Elon Musk calls US to increase fossil fuels production

Tesla CEO Elon Musk said the US must “immediately” increase its production of crude oil and natural gas amid the ongoing Ukraine crisis which has roiled energy markets. “Hate to say it, but we need to increase oil & gas output immediately,” Musk tweeted.“Extraordinary times demand extraordinary measures,” he tweeted. In the aftermath of Russia’s

Why sanctions on Russia aren’t targeting oil and gas?

There’s an elephant in the room. Since Thursday, when Russian troops stormed into Ukraine, the U.S., the E.U., and their allies have announced a raft of sanctions designed to hurt Russia’s economy and financial system, and make President Vladimir Putin reconsider his invasion. But measures targeting exports of oil and gas, which provided 36% of

Experts sound the alarm on oil sector’s blue hydrogen push

The oil and gas industry is promoting the use of “low-carbon” hydrogen derived from methane that is potentially dirtier than burning fossil gas for energy, scientists and analysts have told Climate Home News. Observers say the European Commission’s decision to classify gas as a transition fuel in its green investment list leaves the door open

Oil and Gas UK removes any mention of fossil fuels in rebrand

Fossil fuels leaders have been accused of a “PR stunt” as an attempt to “avoid the real changes needed” to Scotland’s energy mix after any mention of oil and gas was removed from the name of the industry body. Oil and Gas UK will now be known as Offshore Energies UK with industry bosses announcing

Europe’s biggest banks provide £24bn to oil and gas firms despite net zero pledges

Europe’s biggest banks led by HSBC, Barclays and BNP Paribas have provided £24bn to oil and gas companies that are expanding production less than a year since pledging to target net zero carbon emissions, data shows. Investments to drill new oil wells and tap fresh gas reserves, backed by funds from major banks, appear to

Oil and gas bankers confront their own energy transition

Can oil bankers learn renewable tricks? They may need to in this climate, judging by the experience of Douglas MacKenzie, a Citigroup banker who has spent decades advising global energy giants on fossil fuel deals since joining Goldman Sachs as an associate in 1985. “I cover Big Oil. I’m a supermajor guy,” the 63-year-old said.

India to double down on oil, gas exploration: Hardeep Singh Puri

India will more than double the area that is under exploration and production of oil and gas to 0.5 million square kilometre by 2025 and to 1 million sq km by 2030 with a view to raising domestic output and cut reliance on imported fuel, Petroleum Minister Hardeep Singh Puri said on Friday. The world’s

India major driver of fuel demand: Puri

Inviting global firms to invest in the opportunities in the country’s oil and gas sector, Union minister of petroleum and natural gas Hardeep Singh Puri said on Wednesday that the “real growth story as a critical driver of (fuel) demand will come from India”. Puri was speaking at the inauguration of the oil and gas

How industry is depending on carbon capture technology for climate goals

Industries from cement to mining are creating plans to cap and cut their planet-warming emissions, and many depend on a technology still in development: carbon capture. There are two main types of carbon capture and storage: Point-source carbon capture and storage (CCS) sequesters CO2 produced at the source, like a smokestack, while direct air capture