The world’s largest oilfield services company and the world’s largest oil company are partnering to develop a digital platform to help decarbonize hard-to-abate industrial sectors. Schlumberger Ltd. and Saudi Arabian Oil Co. (Aramco) said this week that, “The proposed platform will enable companies in industries such as oil and gas, chemicals, utilities, cement and steel…
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BP’s Takeover of EDF Energy Services to Expand U.S. Natural Gas, Power Business
BP plc, the top North American natural gas marketer, is building its estimable U.S. commercial and industrial retail power and gas arm with the purchase of Houston-based EDF Energy Services (ES). The agreement would provide “opportunities…to enhance and deliver additional lower carbon integrated energy solutions,” according to BP. The purchase of ES also is likely…
Regional Hydrogen Hubs Grow Ahead of Federal Funding Opportunities
Two New England states recently joined the northeastern regional hydrogen hub coalition, adding to the expanding list of agencies ready to benefit from federally funded projects. With the addition of Rhode Island and Maine, the New York-led coalition now involves six states. Connecticut, Massachusetts and New Jersey were the first to partner with the New…
Inflation Reduction Act Seen Vastly Improving CCUS Economics for Natural Gas Power Plants
The Inflation Reduction Act of 2022 (IRA) could more than double the amount of carbon dioxide (CO2) emissions that can economically be abated via carbon capture, storage and utilization (CCUS), according to modeling by Enverus. Natural gas-fired power plants, oil refineries and upgraders, as well as cement production, are among the emitting sources that would…
Canada, Germany Advancing Energy Cooperation Agreement to Hammer Russian Influence
A mammoth wind-powered hydrogen production project planned in Newfoundland is poised to emerge as a frontrunner to keep the Canadian government’s promise to deliver new supplies for energy-hungry Europe. Prime Minister Justin Trudeau and German Chancellor Olaf Scholz plan to unveil an energy cooperation agreement at the Stephenville deepwater port site for the proposed Project…
Aramco CEO Warns Oil and Gas Industry ‘Not Investing Enough’ as Profits Surge on High Prices
Underinvestment in oil and natural gas supply could threaten global energy security and decarbonization efforts over the coming years, according to the CEO of Saudi Arabia’s state-owned oil behemoth. Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser hosted a conference call to discuss the national oil company’s (NOC) record-breaking first-half results. “Oil demand is likely…
Natural Gas, Oil Industry-backed Louisiana CCS Law Builds Case for Renewable Diesel Project
A new Louisiana carbon capture and sequestration (CCS) law should benefit the state’s renewables as well as natural gas and oil sectors, industry officials told NGI. Act 163, which took effect Aug. 1, provides extra carbon dioxide (CO2) “reservoir storage security” in Caldwell Parish, reported Strategic Biofuels LLC. The firm plans to develop the Louisiana…
Oil, Natural Gas Industry Reaction Mixed as Blockbuster Climate, Spending Bill Heads to Biden’s Desk
The House on Friday passed the Senate-approved Inflation Reduction Act of 2022 (IRA) by a margin of 220-207, clearing the way for President Biden to sign the landmark climate and energy bill into law. The legislation includes investing an estimated $370 billion to decarbonize domestic energy and transport sectors, and it targets a roughly 40%…
Canada’s Oilsands E&Ps Eyeing Enhanced Returns, Decarbonization
Calgary-based Imperial Oil Ltd. plans to use proceeds from high oil prices it realized during 2Q2022 to return more cash to shareholders and reduce greenhouse gas (GHG) emissions; goals echoed by its Canadian peers. The management teams of Canadian Natural Resources Ltd. (CNRL), Cenovus Energy Inc., Imperial and Suncor Energy Inc. each held recent conference…
Cenovus Chief Urges Less Aggressive Canada GHG Targets for Natural Gas, Oil Producers
Framing the Canadian government’s goals for cutting greenhouse gas (GHG) emissions from fossil fuel production as too much, too soon, management at Cenovus Energy Inc. expressed doubts about how workable the system would be for natural gas and oil producers. “I am very worried that if we remain on this path, it could lead to…