Day: October 1, 2020

Exxon Set For Another Loss In Q3

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ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30. Exxon’s upstream business, which booked a loss of US$1.7 billion in Q2, will see its exploration and production division get a boost of between US$1.4 billion and US$1.8 billion in…

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The Harsh Reality Of A Low Carbon Future

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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining in high-risk areas. In these places, competition over resources such as water and land may negatively impact surrounding communities. “Past research has raised concerns about the environmental, social and governance…

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Texas Taxpayers Face $117 Billion Bill For Orphaned Oil Wells

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The state of Texas and its taxpayers could be on the hook for paying up to US$117 billion for the cleaning-up of abandoned wells as a growing number of U.S. oil companies go bust, and the guarantees for paying for the cleanup cover only 1 percent of estimated costs, a report by climate finance think-tank Carbon Tracker showed on Thursday. U.S. oil and gas producing states and taxpayers may have to pay in total as much as US$280 billion in cleanup costs, with Texas leading with US$117 billion, followed by…

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Nord Stream 2 Nears Completion After Clearing Another Hurdle

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Denmark cleared on Thursday the final hurdle to Nord Stream 2 potentially starting operations in Danish waters, while the U.S. continues its attempt to stop the Russia-led natural gas pipeline project. On Thursday, the Danish Energy Agency said it had granted Nord Stream 2 AG, the company behind the project, an operations permit for the Nord Stream 2 pipelines on the Danish continental shelf, on a number of conditions. “Commissioning can only take place when at least one of the pipelines has been tested, verified and when relevant conditions in…

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Blue Ammonia: Another Major Breakthrough For Hydrogen Power

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Net-zero goals cannot be met by rising renewable energy usage and wider adoption of electrification in transport alone. The world will need to reduce the emissions from existing energy systems and from heavy industries such as cement, steel, or chemicals production if it hopes to meet the ambitious climate goals and stick to the target in the Paris Agreement to limit global temperature rise well below 2 degrees Celsius. The decarbonization of the energy infrastructure, the reduction of greenhouse gas (GHG) emissions in heavy industries, and the production of low-carbon…

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