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Reuters: Offshore wind is at an “inflection point” for growth as costs for the renewable power source fall and technologies advance, BP’s zero carbon energy executive said at a conference on Thursday. “The offshore wind potential is global and (we) should expect more countries around the world to follow suit,” Felipe Arbelaez, a senior vice […]
Press Release, Trey Cowan and Clark Williams-Derry
Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decade
March 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]
IEEFA
Market Watch: BP and Chevron have made a landmark expansion into geothermal energy on Tuesday, betting on a new technology that could prove to be the world’s first scalable clean energy derived from a constant source: the natural heat of the earth. The two major oil companies have headlined a $40 million funding round into […]
Tom Sanzillo and Guest Commentary: Gerard Kreeft
After 25 years of deepwater drilling, African nation sinks $76B deeper in debt
The South American country of Guyana, the latest nation to have discovered commercial reserves of oil and gas, hopes to raise its standard of living, cut its debt, eliminate its deficit and create a sovereign wealth fund. It is in a weak position to accomplish these goals. Consider the example of Angola, which has hosted […]
IEEFA
Reuters: RWE, BP and Total were among winners in Britain’s first major auction of offshore wind farm leases in more than a decade, British authorities said on Monday. Countries across the globe are racing to build up green power in order to slow global warming in line with the Paris climate accord. Britain plans to […]
IEEFA
Greentech Media: Green hydrogen is set to play a substantive role in the overall energy mix with its development likely to happen faster than anyone predicts, according to a new report by Wood Mackenzie. The 2050: The Hydrogen Possibility report details how the project pipeline has grown nine-fold since October 2019 to a staggering 26 […]
IEEFA
Bloomberg: Big Oil suffered a fresh setback after one of the most influential rating companies warned it may cut the credit score of Exxon Mobil Corp., Royal Dutch Shell Plc and a plethora of other major energy companies due to “greater industry risk” associated with climate change. The move by S&P Global Ratings comes as […]
IEEFA
ReNews.biz: Lightsource BP has concluded a $380m financing and begun construction of 316MW of solar in Texas. The projects are the 163MW Elm Branch and the 153MW Briar Creek and commercial operation of both projects is expected by late 2021. Tax equity financing for the projects was secured from Bank of America. The debt for […]
IEEFA
Greentech Media: The state of New York has awarded 2.5 gigawatts of offshore wind projects to developers Equinor and BP, the largest yet in the state’s massive offshore wind build-out and one of the single largest U.S. renewable energy contracts yet awarded. Wednesday’s award, announced by New York Gov. Andrew Cuomo during his 2021 State […]
Tim Buckley
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced a comprehensive coal exit policy with a commitment to phase out both project and general corporate financing of thermal coal mining and coal-fired power generation across its portfolio by 2040. This is a first in several ways. CIMB is the first Malaysian bank to act on a formal […]
IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors
Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decadeMarch 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]