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...Commodity traders are anticipating huge increases in demand and volatility in gas and electricity markets as the global energy system transitions away from more polluting oil and coal....
...“These oil deliveries constitute a full-frontal assault against the sanctions regime, which is now on the brink of collapse,” said Hugh Griffiths, a former co-ordinator of the UN panel that monitors sanctions...
...in trading Russian oil....
...In addition, methane, which is the main component of natural gas, is a much more potent greenhouse gas than CO₂ when it leaks into the atmosphere....
...Woods said the discussions had “put way too much emphasis on getting rid of fossil fuels, oil and gas, and not . . . on dealing with the emissions associated with them”....
...Oil and gas executives were the most likely to share this view....
...But industry leaders argue consumers are unwilling to pay the costs associated with a rapid shift to wind and solar energy....
..., referring to Saudi Aramco’s remarks earlier this week calling the phase out of oil and gas a “fantasy”....
...Oil trading represents about 30 per cent of total revenues. Alongside gas and power trading, the group is investing in green technologies such as battery storage and biogas....
...ExxonMobil has filed for arbitration to claim rights associated with a valuable oil find off the coast of Guyana that is central to rival Chevron’s planned takeover of Hess, escalating a dispute that threatens...
...We start with the oil and gas sector that is due to wrap up a bumper earnings season this week....
...The changes reflect chief executive Wael Sawan’s plans to keep oil production flat and expand sales of liquefied natural gas while being more selective about the types of low-carbon energy products it sells...
...“There is no way the US rig count grows after the recent wave of consolidation,” Conrad Gibbins, co-head of the upstream Americas business at Jefferies, told me....
...Saudi Arabia expects to free up a further 1mn b/d of oil for export by displacing liquid fuels used in the kingdom for power generation with gas, the person added....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...Australia’s two largest oil and gas companies have called off merger talks, ending months-long negotiations to create a $52bn liquefied natural gas company....
...Natural gas emits less CO₂ than coal when burnt, but its main component, methane, is a more potent greenhouse gas than carbon dioxide, albeit shorter-lived....
...Diamondback Energy’s $26bn deal for rival Endeavor Energy this week brought to almost $180bn the value of an oil and gas dealmaking spree that has reverberated across the US shale patch since the beginning...
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...The potential tie-up comes as a wave of merger and acquisition activity sweeps across the US oil and gas sector as companies look to build scale and bulk up on dwindling prime drilling acreage....
...Overall, almost no oil or gas group is doing enough to advance a greener global economy, despite what many claim....
...An Australian court has dismissed an attempt by members of the indigenous population of the remote Tiwi Islands to block a new gas pipeline being built by oil and gas major Santos, ruling that it would not...
...The bulk of Glencore’s emissions are classed as “scope 3” — arising from its customers’ use of commodities such as coal, oil and natural gas that it produces and trades....
...Australia’s two largest oil and gas companies have opened talks over a potential near-A$80bn ($52bn) merger to create a national champion in liquefied natural gas production in a further sign of consolidation...
...Other industry groups condemned Biden’s move — not only oil and gas producers but also the American Gas Association, a trade group for utilities that deliver fuel to end consumers....
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