Oil and Industry
Dutch outline clean hydrogen ‘vision’, aim at global market
The Netherlands want to use their “unique starting position” in the gas value chain to become world leaders in the production and use of clean hydrogen, saying the fuel “can become a globally traded commodity”.
Heavy-emitting firms ‘off-track’ from 2C climate target
More than 80% of the highest-emitting listed companies are failing to deliver emissions reductions aligned to the Paris Agreement's 2C global warming limit, with many of them also failing to account for climate mitigation and risk strategies. EURACTIV's media partner, edie.net, reports.
US shale will be first casualty of oil price war
Although the oil price war was triggered by the Russia-Saudi fall-out, US shale will be the first casualty, writes Robin Mills. In the process, the US will learn that producing a lot of oil at high prices is not the “energy dominance” it has made a centrepiece of foreign policy, he argues.
Saudi Arabia floods globe to squeeze Russia’s share of oil market
Saudi Arabia has stepped up efforts to squeeze Russia’s Urals oil grade out of its main markets by offering its own cheap barrels instead after their long-standing deal to support global oil prices fell apart, seven oil sources said.
US shale under pressure to make ‘at least’ 25% price cuts
US shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive.
Russia to OPEC – deeper oil cuts won’t work
This week’s oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia’s deputy energy minister said in an interview with Reuters on Wednesday (11 March).
Russian ministry, oil firms to meet after OPEC talks collapse and prices plunge
Russia’s Energy Ministry will meet with the country’s oil companies on Wednesday (11 March) to discuss future cooperation with the Organization of the Petroleum Exporting Countries, among other issues, two sources familiar with the plan told Reuters.
Forestry seen as key to Russian climate change efforts
The country’s vast forests and marshes should play an important role in decarbonisation efforts, according to a 2035 outlook from Russian energy company Lukoil.
2035 Energy Outlook
LUKOIL Vice-President for Strategic Development Leonid Fedun presented the 2035 Energy Outlook with a focus on oil markets and climate issues and initiate a discussion on the future of energy markets and possible ways of tackling global challenges. The Outlook...
Oil giant BP seeks to ‘reinvent’ itself with 2050 zero carbon goal
BP set one of the oil sector’s most ambitious targets for curbing carbon emissions on Wednesday (12 February) as new chief executive Bernard Looney began the biggest revamp in the company’s 111-year history.
Investors warned against sudden ‘handbrake’ on high-polluting oil projects
A sudden break on oil drilling caused by last-minute climate action from regulators could halve the value of new projects being developed today, according to fresh analysis published on Friday (31 January).
Oil and gas sector ‘losing its social licence to operate’, UK boss warns
Tim Eggar, chairman of the UK's Oil and Gas Authority (OGA), sent shockwaves through the industry on Wednesday (15 January) when he said growing public awareness about climate change was putting the sector's very survival at stake.
Kazakhstan and Belarus to discuss oil supply deal
Kazakhstan and Belarus will discuss an oil supply deal before 20 January, Kazakhstan Energy Minister Nurlan Nogayev told reporters on Wednesday (15 January), without explaining the significance of that date.
Fossil fuel production on track for double the safe climate limit
The world’s nations are on track to produce more than twice as much coal, oil and gas as can be burned by 2030 while restricting rise in the global temperature to 1.5C, analysis shows. EURACTIV's media partner, The Guardian, reports.
US scientist: Methane leakage reports ‘have an inherent low bias’
To understand its full methane emission footprint and its impact on the climate, Europe needs to assess oil and gas imports from countries such as Algeria, Russia and Qatar, for which no data is available yet, says Stefan Schwietzke.
China’s growing interest in Saudi Aramco is part of a long game
The Aramco public offering gives China an opportunity to gain a foothold at the center of the global oil industry. According to Joseph Dana, the move is part of a longer-term attempt by Beijing to challenge the dollar’s dominance as the world’s universal currency.
Banks taking only ‘superficial’ climate action, study reveals
Despite an explosion in green finance, banks have made only superficial changes to their lending practices, with fossil fuel funding going virtually unabated over the past years, according to a new report by Boston Common Asset Management released today (11 November).
Oil and gas majors must cut production by a third to meet climate targets: report
The world's largest oil and gas companies must cut combined production by 35% by 2040 if nations are the meet the collective ambitions of the Paris Agreement and limit global warming to below 2C, a new report from Carbon Tracker has found. EURACTIV's media partner edie.net reports.
Russia’s Rosneft-led Arctic oil project requires $157 billion of investment
A ambitious new Arctic oil project led by Russia’s top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia’s deputy energy minister Pavel Sorokin told reporters.
Oil and gas giants spent 250m on EU lobbying since 2010: green groups
The five biggest publicly listed oil and gas companies and trade groups representing them spent more than 250 million euros lobbying the European Union to influence climate action since 2014, environmental groups said Thursday (24 October).
A strait at boiling point
The Strait of Hormuz, the site of recent military conflicts between Iran, Saudi Arabia and the United States, sees a quarter of the world's oil consumption pass through it each year. If Persian Gulf oil exports are disrupted because of a conflict, how much will Europe be affected?
Saudi attack will jolt oil markets out of ‘complacency’ over Gulf tensions – analysts
The price of oil has seemed relatively immune to heightened tensions in the Gulf, but this weekend’s attack on Saudi oil facilities means markets will now be more skittish.
The attack on Saudi Arabia’s Abqaiq refinery and the realpolitik of oil
After a Saudi oil processing facility came under attack, attention turned on the immediate effect this could have on oil prices. But the worry should be more over the medium term than the short term, writes Robin Mills.