(Oil & Gas 360) – The International Energy Administration (IEA) is forecasting 70% growth in global renewable capacity additions by the end of the decade. The projected momentum follows a record year for capacity growth in 2023. Solar and wind are expected to generate 95% of that capacity growth due to their growing economic attractiveness, according to the agency. The report
Oil Price BP has cut over a tenth of its workforce in its EV charging business, BP Pulse, as the supermajor is downsizing the division and retreating from several countries to focus on just four key markets, Reuters reported on Monday, quoting sources at the company. BP has cut more than 100 out of BP Pulse’s 900 jobs, but many of the
Oil Price The Netherlands’ five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined 900 billion euros ($975 billion) in assets, have offered to help with finances and expertise in the nation’s electric grid expansion and sustainable heating projects. “We want to make a bigger
Yahoo Finance UK-based supermajor Shell has been updating its strategy on climate targets and could announce a slower pace of its emissions reductions later this week, anonymous sources with knowledge of the discussions have told Bloomberg. Shell is set to announce an update to its energy transition strategy on Thursday, March 14. The oil and gas major has been considering slowing
World Oil (Bloomberg) – bp Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners. Four years into its plan to shift away from oil and gas, bp is under increasing pressure from some shareholders to
Oil Price For decades, China has been a key driver of global economic growth thanks to an economy that managed to maintain blistering growth for what seemed like forever. China’s economy ballooned from $1.2 trillion in 2000 to nearly $18 trillion in 2021, good for a nearly 10% annual clip ever since Beijing embarked on economic reforms in 1978. The
Oil Price China’s dominance in critical minerals mining and processing will make global energy security in the energy transition “infinitely more complex,” U.S. Secretary of Energy Jennifer Granholm said at a conference on Thursday. “The fuel of this energy transition — critical minerals — is going to make global energy security infinitely more complex and infinitely more important over
Oil Price Environmentalists and critics are having a field day after a second international energy major scaled back its renewable development ambitions in the space of just a few months. But Big Oil’s renewed focus on profitable projects in oil and gas and the new, selective approach to wind, solar, and other clean energy solutions with the best economics could
World Oil (Bloomberg) — The top bosses of US oil and gas companies are speaking less and less about climate and carbon emissions, a signal that the industry’s public focus on ESG over the past couple of years may be fading. That, at least, is according to a Bloomberg analysis of quarterly conference calls held by 172 American oil and gas companies. The
Oil Price The world’s energy needs will only grow, and it would be “foolish” to think that rising demand can be met with renewables alone, Oman’s Energy Minister Salim Al-Aufi told CNBC on Tuesday. Energy needs to be affordable and this is the first pillar of energy supply when the energy transition is concerned, the minister said. Oman’s official also defended, again,
Fox Business The ongoing energy crisis was preceded by a decade of red flags that went mostly ignored and global plans to transition from conventional energy sources to renewable options failed to address key issues, according to a chief executive of the world’s largest oil producer. Addressing the Schlumberger Digital Forum 2022 in Switzerland, Aramco CEO Amin Nasser said a lower energy supply is
World Oil The pandemic had a unique impact on the energy industry and will pave the path of the energy transition on its way to net zero emissions, Society of Petroleum Engineers President Kamel Ben-Naceur said during a keynote presentation at the Offshore Technology Conference on Monday. The pandemic’s impacts. The Covid-19 pandemic brought the biggest one-year drop in oil demand
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