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
Reuters LONDON (Reuters) – Breaking up oil major Royal Dutch Shell into separate fossil fuels and renewables companies might be financially compelling but would not work in real life, finance chief Jessica Uhl said on Thursday. Activist hedge fund Third Point, which has built a large stake in Shell, on Wednesday called for the oil major to split into multiple
Fox Business Continental Resources Chairman and founder Harold Hamm criticized Biden’s energy plan as the administration’s efforts to tackle climate change conjures up more challenges for the country. “You know it’s all about economics 101 and it doesn’t have to be this way,” the oil billionaire said during an interview on FOX Business’ “Mornings with Maria.” Last year, Hamm warned the price of gasoline would surge under
CNBC So-called “green” hydrogen production using onshore wind turbines could achieve price parity with fossil-based hydrogen by the year 2030, according to a white paper from Siemens Gamesa Renewable Energy. In a statement on Wednesday the firm — a major player in wind turbines — also said that green hydrogen produced using wind from the offshore sector could achieve price parity
CNBC A Dubai-based project described as the “first industrial scale, solar-driven green hydrogen facility in the Middle East and North Africa” has been inaugurated, with those behind the development hoping it will help catalyze the region’s renewable energy sector. In a statement Wednesday, Siemens Energy said power for the pilot project — a collaboration with the Dubai Electricity and Water Authority
Nasdaq MOSCOW, May 18 (Reuters) – Russian gas giant Gazprom GAZP.MM expects demand for natural gas to grow in the coming decades and for it to play a bigger role in energy consumption than renewable sources and hydrogen, a company official said on Tuesday. The forecasts runs counter to a global trend for an energy transition from fossil fuels to the use of environment-friendly
Reuters LONDON – Natural gas, long touted as a transition fuel by policymakers and industry, is losing its appeal for some producers in Europe as they try to reach net-zero emissions. Below are examples of projects that have been dropped, gas asset sales and companies shifting focus. SOLD AND SCRAPPED Earlier this year, Drax Group, which aims to become carbon
CNBC LONDON — The month of May promises to be a ground-breaking one for Big Oil. Oil and gas majors on both sides of the Atlantic are preparing to hold their annual shareholder meetings in the coming weeks. It comes at a time when the world’s largest corporate emitters are under immense pressure to set short, medium and long-term emissions
Reuters When Microsoft Corp made a massive purchase of carbon credits in January, it turned to a relatively new source: farmers who plant crops meant to trap carbon in the soil. The credits are financial instruments generated by projects that reduce or avoid the release of greenhouse gases, such as solar farms or tree-plantings. The projects’ owners can sell the
CNBC A major green hydrogen facility in Germany has started operations, with those behind the project hoping it will help to decarbonize the energy-intensive steel industry in the years ahead. The “WindH2” project involves German steel giant Salzgitter, E.ON subsidiary Avacon and Linde, a firm specializing in engineering and industrial gases. Hydrogen can be produced in a number of ways. One method includes using
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