Nations may be working to transition to net-zero carbon, but recent events prove that it will be decades before oil and gas are replaced by alternative energies, according to IHS Markit Vice Chairman Daniel Yergin.
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New York’s Retired Teachers Fund Ceasing Natural Gas, Oil and Coal Investments
The New York State Teachers’ Retirement System (NYSTRS) plans to end its investments in 20 natural gas, oil and thermal coal reserve holdings with a market value of $1 billion as they “pose climate-related risks” to the investment portfolio. The massive retirement fund in late December also said it wants to divest $66 million worth…
Calumet Clinches Financing to Advance Renewable Diesel Plans in Montana
Montana Renewables LLC (MRL) has closed $50 million of project financing to build a renewable hydrogen plant to increase renewable diesel output from its Great Falls, MT, refinery. MRL’s parent company is Calumet Specialty Products Partners LP. “Once complete, the renewable hydrogen plant will allow increased production of renewable diesel and further reduce the carbon…
New York’s Hochul Aiming to End Natural Gas Hookups Statewide by 2027
New York Gov. Kathy Hochul on Wednesday announced plans to end fossil fuel hookups, including for natural gas, in new buildings statewide within five years and accelerate deployment of clean energy. In her first state of the state address as governor, Hochul said she would propose legislation to end on-site greenhouse gas (GHG) emissions in…
NexTier Swapping More Diesel for Natural Gas-Powered Fleets, but Covid Variants Still Threatening
U.S. land-based NexTier Oilfield Solutions Inc. said pressure pumping work picked up in the final three months of 2021, with more fleets deployed than in the third quarter. The gains came despite the surge of Covid-related infections during December caused by the Omicron variant, management noted. The Houston-based oilfield services firm said it averaged 30…
TransAlta Completes Canada Switch to Natural Gas Generation from Coal
Calgary-based TransAlta Corp., a mainstay of investor-owned power generation, on Wednesday ended 65 years of burning coal in its Canadian thermal plants by completing a fuel switch to natural gas for its Alberta network. The company announced its 463 MW Keephills Unit 3, west of Edmonton near Wabamun, finished the historic change. The firm is…
Eastern Generation Scuttles Natural Gas Plans as New York City Advances Energy Transition
Eastern Generation LLC, which accounts for nearly 18% of New York City’s power generation capacity, is withdrawing its application to regulators to repower the Gowanus Generating Station with gas turbines. Instead, the company plans to install 350 MW of energy storage solutions. “Eastern Generation is well positioned to assist in the transition to a carbon…
BP Expands RNG Footprint with Stakes in UK’s Gasrec, Top Biomethane Supplier
BP plc is expanding its biomethane opportunities in the UK after taking a 28.6% stake in Gasrec, which builds and operates renewable gas-fueled liquefied natural gas (LNG) and compressed natural gas (CNG) stations for road transport. The integrated major agreed to supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and…
Houston’s Vopak Moda Eyeing Energy Transition with Hydrogen, Ammonia Terminal
A deepwater-capable marine terminal recently commissioned in the Port of Houston could become a key Gulf Coast hydrogen and low-carbon ammonia hub, according to the joint venture (JV) partners. The Vopak Moda Houston LLC project by JV partners Royal Vopak and Moda Midstream is In the heart of the Houston area’s petrochemicals complex near ammonia,…
Apache Prioritizing Egypt’s Oil, Natural Gas with Updated Production Contracts
Egypt’s importance to the portfolio of APA Corp. is advancing after the Houston independent and its Chinese partner secured updated production sharing contracts (PSC). The PSCs between exploration unit Apache Corp., 66% owner, and minority joint venture (JV) partner China Petrochemical Corp., aka Sinopec, consolidated 90% of gross production into a single concession and refreshed…