California sets clear course to close Aliso Canyon Gas Storage Facility
California's utilities regulatory agency on Thursday set out a clear path to potentially close SoCalGas Aliso Canyon's gas storage facility. The regulator prioritized energy reliability and affordability, as the state moves towards cleaner energy. In a press release, the California Public Utilities Commission said that it has set an annual peak natural gas demand of 4,121,000,000 cubic feet. This is the level at which Southern California will be able to meet its demand without Aliso Canyon. The regulator stated that the natural gas demand is on a downward trend in Southern California as a result the state's climate goals and policies.
Biden's DoE LNG Export Study Tepid on New Permits
The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review, triggering complaints from the oil and gas industry."The main takeaway is that a business-as-usual approach is neither sustainable nor advisable," Energy Secretary Jennifer Granholm told reporters ahead of the release of the study.
Colombia's Ecopetrol signs agreement with Parex Resources for oil and gas development
Ecopetrol, Colombia's largest state-owned energy firm, announced on Wednesday that it had signed five agreements to enhance the production of oil and natural gas in the Andean nation. The first four agreements will involve an investment of $350 million. These projects are planned in Colombia's Putumayo Province and Narino Province. Companies hope to increase crude oil volumes to the existing projects, as well as explore potential resources around the area. Ecopetrol announced that a $60 million investment will be made in the Cundinamarca Province to develop an exploratory well with the goal of producing light crude and gas.
A survey shows that big steelmakers are not switching to renewable energy sources.
A survey of 18 major firms revealed that the world's largest steelmakers are falling further behind in their shift to low-carbon production. Some still rely on fossil fuels as their primary source of energy. The steel industry is responsible for around 7% of the global CO2 emissions. This is about the same as India. Coal-fired blasting furnaces produce 2 tons of CO2 per ton of output. There are alternative technologies, such as electric arc-furnaces (EAFs), which can be powered by renewable sources. The climate group Action Speaks Louder…
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion. When it starts operating in 2025's first quarter, the company will focus initially on "transformational global investments". This is according to a statement from its parent Abu Dhabi National Oil Company. ADNOC made a series of acquisitions, including in the gas and chemical industries. Along with LNG and renewables, it sees these as pillars to its future growth.
World Bank: Bosnia must invest $6.8 billion to combat climate change impacts
Bosnia and Herzegovina faces risks of flooding, wildfires, and severe air pollution. A World Bank report released on Wednesday said that the country needs to invest 6,8 billion dollars over the next 10 years to offset the effects of climate change. The report stated that climate-related damages, including floods, could shrink Bosnia’s economy by as much as 14% by the year 2050. It also stressed the importance of nature-based solutions, such as the restoration of floodplains and the preservation and protection peatlands, to increase resilience and boost economic growth.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies implemented by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift the pause on liquefied gas export permits and work with Congress on repealing a fee for methane emissions during drilling operations.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies proposed by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift the pause on export licenses for liquefied gas facilities, and to work with Congress to eliminate a fee on drilling methane emissions.
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. Trump has pledged to remove the United States from international climate agreements…
Net zero target needs $3.5 trillion in annual green energy investment, Wood Mackenzie says
Wood Mackenzie's report on Tuesday said that the investment in green energy must double every year to $3.5 trillion if we are to reach the Paris Agreement goal of net zero emissions by the year 2050. The consultancy's report said that, in addition to the investment gap, global efforts to switch to cleaner energy are under pressure due to concerns about energy security and tariffs and barriers to trade, which are stunting the electrification of growth globally. According to the report, no major countries and only a handful of companies are on track to achieve the 2030 climate goals set forth in the Paris Agreement.
Sustech, a Japanese startup, has seen its valuation soar to over $800 million in the latest funding round
Sustech, a Japanese energy technology startup, is expected to raise $50m from investors. This will value the company at over $800m, according to people familiar with the matter. The Tokyo-based company wants to tap into the fast-growing global demand for cleaner energy. Sources said that the valuation of Sustech, which is 124 billion Japanese yen (816 million dollars), in its fourth fund-raising round, represents a 3.5 times increase from 35 billion yen last year. This brings it closer to the group of Japanese unicorns valued at over $1 billion. Sources declined to identify themselves as it is a private matter.
Adani Total Gas, India's largest CNG producer, posts higher Q2 profits on stable demand
Adani Total Gas, India's largest gas company, posted higher profits for the seventh consecutive quarter on Thursday. This was aided in part by increased sales of compressed natural gas (CNG), as the government pushes for more gas-powered vehicles. The company, which is part of the Adani conglomerate that specializes in ports-to-power, reported a 7.5% increase in its consolidated profits to 1,87 billion rupees (US$22.24million) for the three-month period ended September 30. CNG demand in India is increasing as the government aims to reduce vehicular pollution while making cleaner energy more available.
NextEra's performance in the third quarter beats estimates due to its renewables strength
NextEra Energy beat Wall Street's expectations for its third quarter profit on Wednesday. This was due to the strength of its renewables division. The forecasts for this year are brighter than ever, thanks to the growing demand for electricity from homes and businesses, as well as AI-backed data centres, and increased use of electricity by homes and businesses for heating and transportation. S&P 500 rose 5.5% in the third quarter while the index tracking utilities rose 18.4%. Companies like NextEra, which is the largest renewable energy company in the world, benefit from a strong push towards cleaner energy.
US Supreme Court will not halt EPA power plant emission rule
The U.S. Supreme Court refused on Wednesday to suspend a new federal regulation targeting carbon pollution from coal and gas-fired plants, despite the requests of many states and industry groups. This is another major setback to President Joe Biden’s efforts to fight climate change. The Justices refused emergency requests from West Virginia, Indiana, and 25 other states, most of which are Republican-led, as well as by power companies and industry association to stop the Environmental Protection Agency regulation while litigation is ongoing in a lower-court.
Britain has pledged up to 21,7 billion pounds for cleaner energy
The government announced on Friday that it will invest up to 28.46 billion pounds (21.7 billion pounds) in the development of carbon capture and storage and hydrogen technology for northern England. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. The Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will create 4,000 jobs in communities in Merseyside, and Teesside. This will ignite growth in these industrial corelands and power up the rest the country.
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments), has a pipeline of more than 25 gigawatts according to Macquarie. Macquarie’s investment comes as global firms face the brunt geopolitical turmoil, high borrowing rates and sticky inflation.
How Trump will try to undo Biden's environmental legacy
Donald Trump, the presidential hopeful, has outlined an energy policy that focuses on maximizing U.S. power and fuel output. This includes dismantling Biden's main efforts to combat climate change. The Republican campaign for the former president has stated that President Joe Biden's efforts in supporting the adoption of electric cars while reducing the use of gas and coal poses a threat to the country's power grid during a time when energy demand is soaring. They have promised changes to ease permits for new power stations and remove barriers to fossil fuel production.
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement, bpTT is required to buy gas from these fields in order for it meet its contractual obligations. This sale is part of a broader BP strategy to streamline operations and concentrate on assets with higher value.
Chevron pays $550 million to Richmond, California
Chevron Corp will pay Richmond City Council $500 million over a period of 10 years. The city made the announcement in a press release, after it dropped a ballot proposal on a tax on Richmond's oil refinery. Richmond was planning to ask voters for approval of a tax for the refinery that processes around 250,000 barrels per day. Richmond said Chevron must pay its fair share in the community, where it has operated for more than a century. In a statement on its website, the city said that as a result the settlement approved by the council on Wednesday, it agreed to remove the measure.
Jiaao, a biofuel company in China, has brought BP on board as an investor for its SAF unit
Zhejiang Jiaao Enprotech, a Chinese biofuel company, announced on Friday that its sustainable aviation (SAF), unit had entered into an investment agreement with BP. This is the first time a global oil giant has invested in China's green aviation fuel. BP will invest 354 million yuan (49.56 millions) in Lianyungang Jiaao Enproenergy Co., which is building a 500,000 tons per year SAF facility in the eastern coast city of Lianyungang. Jiaao was one of the first investors in China to invest more than $1 billion in turning waste cooking oil, which is a high-carbon fuel, into aviation fuel that can be exported and used for domestic use.
