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voltsdaily

Friday, 3 July 2026

21 briefs so farlast update 18:51 UTC

Key points

  • Antares Mark-0 Reaches Criticality at Idaho Lab Ahead of Trump July 4 Target.
  • China's May Refining Runs Hit Near Four-Year Low as Power Demand Climbs.
  • Japan Drafts Plan to Replace Up to 14 Nuclear Reactors by the 2050s.
  • Wiki-Solar Puts Large-Scale Solar at 1,008 GWac, Past One Terawatt.
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Oil & Gas

China's May Refining Runs Hit Near Four-Year Low as Power Demand Climbs

China's refineries processed 53.72 million tons of crude in May, a decline of 9.1% from a year earlier and the weakest reading since August 2022, according to Rigzone. State-owned plants closed the month running at an average 66.3%, the lowest in a series tracked since late 2021.

GL Consulting expects the slump to carry into next year, projecting refining activity down 5% in 2026.

Aluminum told the opposite story. Output climbed 1.7% in May to a record 3.89 million tons, according to Rigzone. Steel moved the other way, falling 2.7% to 84.36 million tons as producers adjusted to softer demand tied to the property crisis and sluggish economic activity, Rigzone reported.

Electricity generation rose 4.2% during the month, and southern provinces hit peak loads a month ahead of the usual timing. Coal production slipped 1.7% to 397.22 million tons as safety inspections tightened.

The May figures show fuel processing sliding while power output rises, a split between the two ends of China's energy consumption.

Source: rigzone.com (opens in a new tab)1 sourcePermalink

A large oil refinery with distillation towers and pipework under overcast light, portions appearing quiet and underused.
Photo: 龔 月強 / Pexels (opens in a new tab)

Oil & Gas

Equinor targets 2.3 MMboe/d output by 2030 with Norwegian shelf leading spend

Equinor ASA aims to lift oil and gas output to about 2.3 MMboe/d by 2030, drawing on added volumes from the Norwegian continental shelf (NCS) and international upstream growth.

The increase amounts to 150,000 boe/d across the group by 2030. NCS volumes climb about 100,000 boe/d to 1.35 MMboe/d, while international oil and gas rises about 30% to roughly 950,000 boe/d.

The NCS absorbs around 60% of capital expenditure, according to Equinor. International oil and gas takes about 30% of capex, with output growth resting on assets in the United States, Brazil, Angola, the United Kingdom, and Canada.

Equinor guided total annual capex to USD 11-13 billion across 2028-2030, after about USD 12 billion in 2027. That 2027 figure carries an extra USD 1 billion for high-return oil and gas projects.

On the NCS, Equinor is targeting 6-8 new tieback projects per year toward 2035. Parts of that portfolio carry break-even prices below USD 35/bbl and payback periods under 2.5 years.

The planned USD 11-13 billion range for 2028-2030 brackets the roughly USD 12 billion set for 2027. Those break-even levels below USD 35/bbl leave room to sanction NCS projects even if crude prices soften.

Source: ogj.com (opens in a new tab)1 sourcePermalink

Oil & Gas

Sixth Street Buys 27% of Comstock Midstream Unit for USD 600 Million

Sixth Street bought a 27% stake in Pinnacle Gas Services for USD 600 million, according to Oil & Gas Journal. Comstock Resources keeps 73% and stays on as operator of the midstream unit under a management services agreement.

The stake sale converts to a smaller position once Sixth Street clears set return thresholds, dropping to 19.5% while Comstock climbs to 80.5%.

Pinnacle handles gathering and treating for Comstock's Western Haynesville output, running 246 miles of high-pressure pipeline plus two treating plants.

Comstock plans to feed that same acreage into gas-fired power in Texas. Oil & Gas Journal reports Comstock is expected to supply the Texas Power Generation Hub, with deliveries that could approach 1 bcfd by 2031.

That hub would add up to 5.2 GW of gas-fired capacity inside the ERCOT market, at a cost Oil & Gas Journal puts near USD 16 billion. The US Department of Commerce selected the project alongside Japan's USD 550 billion US investment commitment, and the two governments will own it jointly.

Comstock is running four rigs across the Western Haynesville this year as it delineates the play. The operator expects 21 wells drilled and 20 brought online in 2026, according to Oil & Gas Journal.

Source: ogj.com (opens in a new tab)1 sourcePermalink