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...The companies include Saudi Aramco, TotalEnergies, BP, Shell and ExxonMobil....
...The church said it would also exclude all remaining smaller companies involved in oil and gas exploration, production and refining by the end of the year....
...News that the Israeli government awarded a further 12 exploration licences over the weekend, to operators including Italy’s Eni, and BP, underscores its growth ambitions....
...Emissions can happen throughout the LNG value chain, from extraction and production of gas to liquefaction and shipping....
...Among the US’s shale exploration and production specialists, analysts said larger remaining companies would look to combine to gain scale and present an attractive target for a supermajor buyout down the...
...“It is fair to assume that virtually every company focused on oil and gas exploration, production and refining is continuously looking to expand its oil and gas activities,” said Hortense Bioy, global director...
...The decision to allow exploration and potentially extraction has drawn fire from everybody from environmentalists and fishing groups to big companies and, most recently, the European parliament....
...Seasoned oil and gas investors know new exploration permits do not mean the North Sea’s taps will suddenly be jammed open. Exploration success is far from guaranteed....
...“What most countries are struggling with is: how do you get production, and industrial production, to [go] green....
...“There is a big risk of encouraging the initiation of an industry that, at least long term, is in secular decline,” said Michael Coffin, a former BP geologist who is now the head of oil, gas and mining at...
...Separately on Monday, BP announced it had started production at a new field in the North Sea called Seagull, which will produce 50,000 barrels of oil equivalent a day once fully ramped up....
...Indeed, the region has been central to the company since its foundation in 2011 by former BP chief Tony Hayward, with exploration and other expansion plans largely leading to share price falls....
...Wood Mackenzie forecasts peak production of 1.5mn b/d of production by 2033 — more than that of many Opec countries....
...Exxon peers in Europe such as BP and Shell have sold parts of their fossil fuel portfolio in response to climate concerns. Both companies have cut oil output since 2019....
...The unusually fast ramp-up could push production to 1.2mn b/d by 2027 — equivalent to about a third of Exxon’s current daily production....
...Starlee Sykes, head of BP’s Gulf of Mexico business, told the Financial Times in an interview that the company had responded to Biden’s call and planned to continue exploration for new oil and gasfields...
...But the transition is proving painful for smaller groups that specialise in finding and developing new resources — known as exploration and production companies....
...ExxonMobil is planning to spend $25bn on exploration and production in 2023 alone. But the companies are also pumping money into low carbon energy that the world needs to mitigate climate change....
...The unsolicited offer for Total’s Canadian oil exploration and production business includes the company’s stakes in two main oil sands projects with a combined production share of 135,000 barrels of bitumen...
...Before then gas was largely considered an unwanted byproduct of oil production and was usually flared on site....
...The bank has previously committed to restricting its lending to companies involved in oil and gas exploration and production by 2030 — by 80 per cent for oil and 30 per cent for gas....
...However, while Offshore Energies says production can be increased, even it acknowledges that, after 50 years of exploration, the North Sea is a declining field....
...Earnings before tax, interest depreciation, amortisation and exploration expenses rose to $4bn from $2.4bn in 2021....
...Today’s profits should be funding exploration of new business models....
...After years of falling investment in North Sea infrastructure, soaring gas prices are prompting a new wave of interest in gas exploration on the UK’s continental shelf....
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