Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity. Wright, who founded a foundation to expand propane cook stoves for developing countries…
US natural gas drillers will increase output in 2025, reversing a year-long cut
The U.S. Natural Gas producers will increase output in 2025 after a series production cuts this past year. Rising demand from LNG export plants should raise prices, which had dropped to multi-decade lows. According to the latest U.S. Energy Information Administration outlook, U.S. natural gas production will decline in 2024, for the first drop since 2020 when the COVID epidemic reduced demand. After the average monthly spot price at the U.S. Henry hub benchmark, drillers started cutting back on gas production.
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd). Hess said at the Wolfe Research Oil and Gas Conference that Yellowtail is "the exciting thing for 2025".
US Awards up to $2.2 Billion to Speed Clean-hydrogen Development
The U.S. Department of Energy announced on Wednesday that it had awarded up to $2 billion to centers in the Gulf Coast and the Midwest for the development of hydrogen, a new source of energy which is costly to produce with renewable power. Hydrogen supporters, such as the administration of Joe Biden believe that low carbon hydrogen can combat climate change by fueling industries like aluminum, cement and steel, along with long-haul transport. Most hydrogen produced today is made from fossil fuels, which emit unabated gases. This produces hydrogen at a fraction the price of clean hydrogen.
TC Energy expects higher core profit in 2025 on natgas and electricity demand
TC Energy announced on Tuesday that it expects its core profit in 2025 to be between C$10.7 and C$10.9 Billion, higher than the C$9.9 to C$10.1 Billion forecast for 2024. This is due to an increase in demand for electricity and natural gas. In its most recent short-term energy outlook report, the U.S. Energy Information Administration predicted that gas consumption in the United States would reach a new record of 90 billion cubic feet (bcfd), in 2024. In 2025 the consumption will be lower, but still higher than its previous record of 89.1 billion cubic feet per day in 2023.
Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends
According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029. The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends. The proposed plan is about $9 billion more than the previous plan, which was for 2024-2028. It includes $77 billion in exploration and production, compared to the $73 billion allocated for the previous plan.
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
French farmers take to the streets in protest at Mercosur trade negotiations
Farmers protested across France Monday against the prospect of an agreement between the European Union (EU) and South America’s Mercosur bloc that will intensify the competition in the French agricultural sector. The EU, along with four Mercosur countries - Argentina Brazil Paraguay Uruguay - is pushing for the conclusion of long-running commercial negotiations before the end the year. The protests on Monday were the largest since French farmers staged weeks-long demonstrations in January last year over lower imports, burdensome regulation and low incomes. On Monday, the protests were mostly calm.
Trump selects Burgum as Interior Secretary
Donald Trump, the president-elect, announced on Thursday that North Dakota governor Doug Burgum will be his choice for Interior Secretary. Burgum is a former wealthy software executive. Trump, dressed in a tuxedo, said that the Department of Interior would be headed by him. He added that an announcement would be made on Friday. Burgum has presented himself as a conservative businessman who is traditional. He was a candidate for the Republican nomination for president before quitting. Now he is a Trump loyalist, attending fundraisers and promoting Trump on TV.
US natgas exports to LNG plants are on track to reach a 9-month high
According to data provided by financial firm LSEG, the amount of gas going to seven large U.S. liquefied gas export plants is on track to reach a new nine-month record on Thursday. This was due to feedgas reaching multi-week records at a few plants. Energy market is concerned about feedgas flow to U.S. Liquefied Natural Gas plants, because in recent years exports were the largest source of growth for the gas industry. In 2023, the U.S. will be the largest LNG exporter in the world, surpassing Australia and Qatar.
Japex to invest in US tight-oil project as operator
A senior executive at Japan Petroleum Exploration (Japex), said that the company is interested in investing in the U.S. tight gas and oil sector with a view to becoming an operator. Yutaka Nishimura said at a press conference that Japex is exploring investment opportunities for the U.S. tight gas and oil sectors. We are looking to become operators. He added that Japan's second largest oil and gas company, which has invested in U.S. tight gas and oil projects for the past few years, is looking to use the experience and expertise it has gained.
Biden officials ask EU methane regulations to be aligned with US rules to ease LNG flow, says letter
According to a letter obtained by the, President Joe Biden’s administration asked that the European Union ensure that liquefied gas imports meeting U.S. regulations for methane automatically meet Europe’s standards. The linking of U.S. methane and EU standards will protect the United States' LNG trade with Europe, while also securing Biden's rules on methane even if these are repealed in the future by Donald Trump's administration. We understand that the process will take some time. We…
Chinese giant CATL expands beyond batteries to power grids and EV platforms
Robin Zeng is the billionaire founder and CEO of CATL. He wants to transform the world's biggest battery manufacturer into a provider of green energy, as well as reduce the costs of developing electric cars, thus upending the economics that have driven the growth of the industry. Zeng said in an interview he expected the business of developing "zero-carbon" electric grids to be "ten times larger" than supplying batteries for electric vehicles, a sector CATL currently leads with 37% share.
IMF and World Bank leaders promise to work with Trump at UN climate summit
The World Bank and International Monetary Fund chiefs said on Tuesday that they would continue to work with Donald Trump's incoming administration in the United States to provide funding to countries affected by climate change. Kristalina Georgeieva, IMF's chief, told a panel at the U.N. COP29 Climate Summit in Azerbaijan the global lender worked with Trump under his previous administration and was looking forward to working with him again. Georgieva expressed her confidence that the U.S. Private sector will continue to invest green technologies.
S&P expects cautious economic policies in Mexico and possible US trade challenges
S&P Global Ratings stated on Tuesday that it expects Mexico will continue to maintain a cautious macroeconomic policy over the next two years. It also warned of possible challenges for Latin America's largest economy including trade with the United States. Joydeep Mukherji, Managing Director of Sovereign Ratings, stated that the trade relationship between Mexico & the United States is at risk due to potential new tariffs under Donald Trump's presidency and a revision in 2026 of the North American USMCA Free Trade Pact.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
The US climate envoy said that work would continue despite Trump’s return
John Podesta, U.S. Climate Envoy, urged governments on Monday to believe in the promise of the United States to combat global climate change. He said Donald Trump could slow down, but not stop the transition away from fossil fuels, when he returns to the White House in January. The annual U.N. Climate Summit began Monday in Baku in Azerbaijan. Many country delegations were concerned that Trump's win in the U.S. Presidential election on November 5 would hamper progress in limiting planetary warming.
British Business – Nov 11,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. A government investigation into the dieselgate scandal has led to the suspicion that 47 car models from 20 different brands, manufactured by 11 different manufacturers, are more polluting than previously thought. These cars could be recalled. The government is considering whether to support a bill introduced by a private member that would allow social media companies to collect information on children at ages older than 13.
Wall Street welcomes Trump's comeback, but with trepidation
Wall Street executives praised the prospect of business friendly regulations and a flurry of deals, as they analysed the implications of Donald Trump’s reelection. However, some were uneasy over his unpredictable nature. Executives from banks and private equity firms said that Trump's return will likely ease some of the regulatory pressures that existed under Biden's administration. Many people expect a smaller government, broader deregulation and tax incentives for wealthy corporations.
Halliburton misses quarterly profit estimates on North America drilling demand weakness
Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services. Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America. North America reported a 8.5% decline in revenue, to $2.39 Billion in the third quarter from a year ago. Halliburton was the victim of a cyberattack in August when a third party gained access to and deleted data from their systems.
