fossil fuels – Oil & Gas 360

Sun setting soon on fossil fuels- International Energy Administration

October 30, 2024

(Oil & Gas 360) – The ever-changing global energy markets were given a comprehensive assessment by the International Energy Agency in its World Energy Outlook 2024 released earlier this October. The agency’s Energy Transition assessment highlights capacity additions of renewals of over 560 gigawatts added in 2023. Capacity refers to a source running at full efficiency; actual electron delivery from

Picking peak oil – Place your bets!

October 14, 2024

(Oil & Gas 360) – Since it’s the season for handicapping everything from fantasy football to electoral outcomes, Oil & Gas 360 offers some picks and perspectives if you’re in a peak oil prediction pool. Earlier fossil fuel forecasters were humbled (one would think so, anyway) for utterly underestimating the resource size, ingenuity, and appetite for risk that proved them

Trump vows to boost U.S. oil production if elected president

July 17, 2024

Oil Price Donald Trump has pledged to ramp up U.S. domestic oil production and undo some regulations to make that happen, the Republican presidential candidate told Bloomberg Businessweek in an exclusive interview published on Wednesday. The interview with the former U.S. president took place at Mar-a-Lago in late June, two days before the first presidential debate and two weeks prior to the

New COP28 draft deal stops short of fossil fuel ‘phase out’

December 11, 2023

Nasdaq DUBAI – A draft of a potential climate deal at the COP28 summit on Monday offered various options to reduce greenhouse gas emissions, but stopped short of the full “phase out” of fossil fuels many nations have demanded. U.N. Secretary General Antonio Guterres said a central benchmark of success for COP28 would be whether it yields a deal to reduce coal,

Saudi Aramco CEO: COP28 should focus on cutting fossil fuel emissions, not output

October 17, 2023

Nasdaq LONDON – The chief executive of oil giant Saudi Aramco 2222.SE, said on Tuesday this year’s COP28 U.N. climate conference should focus on cutting emissions from hydrocarbons, rather than reducing their production. CEO Amin Nasser was speaking at the Energy Intelligence Forum in London, ahead of the climate conference which is due to begin in Dubai on Nov. 30. “The

Shell CEO plans company-wide meeting to discuss shift back to fossil fuels

October 6, 2023

World Oil (Bloomberg) – Shell Plc Chief Executive Officer Wael Sawan will meet with employees later this month to discuss the decision to put a greater share of investment into fossil fuels. Sawan invited staff to join a virtual meeting titled “A Conversation With Wael” on Oct. 17 to “deepen our conversation on the opportunities and dilemmas we face as we

China says fossil fuel phase-out is unrealistic

September 22, 2023

Oil Price Phasing out fossil fuels is unrealistic as oil, natural gas, and coal will continue to play a crucial role in global energy supply and energy security, China’s special climate envoy Xie Zhenhua said this week in a speech obtained by Reuters. “It is unrealistic to completely phase out fossil fuel energy,” Xie, who will represent China at COP28 in

Buffett bets on fossil fuels amid cheap market valuations

July 25, 2023

Oil Price Warren Buffett and his investment conglomerate Berkshire Hathaway have been increasing stakes in oil and gas industry operators this year as cheap valuations and attractive returns make fossil fuels good investments amid the ongoing ESG considerations from many other investors. “I love ESG” because oil and gas stocks are cheap now partly due to this, Cole Smead,

Shell considers selling stake in renewable power unit as CEO turns focus back to fossil fuels

July 13, 2023

World Oil (Bloomberg) – Shell Plc is exploring options for its global renewable power operations, including a potential stake sale to outside investors, people with knowledge of the matter said. The UK energy giant is working with advisers to study a range of possibilities that could also include separating the business into a more independent unit, the people said.

G7 urged to phase out fossil fuels by Netherlands, Chile, others

May 19, 2023

Nasdaq BRUSSELS – Group of Seven rich nations must take the lead in phasing out fossil fuels, the leaders of seven countries including The Netherlands and Chile have said, attempting to build momentum for a global deal this year to gradually quit oil, coal and gas. Countries including the 27-member European Union are hoping all nations will agree at this year’s U.N.

UK Prime Minister: UK will need fossil fuels for “next few decades” amidst North Sea oil field development opposition

May 10, 2023

World Oil (Bloomberg) – Prime Minister Rishi Sunak said the UK will need fossil fuels for the “next few decades” as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field project in the North Sea. “It makes absolutely no sense to not invest in the resources we have here at

Column: Energy should not be controversial; how did this happen? A look into the machine

February 7, 2023

BOE Report Are you familiar with Sam Bankman-Fried, the crypto-whiz kid that started crypto-exchange FTX, the 30-year-old worth $30 billion, some were hailing as the new Warren Buffett? His empire is now a pile of rubble, and against all legal advice he’s been delightfully verbose about the epic failure. Here’s a text exchange with a reporter, grammar verbatim: Q: you were really

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