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,
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
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
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
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,
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.
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.
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
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
Oil Price Following the signing of the Paris Agreement by 193 states and the EU and after the COP27 climate summit in 2021, several major financial institutions came under fire for their continued support of fossil fuel companies. As governments worldwide introduce new climate policies and put pressure on oil and gas firms to improve operations and curb their carbon
BOE Report In Canada’s oil patch, controversy is raging over federal government legislation intended to help the fossil fuel labour force transition to a greener economy, but union and community leaders are warning politicization of the Just Transition bill obscures the needs of workers. Justin Trudeau’s government is expected to table its long-awaited workforce transition bill this spring, ahead of
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
