Net Zero

Shell plc is not going to determine how quickly the energy transition happens, but there is a role for natural gas and oil, the CEO said Thursday. CEO Wael Sawan, who took the helm in January from long-time chief Ben van Beurden, was the opening speaker at CERAWeek by S&P Global in Houston. Asked if…

Global oil demand is falling, but natural gas prospects, including for LNG, will depend on the speed of the energy transition, with rising consumption in emerging economies expected to be offset by the developed world’s lower carbon resources, according to BP plc. The BP Energy Outlook 2023, the annual report by the supermajor, focuses on…

A new study has found that carbon capture and storage (CCS) technologies are a necessary component to natural gas serving as part of a transition toward lower carbon emissions. The research was undertaken by academics across universities in Canada and the United States, and was published in the peer-reviewed journal Nature Climate Change. The team…

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…

Shareholders made demands mostly around reducing carbon emissions, but the fireworks that lit up annual meetings last year were missing for ExxonMobil and Chevron Corp.  Investors overall stuck with board recommendations at the two events in late May. However, there was more support for increased climate disclosures. At the ExxonMobil annual meeting last week, 52%…

Calgary-based Suncor Energy Inc. announced plans Monday to sell its wind and solar power assets to shift the focus of its environmental products division to renewable fuels and hydrogen. “We are adjusting our portfolio for fit and focus,” President Mark Little said.  No target date and no  asking prices were announced for divesting the green…

The Alberta government announced a first shortlist Thursday of eligible bidders for provincially owned geological formations needed for carbon capture, utilization and storage (CCUS) sites. “If developed, these hubs will help safely grow and diversify Alberta’s energy sector and reduce emissions for multiple industries,” said the provincial government.  CCUS projects would reflect a key provincial…

Natural gas, along with existing infrastructure, could underpin efforts by Southern Company Gas to reach net zero direct greenhouse gas (GHG) emissions by 2050, according to a new study conducted by consulting firm ICF International Inc. “We are committed to finding sustainable clean energy solutions without burdening our customers,” said Southern Company Gas CEO Kim…

BP plc CEO Bernard Looney said Tuesday natural gas and oil production may be cut sharply by the end of the decade, but the annual profits from the core business are going to be more than enough to transition to sustainable, low-carbon projects.  Investments in greener energy sources are slated to grow by double-digits to…