Electricity has well known limitations, mainly for bulk and long-range transport, industrial processes requiring high temperature heat, and the chemicals industry. To entirely replace fossil fuels we need hydrogen. It has an energy density comparable to hydrocarbons. There’s more: Europe’s electric grid can’t cope with 100% electrification, yet hydrogen would use the existing gas pipe networks. The authors lay out a plan to deliver 50% of Europe’s energy from hydrogen by 2050. Done rapidly at scale, hydrogen would soon be as cheap as gas. It will also make Europe the hydrogen market leader: what technologies Europe (or anywhere!) masters first, it can sell to the rest of the world hungry for clean energy solutions.

The main conclusion of the study was that reduction targets can be achieved even in a non-technology-specific scenario (Evolution) by using the networks. A GHG reduction of 55% by 2030 and 95% by 2050 (relative to 1990 levels) was achieved for the energy industry, buildings and industry €139 billion cheaper than in a highly regulated approach with electrification by means of heat pumps (Revolution).

BHGE - U.S. Rig Count is down 2 rigs from last week to 988, with oil rigs down 2 to 805, gas rigs unchanged at 183, and miscellaneous rigs unchanged at 0. Canada Rig Count is up 2 rigs from last week to 63, with oil rigs up 5 to 22 and gas rigs down 3 to 41.

Year-to-date, the goods and services deficit decreased $5.8 billion, or 3.7 percent, from the same period in 2018. Exports increased $14.0 billion or 2.3 percent. Imports increased $8.2 billion or 1.1 percent.

Net income for 43 U.S. oil producers totaled $28 billion in 2018, a five-year high. Based on net income, 2018 was the most profitable year for these U.S. oil producers since 2013, despite crude oil prices that were lower in 2018 than in 2013 on an annual average basis.

The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.

Rosatom expects to double revenue from its overseas business, from USD6.6 billion last year to USD15 billion by 2024,

Russian-built Bushehr 1 - the first nuclear power unit in the Middle East - was connected to the national grid on 3 September 2011. Bushehr units 2 and 3 are to be completed in 2024 and 2026, respectively.

OPEC's collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d,

“[The Russians] are bringing 16.5 million tons of LNG from the Yamal [LNG project] through the Bering Strait [en route to Asia] 2,600 miles through the ice, while we’ve got big fields in Prudhoe Bay [Alaska] that are lying fallow” that would require just 600 miles through the ice zone, Treadwell asserted to lawmakers at a maritime subcommittee hearing in the U.S. House of Representatives.

No liquefied natural gas (LNG) vessels that left the United States in March and April have gone to China, Refinitiv Eikon shipping data shows, as the trade war between the two nations escalates.

Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection.

Occidental ("Occidental" or "the Company") (NYSE: OXY) ) today entered into a definitive agreement whereby Occidental will acquire Anadarko Petroleum Corporation ("Anadarko") (NYSE: APC) for $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock, in a transaction valued at $57 billion, including the assumption of Anadarko's debt.

Imports last month were 43.73 million tonnes, equal to 10.64 million barrels per day (bpd), according to data from the Chinese General Administration of Customs.

Russian oil production has fallen to 11.16 million barrels per day (bpd) on May 1-12 from an average of 11.23 million bpd in April

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

Despite significant U.S. oil sanctions on the OPEC member nation, Maduro has held on to power, backed by Cuba, Russia and China, and retains the support of the country’s military and other institutions.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 83,000 b/d month-over-month in June from 8,412 to 8,495 thousand barrels/day, gas production to increase 943 million cubic feet/day from 79,720 to 80,663 million cubic feet/day .

In the first quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,379 thousand boe per day, which is 4.1% higher year-on-year and 0.3% higher quarter-on-quarter. The increase was mainly driven by the development of gas projects in Uzbekistan.

China will increase tariffs on US LNG imports to 25% from 10% effective from June 1, the State Council under the Finance Ministry said in a statement late Monday, but it left out US crude imports from its current tariff lists.