Tuesday, June 24, 2025
New Mexico struggles to balance oil output boom with climate goals- oil and gas 360

New Mexico struggles to balance oil output boom with climate goals

Oil Price The second-largest oil-producing U.S. state, New Mexico, has seen record oil and gas output and revenues in recent years on the back of the booming activity in the Permian, the top U.S. shale field. New Mexico has driven the Permian’s oil production growth over the past two years. For example, two counties in the southeastern corner of the state, Lea

Exxon, Chevron shareholders reject toughening climate goals- oil and gas 360

Exxon, Chevron shareholders reject toughening climate goals

Yahoo Finance (Bloomberg) — Exxon Mobil Corp. and Chevron Corp. shareholders soundly rejected activist demands to take responsibility for curbing emissions by motorists and industries that burn their fuels.Roughly 90% of investors in North America’s two largest oil producers shot down a proposal by environmental group Follow This that urged executives to set targets for reducing so-called Scope 3 emissions.

Canada climate goals set high hurdle for Suncor oil sands mine extension- oil and gas 360

Canada climate goals set high hurdle for Suncor oil sands mine extension

Yahoo Finance CALGARY, Alberta – Canada is favouring oil projects with lower carbon emissions per barrel to help meet its climate targets, a strategy that may block Suncor Energy’s plan to expand bitumen mining to feed its key oil sands operations. On April 6, Canadian environment minister Steven Guilbeault warned Suncor in a letter that its proposed 225,000 barrel per

Analysis: Climate goals take second place as EU states cut petrol prices- oil and gas 360

Analysis: Climate goals take second place as EU states cut petrol prices

Reuters ROME – A growing number of European countries are cutting fuel taxes to lower surging pump petrol prices. The move brings respite to motorists but environmentalists say it flies in the face of commitments to curb global warming. Rising international oil costs, exacerbated by the war in Ukraine, have driven petrol above 2 euros ($2.21) per litre in much

Renewables surged in 2020 but world not yet on track for climate goals, BP says- oil and gas 360

Renewables surged in 2020 but world not yet on track for climate goals, BP says

Reuters Wind and solar power capacity expanded rapidly in 2020 while global energy demand cratered because of the pandemic, yet this did not yet reflect a “decisive shift” towards meeting U.N.-backed climate goals, BP said in its annual energy review. Last year witnessed the biggest fall in carbon emissions in more than 75 years, putting the world closer to the

U.S., other countries deepen climate goals at Earth Day summit- oil and gas 360- oil and gas 360

U.S., other countries deepen climate goals at Earth Day summit

Reuters WASHINGTON – The United States and two other countries hiked their targets for slashing greenhouse gas emissions at a global climate summit hosted by President Joe Biden, an event meant to resurrect U.S. leadership in the fight against global warming. Biden unveiled the goal to cut emissions by 50%-52% from 2005 levels at the start of a two-day climate

kbennett@nsai-petro.com- oil and gas 360

Oil to hit $40 by 2030 if climate goals are met: consultancy

Reuters LONDON – Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based

Invest $131 trillion in clean energy by 2050 to hit climate goals, agency says- oil and gas 360

Invest $131 trillion in clean energy by 2050 to hit climate goals, agency says

Reuters LONDON – Planned investment in clean energy must increase by 30% to a total of $131 trillion by 2050 to avert catastrophic climate change, with the need to massively scale up hydrogen production particularly acute, according to a study here published on Tuesday. In its annual flagship report, the International Renewable Energy Agency underscored the scale and pace of change

EU eyes huge increase in offshore wind energy to meet climate goals: draft- oil and gas 360

EU eyes huge increase in offshore wind energy to meet climate goals: draft

Reuters BRUSSELS – The European Union is considering a plan to increase its offshore wind energy capacity five-fold this decade and 25-fold by 2050, as it seeks to become climate neutral by mid-century, according to a draft policy. The 27-nation EU, which is already home to 42% of the world’s offshore wind capacity, says the technology now produces clean power

Analysts sharply raise EU carbon price forecasts on tougher climate goals- oil and gas 360

Analysts sharply raise EU carbon price forecasts on tougher climate goals

Reuters LONDON  – Analysts have significantly increased their European carbon market price forecasts on expectations tougher climate targets for greenhouse gas reductions in the bloc will drive up the cost of permits. EU Allowances (EUAs) are expected to average 37.86 euros a tonne in 2021 and 41.61 euros/tonne in 2022, according to a Reuters survey of eight analysts. That is