Private investment firm Stonepeak Infrastructure Partners is expanding its reach in the liquefied natural gas (LNG) shipping space with the takeover of Teekay LNG in a transaction valued at $6.2 billion. The deal announced Monday would give New York-based Stonepeak access to the third-largest LNG carrier fleet in the world. Teekay owns or has stakes…
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Decarbonization Costs Squeeze LNG Suppliers
Suppliers of liquefied natural gas (LNG) are under increasing pressure to lower the carbon footprints of their cargoes. But the question of who pays for the costs of decarbonization is a tricky one, Poten & Partners analysts said Wednesday. With more LNG supply expected to come online by the middle of the decade, sellers are…
Williams, Ørsted Exploring Hydrogen, Synthetic Natural Gas in Wyoming
U.S. midstream giant Williams has partnered with Denmark’s Ørsted A/S to co-develop hydrogen or synthetic natural gas facilities powered by renewable energy. The companies signed a memorandum of understanding (MOU) to identify ways to leverage Ørsted’s renewables and hydrogen expertise with Williams’ natural gas infrastructure and processing experience to develop the projects. In particular, they…
Top Global Oil, Natural Gas Producers Set Bigger Targets to Cut Carbon, Methane Intensity
A dozen of the world’s largest oil and natural gas producers, whose goal when they came together was to cut emissions from their upstream businesses, have increased the targets for methane and carbon to 2025. The CEO-led Oil and Gas Climate Initiative (OGCI), launched in 2014, said Tuesday it has set more stringent targets to…
Energy Capital Ventures’ $45M Fund Designed to Bolster Natural Gas Industry’s ESG Commitments
Five natural gas utilities have committed $45 million to an Energy Capital Venture (ECV) fund to bolster digital advancements along with environmental, social and governance (ESG) strategies within the natural gas industry. Chicago-based ECV was founded in 2020 to focus on local distribution companies and natural gas utilities with an eye on creating a more…
Oregon Ban on New Natural Gas Power Plants Supported by PGE
Oregon utility Portland General Electric Co. (PGE) is embracing a move by the state that effectively bans any new or repowered fossil fuel electric generation plants, including those powered by natural gas. During a recent 2Q2021 earnings conference call, CEO Maria Pope said the energy transition to electrification and increased power demand fits nicely with…
National Transition to Net-Zero Emissions in ‘Early Innings,’ Says Xcel CEO
State proposals to transition toward net-zero carbon emissions remain in the “early innings” but there are opportunities for natural gas utilities, according to Xcel Energy Inc.’s incoming CEO. COO Bob Frenzel, who is taking over as CEO for retiring Ben Fowke, discussed the energy transition recently during a 2Q2021 earnings conference call. Frenzel was quizzed…
Xcel, NRG Report Better-Than-Expected Decarbonization Results, Unveil New Goals
Xcel Energy Inc. and NRG Energy Inc. recently reported carbon dioxide (CO2) reductions of more than 50% from baseline levels and unveiled new goals centered on electric vehicles as the utilities continue to search for ways to lower their emissions footprints. In its 16th annual sustainability report, Xcel reported a 51% CO2 reduction from electricity…
Engine No. 1 Looking Beyond ExxonMobil with ETF Launch
The investment group that convinced ExxonMobil shareholders to give it control of three board seats has launched an exchange-traded fund (ETF) as it looks to prod more companies into enhancing their sustainability efforts. The San Francisco-based company debuted the Engine No. 1 Transform 500 ETF (ticker: VOTE) with an initial commitment of $100 million. ETFs…
Schlumberger Gearing Portfolio to Reach Net-Zero Carbon by 2050
Schlumberger Ltd., the world’s largest oilfield services company, has joined its energy peers in committing to reach net-zero carbon emissions across the oil and gas value chain by 2050. The company said Tuesday it has spent 18 months analyzing and working with experts to produce a decarbonization plan. The focus is to reduce emissions from…