that “we are going to have to somehow make money for video generation,” but he didn’t get into specifics. One can imagine personalized ads and more in-app purchases.  Still, it’s concerning to imagine the mountain of emissions might result if Sora becomes popular. Altman has accurately described the emissions burden of one query to ChatGPT as impossibly small. What he has not quantified is what that figure is for a 10-second video generated by Sora. It’s only a matter of time until AI and climate researchers start demanding it.  How many lawsuits are coming?  Sora is awash in copyrighted and trademarked characters. It allows you to easily deepfake deceased celebrities. Its videos use copyrighted music.  Last week, the Wall Street Journal reported that OpenAI has sent letters to copyright holders notifying them that they’ll have to opt out of the Sora platform if they don’t want their material included, which is not how these things usually work. The law on how AI companies should handle copyrighted material is far from settled, and it’d be reasonable to expect lawsuits challenging this. 

In last week’s blog post, Altman wrote that OpenAI is “hearing from a lot of rightsholders” who want more control over how their characters are used in Sora. He says that the company plans to give those parties more “granular control” over their characters. Still, “there may be some edge cases of generations that get through that shouldn’t,” he wrote. But another issue is the ease with which you can use the cameos of real people. People can restrict who can use their cameo, but what limits will there be for what these cameos can be made to do in Sora videos?  This is apparently already an issue OpenAI is being forced to respond to. The head of Sora, Bill Peebles, posted on October 5 that users can now restrict how their cameo can be used—preventing it from appearing in political videos or saying certain words, for example. How well will this work? Is it only a matter of time until someone’s cameo is used for something nefarious, explicit, illegal, or at least creepy, sparking a lawsuit alleging that OpenAI is responsible?  Overall, we haven’t seen what full-scale Sora looks like yet (OpenAI is still doling out access to the app via invite codes). When we do, I think it will serve as a grim test: Can AI create videos so fine-tuned for endless engagement that they’ll outcompete “real” videos for our attention? In the end, Sora isn’t just testing OpenAI’s technology—it’s testing us, and how much of our reality we’re willing to trade for an infinite scroll of simulation.

Read More »

This test could reveal the health of your immune system

Attentive readers might have noticed my absence over the last couple of weeks. I’ve been trying to recover from a bout of illness. It got me thinking about the immune system, and how little I know about my own immune health. The vast array of cells, proteins, and biomolecules that works to defend us from disease is mind-bogglingly complicated. Immunologists are still getting to grips with how it all works. Those of us who aren’t immunologists are even more in the dark. I had my flu jab last week and have no idea how my immune system responded. Will it protect me from the flu virus this winter? Is it “stressed” from whatever other bugs it has encountered in the last few months? And since my husband had his shot at the same time, I can’t help wondering how our responses will compare.  So I was intrigued to hear about a new test that is being developed to measure immune health. One that even gives you a score.
Writer David Ewing Duncan hoped that the test would reveal more about his health than any other he’d ever taken. He described the experience in a piece published jointly by MIT Technology Review and Aventine. The test David took was developed by John Tsang at Yale University and his colleagues. The team wanted to work out a way of measuring how healthy a person’s immune system might be.
It’s a difficult thing to do, for several reasons. First, there’s the definition of “healthy.” I find it’s a loose concept that becomes more complicated the more you think about it. Yes, we all have a general sense of what it means to be in good health. But is it just the absence of disease? Is it about resilience? Does it have something to do with withstanding the impact of aging? Tsang and his colleagues wanted to measure “deviation from health.” They looked at blood samples from 228 people who had immune diseases that were caused by single-gene mutations, as well as 42 other people who were free from disease. All those individuals could be considered along a health spectrum. Another major challenge lies in trying to capture the complexity of the immune system, which involves hundreds of proteins and cells interacting in various ways. (Side note: Last year, MIT Technology Review recognized Ang Cui at Harvard University as one of our Innovators under 35 for her attempts to make sense of it all using machine learning. She created the Immune Dictionary to describe how hundreds of proteins affect immune cells—something she likens to a “periodic table” for the immune system.) Tsang and his colleagues tackled this by running a series of tests on those blood samples. The vast scope of these tests is what sets them apart from the blood tests you might get during a visit to the doctor. The team looked at how genes were expressed by cells in the blood. They measured a range of immune cells and more than 1,300 proteins. The team members used machine learning to find correlations between these measurements and health, allowing them to create an immune health score for each of the volunteers. They call it the immune health metric, or IHM. When they used this approach to find the immune scores of people who had already volunteered in other studies, they found that the IHM seemed to align with other measures of health, such as how people respond to diseases, treatments, and vaccines. The study was published in the journal Nature Medicine last year. The researchers behind it hope that a test like this could one day help identify people who are at risk of cancer and other diseases, or explain why some people respond differently to treatments or immunizations. But the test isn’t ready for clinical use. If, like me, you’re finding yourself curious to know your own IHM, you’ll just have to wait. This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

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 »

Stay Ahead with the Paperboy Newsletter

Your weekly dose of insights into AI, Bitcoin mining, Datacenters and Energy indusrty news. Spend 3-5 minutes and catch-up on 1 week of news.

Smarter with ONMINE

Streamline Your Growth with ONMINE