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A view of fjords as they melt due to climate change near Svalbard Islands, in the Arctic Ocean in Norway on July 19, 2022.

Anadolu Agency | Anadolu Agency | Getty Images

The Norwegian government is calling on energy giants to ramp up oil and gas exploration projects in remote regions like the Arctic Barents Sea, defying a sense of palpable frustration among climate campaigners as the Nordic country seeks to shore up its position as Europe’s largest gas supplier.

The rethink in strategy comes as Norway strives to keep up with growing demand for its energy exports in the wake of Russia’s full-scale invasion of Ukraine.

Norway last year overtook Russia as Europe’s biggest natural gas supplier and says it is now seeking to maintain Europe’s energy security by exploring the Barents Sea for further resources.

Speaking in the town of Hammerfest late last month, Norway’s Petroleum and Energy Minister Terje Aasland reportedly said that the industry should “leave no stone unturned” in their pursuit for fresh hydrocarbon discoveries in the Barents Sea.

Aasland even described this policy as the oil and gas industry’s “social responsibility,” according to Bloomberg, saying undiscovered resources could help to maintain the country’s future production levels.

Norway oil and gas giant Equinor and Vår Energi, one of the country’s largest exploration and production companies, confirmed to CNBC that the minister recently issued this call.

A spokesperson for Norway’s petroleum and energy ministry, meanwhile, said that the message to energy giants was “to explore all economic oil and gas resources within the available areas, including in the Barents Sea.”

Norway has pumped oil and gas from its continental shelf, a relatively shallow section of seabed off its coast, for more than 50 years and it currently has several oil and gas fields either in production or under development.

Oil drilling in the Arctic is like pouring gasoline on a fire.

Frode Pleym

Head of Greenpeace Norway

It is estimated that roughly two-thirds of the country’s undiscovered oil resources lies off the country’s northern coast in the Arctic’s Barents Sea. And yet, the desire among energy companies to explore the Barents Sea for oil and gas has been relatively subdued in recent years, in part due to high costs and limited opportunities to export gas to markets.

At the start of the year, however, Norway said it planned to offer energy firms a record number of oil and gas exploration blocks in the Arctic.

Environmental campaigners at Friends of the Earth Norway, WWF-Norway and Greenpeace Norway have described the country’s lobbying for continued oil and gas expansion as “embarrassing,” “extremely reckless” and “a middle finger to the Paris Agreement.”

“Oil drilling in the Arctic is like pouring gasoline on a fire,” Frode Pleym, head of Greenpeace Norway, told CNBC via email.

“Both Norway and the oil corporations need to stop cynically exploiting Russia’s war in Ukraine,” Pleym said. “The aggressive and greedy oil policy of Norway do not only consolidate Oslo’s position as a top energy supplier to Europe, it locks a whole continent into future dependency on fossil fuels. The alternative to oil and gas is not more oil and gas, it is more energy efficiency and renewable energy.”

The burning of fossil fuels, such as coal, oil and gas, is the chief driver of the climate crisis.

‘We want to explore for more’

Norway has been one of the world’s top crude producers for the past half-century thanks to its gigantic North Sea petroleum deposits — the spoils of which have been used to provide a robust safety net for current and future generations.

Oil and gas companies believe the Barents Sea can play an important role in ensuring the long-term market access for gas, noting the development of the resources in this area should fit within the EU’s Arctic policy.

A spokesperson for Equinor told CNBC that the company hoped to see “new attractive acreage in the Barents Sea.” They added, “we want to explore for more and we think we will find more.”

Responding to the environmental concerns of Arctic oil and gas drilling, a spokerson at Equinor said, “We have a long track record of offshore operations in harsh environments with high standards on safety, security and sustainability.”

“We know the Barents region well and work together with the authorities to plan and execute our operations in a sustainable way with as little as possible impact on the environment.”

A LNG ship is pictured at the island Melkoya where Norwegian energy giant Equinor has built a facility for receiving and processing natural gas from the Snøhvit field in the Barents Sea.

Fredrik Varfjell | Afp | Getty Images

The Norwegian Petroleum Directorate, the government agency responsible for the regulation of petroleum resources, recently lamented the lack of exploration in the Barents Sea, saying its calculations show that such activity “is profitable in all ocean areas.”

Separately, a mid-April study from gas infrastructure operator Gassco said building a pipeline to transport gas produced in the Arctic Barents Sea could be worth re-examining due to the country stepping up its gas exports to Europe.

A spokesperson for Vår Energi described the Barents Sea as a strategic hub for oil and gas drilling, one that provides a “manageable, ice-free” part of the Arctic with weather and climate conditions like other parts of the Norwegian Continental Shelf.

It is for this reason, Vår Energi says, that the Barents Sea should not be compared to other Arctic regions characterized by harsher conditions, adding that the company abides by strict environmental regulations.

Climate campaign groups refute this logic, warning that any oil spill in this area would spell disaster to the rich but acutely vulnerable ecosystems and marine life.

‘A strong basis to lead on climate policy’

“Russia’s war against Ukraine does not justify a further push for Arctic oil and gas, as it can take around 15 years to go from exploration to production,” Truls Gulowsen, leader of Friends of the Earth Norway, told CNBC.

“Norway is making a huge profit off energy prices in Europe and few countries have such a strong basis to lead on climate policy,” Gulowsen said.

Ragnhild Waagaard, climate and energy lead in WWF-Norway, said it is understandable governments want to address the energy crisis and high energy costs causing real hardship for many people but warned that doubling down on fossil fuels will not help.

“Countries should rapidly boost their uptake of renewable energy, increase energy efficiency and reduce demand for energy. The choices we make now, and the way governments respond to the evolving energy crisis, will determine whether we succeed or fail,” Waagaard said.

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Candela’s electric flying ferries to connect Thailand’s island paradise

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Candela’s electric flying ferries to connect Thailand’s island paradise

Swedish electric boat maker Candela has just secured a major deal in Southeast Asia: ten of its P-12 electric hydrofoil ferries will soon operate the route to Koh Kood, one of Thailand’s most pristine and least developed islands.

The agreement, signed in Bangkok during the SX Sustainability Expo, pairs Candela with Thai operator Seudamgo by Leopard Transportation Co., Ltd. It marks a significant shift for Koh Kood, where access has long relied on noisy, gas-powered speedboats that pump out emissions, churn up damaging wakes, and clash with the quiet, natural character of the island. Local officials and Swedish representatives, including the Governor of Trat and the Swedish Embassy in Bangkok, were on hand to witness the deal.

Candela’s P-12 ferries promise to transform that experience. Unlike traditional hulls that plow through waves, the P-12 rides above the surface on computer-controlled hydrofoils. The result is a ride that’s not only whisper-quiet but also dramatically more efficient – using up to 80% less energy than a conventional speedboat. With no exhaust fumes, no underwater noise, and virtually no wake, the P-12 is designed to leave the island’s marine environment undisturbed.

Each of the ten ferries headed to Thailand will be the Business model, offering seating for 20 passengers in an air-conditioned cabin with plenty of luggage space. At a service speed of 25 knots (around 29 mph or 46 km/h), they’ll cover the 20-nautical-mile mainland-to-island route in just 40 minutes. The vessels are powered by dual Candela C-Pod drives rated at 110 kW continuous (160 kW peak), fed by a 378 kWh battery pack that can fast-charge at up to 300 kW. Real-world range comes in at about 40 nautical miles at cruising speed – more than enough to comfortably cover the daily runs. And with that fast charging, a feature that has helped Candela set maritime records, the ferries can easily top up their batteries while loading and unloading passengers.

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Seudamgo’s CEO Surachai Suwanthanakul called the deal a milestone for Thai tourism. “Candela’s P-12 foil electric technology is a game-changer,” he said. “It’s free from emissions, oil spills, and underwater noise—and at the same time, it offers passengers a superior experience. You can’t really get seasick on board a Candela.”

For passengers, that seasickness-free ride is thanks to Candela’s digital Flight control system, a computer that constantly adjusts the hydrofoils in real time to eliminate slamming and pitching. It’s the same tech that’s made Candela’s smaller leisure boats popular with private owners in Europe and the U.S., now scaled up for public transit.

And as someone who has spent some time at the helm of multiple Candela leisure boats and also suffers from seasickness, this journalist can confirm that the smooth ride really is calming for the stomach.

Candela’s Regional CEO Mr Björn Antonsson (left) shaking hands with Mr Surachai Suwanthanakul, CEO of Leopard Transportation Co., Ltd, flanked by the Governor of Trat, Mr Nattapong Sanguanjitra Deputy and Permanent Secretary Punya Chupanit, Ministry of Transport, Thailand, together with (from left) Tomas Juhlin, VP of Swedish Chamber of Commerce, and Mr Per Linnér, Charge d’Affairs Swedish Embassy, Bangkok.

Candela’s founder and CEO Gustav Hasselskog framed the partnership as a chance for Thailand to leapfrog straight into sustainable water transport. “By replacing noisy, polluting speedboats with our electric flying ships, Seudamgo is protecting one of Thailand’s most beautiful destinations,” he said.

Thailand is already a major market for Candela. The company operates its largest office outside Sweden in Bangkok and sees huge potential in a country with more than 1,500 islands and extensive waterborne transport. Regional CEO Björn Antonsson emphasized that point: “With its thousands of islands, big rivers and vibrant tourism industry, Thailand can truly benefit from our technology. Partnering with Seudamgo to introduce the P-12 fleet is a fantastic beginning—we see enormous potential to expand clean, efficient hydrofoil transport across Thailand and the wider region.”

For Koh Kood, the arrival of Candela’s P-12 ferries could mean a future where visitors still enjoy easy access, but without the pollution and disruption that have plagued other tourist islands. And for the wider region, it’s a sign that electric flying ferries may finally be moving from niche novelty to mainstream solution.

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Massive fire breaks out at Chevron oil refinery in California

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Massive fire breaks out at Chevron oil refinery in California

An aerial view of Chevron crews attempting to extinguish a large fire and explosion that occurred at Chevron Refinery in El Segundo Thursday, Oct. 2, 2025.

Allen J. Schaben | Los Angeles Times | Getty Images

A huge fire broke out on Thursday night at a Chevron jet fuel production unit in California, one of the largest refineries on the U.S. west coast, following reports of an explosion.

No injuries were reported from the incident at the El Segundo plant, Chevron said on Friday, with the U.S. energy major’s fire department personnel and emergency services “actively responding” to the situation.

It was not immediately clear what caused the blaze.

“All refinery personnel and contractors have been accounted for and there are no injuries,” Chevron said in a statement, according to NBC.

“No evacuation orders for area residents have been put in place by emergency response agencies monitoring the incident, and no exceedances have been detected by the facilities fence line monitoring system,” the company added.

This is breaking news. Please refresh for updates.

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Tesla’s ‘more affordable’ Model Y spotted uncamouflaged on highway

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Tesla's 'more affordable' Model Y spotted uncamouflaged on highway

What looks to be Tesla’s long-rumored “more affordable model” has been spotted testing on a highway, without any camouflage. But before you get too excited, it’s just a Model Y with some cheaper parts – and a price that’s not much different than we’ve seen on other Teslas.

For many years, Tesla had planned to build a much more affordable vehicle, starting around $25k. This vehicle was nicknamed the “Model 2,” and would have offered the most affordable entry point into the EV market, at least in the West.

But that project was abruptly canceled by Tesla CEO Elon Musk as first reported by Reuters and immediately denied by Musk. Reuters was later shown to be correct in its report, as many who follow Tesla might have expected, given Musk’s constant overpromising (and often outright lies).

In its place, Tesla started offering vague promises about “more affordable models,” starting in its Q1 report in April 2024. Tesla later specified that these would enter production in the first half of 2025.

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The language Tesla used suggested that the cheaper vehicles would be new models, which means more than one model, and not just based on a current Tesla model. But we reported that this was unlikely to be the case, and that the new models would just be a stripped-down Model Y.

The first-half deadline Tesla set came and went, but on Tesla’s Q2 call, it said that “first builds” were produced in June. On the same call, Musk said that the “new affordable model” is… the Model Y.

We first saw the “more affordable” Model Y out and about in Chinese spy shots, which included exterior videos and even a peek at the interior. However, in those spy shots, the front and rear of the vehicle were covered with camouflage, suggesting that there would be some changes in those areas Tesla didn’t want to leak yet.

Tesla doesn’t seem to mind those leaks anymore (especially after a low-res website leak), as a Model Y was spotted driving on the highway with no camouflage whatsoever, offering a look into what Tesla was hiding underneath those covers.

The pictures were posted to reddit by Fantastic_Train_7270, and show a Model Y with Florida manufacturer plates.

The nicely clear front end photos show that the car is missing the front light bar that was added with the Juniper refresh, instead reverting to separate headlights – though both are quite narrow, like the headlights on the Juniper.

The rear end is also missing its light bar, instead replaced by a horizontal black line. The line does not have the “T E S L A” badging, as the Juniper refresh has.

The model also has new aerodynamic wheels, which should help add a little range (and may make up for a smaller battery pack, though we don’t have information yet on whether battery size is part of the decontenting associated with the “more affordable” model).

Other than the lack of light bars, the front and rear look quite similar to the Juniper refresh. However, one concerning detail is that the rear trunk lid does not seem to fit snugly into the place it’s supposed to fit, instead encroaching onto the top of the plastic rear fascia.

We don’t know what might have caused this, but we do know that we’ve seen Model Ys with poor color matching on body panels before – but that’s a lot less of a problem than a body panel that seems to be misaligned by the better part of an inch, visible from a longish distance shot on a highway.

Of course, it’s just a prototype, but this is also the reason prototypes have camouflage, so the public can’t see fiddly bits like this ahead of release.

While these photos don’t show us anything of the interior, information from a recent software update gives us some hints as to what has been removed. In addition to removing the glass roof, coat hooks and 8″ rear screen (as could be seen in the Chinese spy shots), the software update suggests that the Model Y will have no ambient LED lights, single-axis seat controls, and simpler air vents.

The fact that this vehicle was spotted without camouflage, alongside the fact that this vehicle has shown up in recent software updates, suggests that release may be imminent. We had expected that it might be released in China first as has been the case with some other Tesla models lately, but the vehicle’s presence on US roads means that it might see a release here soon too.

And if it is releasing soon, it would be at an important time. Tesla just had its first positive sales quarter in some time, but that was primarily due to the expiration of the $7,500 US EV tax credit, which pulled forward demand. That means Teslas are now going to be $7,500 more expensive for US buyers, as of yesterday. So anything Tesla can do to cut prices will be a big deal.

We don’t know for certain how much cheaper the “more affordable” Model Y will be, but estimates (and a leak) suggest a base price of $40k – so, a savings of $5k over the current $45k base price, or $2,500 under the current base price of the Model 3, neither of which are as low as the lowest prices we’ve seen Teslas sell for before. Quite a far shout from the actually affordable $25,000 car we were all promised for so long.

Also, that price would still be a $2,500 price increase compared to the deal which was available just two days ago, before tax credit expiry. And Tesla has its own CEO to thank for that price hike, given he unwisely spent $200 million campaigning for the anti-EV forces that are now making his company’s products less affordable.


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