Carbon credits enjoyed significant popularity a few years back, but a media investigation revealed that most fail to deliver on the promises of conservation and emission reduction. Nevertheless, many continue to push for expanded carbon credit trading, touting it as a win-win solution. However, this argument may be both flawed and costly.
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 8. In fuels, however, inventories fell.
The UK government has admitted in court that its approval of the giant Rosebank oilfield off Shetland was unlawful. Government lawyer Chris Pirie KC accepted at an Edinburg court that the previous Conservative administration did not include “the effects on climate of the combustion of oil and gas to be extracted from the fields.”
Rystad Energy’s just-launched annual flagship report Global Energy Scenarios 2024 provides a strategic roadmap for a low-carbon future and an in-depth look at what it will take to achieve the IPCC’s 1.6°C scenario.
The demand growth projection for 2025 was revised slightly down to 990,000 bpd from 998,000 bpd, as the agency warned that demand growth this year and next will be much lower than in previous years, also because of weak Chinese demand.
Protesters shut down oil distribution valves in response to the kidnapping of a senior intelligence officer, for which they blame the government in Tripoli.
Halliburton will expand its presence in Namibia with new oilfield and support services facilities at four locations, including the country’s main ports, the company announced on Wednesday.
The campaign aims to drill a debut exploration well in the waters of southern Namibia and is expected to last six months. The value of the contract was not disclosed.
Speaking on the state of the petroleum industry, he highlighted key challenges that have discouraged exploration and production activities, contributing to a consistent drop in oil and gas output over recent years.
TotalEnergies is targeting first oil in 2028 from GranMorgu, which is located 150 kilometres off the coast of Suriname. The asset is being exploited via subsea wells tied into a floating, production, storage and offloading vessel.