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...The Biden administration has for the first time in several decades ratcheted up the cost of drilling on public lands in a landmark new regulation as it seeks to crack down on the oil and gas industry ahead...
...Companies in Cornwall in south-west England, for example, are currently exploring how to best capture the metals and minerals from a local geothermal plant....
...But it was also criticised by environmental campaigners, who called it a “missed opportunity” to minimise future drilling....
...It may well sell down its stake to an international oil company. Candidates include Shell, Total and Chevron, which are all drilling, or planning to drill, in the same Orange oil basin....
...Only the wealthiest nations and companies can afford such risk. And even then, western oil companies, such as Shell and BP, have withdrawn from the region after investing billions of dollars....
...His administration also recently moved to restrict offshore drilling leases and froze permits for new liquefied natural gas infrastructure....
...Yet the pace of oil production growth is set to slow in the coming years, as prime acreage runs low and Wall Street insists on shareholder returns over new drilling campaigns from energy companies....
...Venezuela’s revolutionary socialist President Nicolás Maduro has ordered state companies to exploit oil deposits and mines in territory run by Guyana after boasting of an “overwhelming” people’s mandate...
...He has advocated a new model of capital discipline in the industry to win back investors who fled the space in response to excessive spending on new drilling....
...The RAN report noted that some banks had rolled back on green measures, however, including Bank of America which had dropped its exclusions on Arctic drilling, thermal coal, and coal-fired power plants....
...None of the oil majors participated in the original lease sale, and two of the nine sold leases were already refunded at the request of the companies prior to Wednesday’s announcement....
...The deal follows a wave of merger and acquisition activity in the US oil and gas sector, as companies seek to acquire dwindling drilling acreage....
...It is unpopular with environmentalists who argue that CCS enables oil companies to keep drilling....
...The vote will force state oil company Petroecuador to dismantle its operations in the Yasuní park....
...Biden’s calls for more drilling....
...As a result of higher prices, 2022 was the most profitable year on record for publicly traded US oil companies....
...The London-listed company blamed a slowing US economy for the reassessment of the value of some of its brands....
...He has also drawn up legislation encouraging more oil and gas drilling in the North Sea....
...But they also provide access to sophisticated technologies that are vital to support exploration and development of complex drilling operations....
...The deal is the latest in a series of large-scale merger and acquisition activity in the US shale patch as companies look to snap up the best remaining drilling acreage....
...Wood Mackenzie believes operators can shave about $5 a barrel off the break-even costs of drilling that sit at about $30-$35 a barrel in the basin....
...Spring Lantern Festival Another Lunar New Year celebration. Huge lantern exhibitions sprawl across the city, including at the HK Cultural Centre....
...The former cabinet minister argued that the extra drilling would have virtually zero effect on people’s energy bills given UK fossil fuel production is controlled by private companies and sold on global...
...“I’ve been at the company for 34 years and I have never seen a demand environment like we are in today,” said the boss of one replacement parts company....
...At an energy conference in Oklahoma City last week organised by billionaire shale tycoon Harold Hamm, many companies said the Biden administration’s restrictions on drilling on federal lands and waters,...
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