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Oil major Shell has set a new target to reduce its Scope 1 and 2 emissions by 50 per cent compared to 2016 levels by 2030, regardless of the outcome of its appeal against the Dutch Court’s ruling. Shell announced an absolute emissions reduction target of 50 per cent by 2030, compared to 2016 levels on... Continue Reading →
(Reuters) - TotalEnergies (TTEF.PA) said high gas prices in Europe and Asia could last into spring as the French energy group reported a sharp rise in third quarter earnings on Thursday on surging power prices. The company's third-quarter adjusted net profit soared to $4.8 billion, from just $848 million last year, from core earnings that more than... Continue Reading →
Royal Dutch Shell set itself tougher emissions-cutting targets on Thursday, even as it reported a lower-than-expected third-quarter profit of $4.13 billion. The oil major said it would cut absolute emissions from its operations and the electricity it uses, known as Scope 1 and 2 emissions, by half by 2030 compared with 2016. The company has... Continue Reading →
Global wind power leader Iberdrola reported a 10% fall in net profit on Wednesday but beat market expectations for a turbulent nine months on energy markets which saw its home government in Spain swoop on utilities' earnings. Power and gas prices have soared to record highs around the world as economies fired up after the... Continue Reading →
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in... Continue Reading →
(Reuters) - BP's trading team made at least $500 million in the third quarter of 2021, two sources with knowledge of the company's trading results said, as the energy major benefitted from a gas crisis that has left consumers and industries smarting. Natural gas and power prices soared to an all-time high in Europe and... Continue Reading →
ADC Energy, an Aberdeen-based offshore rig inspection firm, has announced the completion of a trial with "a major rig owner" that found that an upgrade to Dynamically Positioned (DP) rigs power systems can reduce carbon emissions by nearly 5,000 tonnes per year. "Typical DP drilling units operate in HV split-bus, or open-bus, configuration with the... Continue Reading →
(Reuters) - Hydrogen produced from renewable energy sources will account for 20% of Europe's power consumption in 2050, and for 10% globally, a report published by Norwegian power company Statkraft on Thursday showed. Green hydrogen is produced by splitting water molecules with a current of renewable electricity in electrolysers. The gas is touted as a... Continue Reading →
(Reuters) - The giant Itaipu hydroelectric power plant, wedged between Paraguay and Brazil on the Parana River, is facing an energy crunch amid record low river and rainfall levels that experts say could last into next year. The Itaipu dam, which supplies around 10% of the energy consumed in Brazil and 86% of that used... Continue Reading →
(WO/Bloomberg) --Guyana will likely become one of South America’s top oil producers over the next four years, but the world’s newest petrostate increasingly sees gas as the bedrock for growing its domestic economy. Work will begin on constructing a major gas-fired power plant in 2022 on the expectation that a 220-kilometer (135-mile) pipeline will be... Continue Reading →
