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IEEFA: ExxonMobil contract leaves Guyana out of oil gains

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

More News and Commentary

Houston technology conference “bellwether for entire fossil fuel industry”

Houston Chronicle: The energy transition is well underway at the Offshore Technology Conference in Houston, and everyone in the fossil fuel industry should pay attention. Following the cancellation of last year’s OTC due to the COVID-19 pandemic, the four-day conference of energy suppliers, producers and supporters will be much smaller. Fewer panels, fewer technical discussions […]

August 19, 2021 Read More →

Controversial ExxonMobil Guyana project faces potential safety disaster

The Guardian: ExxonMobil’s huge new Guyana project faces charges of a disregard for safety from experts who claim the company has failed to adequately prepare for possible disaster, the Guardian and Floodlight have found. Exxon has been extracting oil from Liza 1, an ultra-deepwater drilling operation, since 2019 – part of an expansive project spanning […]

August 18, 2021 Read More →

Brazil rolls out $3.9 billion plan to support nation’s coal industry

Bloomberg ($): Brazil is offering a lifeline to its coal industry even as the world’s scientists make it crystal clear that fossil fuel use must stop to avoid the worst effects of climate change. Brazil’s Mines and Energy Ministry on Monday published details of a new program that would support the coal sector through 2050 […]

August 11, 2021 Read More →

Sonnedix wins permit for 150-MW solar project in Chilean desert

Renewables Now: Independent power producer Sonnedix Power Holdings Ltd has obtained an environmental permit for the 150-MWp Sonnedix Tres Cruces solar project in the Atacama region in Chile. The Environmental Qualification Resolution (RCA) issued by the country’s environmental evaluation service SEA certifies that the project in question complies with environmental regulations and can be executed, […]

August 10, 2021 Read More →

Argentina eases wind energy development rules for economic crisis

Wind Power Monthly: Argentina is easing conditions on wind energy developers to unlock projects held up by the country’s long-running economic crisis. Under a ruling issued 3 August by Energy Secretary Dario Martinez, developers will be given more time to complete construction of their wind energy projects awarded power purchase agreements under the Renovar series […]

August 6, 2021 Read More →
IEEFA: ExxonMobil contract leaves Guyana out of oil gains
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IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

Engie to build 1.5GW of solar, wind and battery projects in Chile

PV Tech: Engie Chile has been awarded rights to develop two hybrid projects in Chile that will combine solar, wind and battery storage and have a combined capacity of 1.5GW. The concessions to the projects, which will be constructed in the northern Antofagasta region, were secured by the company through a public tender process carried […]

July 1, 2021 Read More →

Funding for $3B Zimbabwe coal plant dumped by biggest China bank

Bloomberg Quint:  China’s biggest bank dumped a plan to finance a $3 billion coal-fired power plant in Zimbabwe, dealing a blow to coal developers in Africa that see the Asian country as the last potential funder of their projects. Industrial and Commercial Bank of China Ltd. told Go Clean ICBC, an ad-hoc body representing 32 […]

June 30, 2021 Read More →

Enel starts commercial operations at South America’s largest wind farm

Energy Live News: Enel Green Power, a subsidiary of Enel Group, has started commercial operations of what is described as South America’s largest wind farm. The company has invested €620 million (£533m) in the construction of the 716MW Lagoa dos Ventos wind farm. The project consists of 230 wind turbines and is forecast to generate […]

June 11, 2021 Read More →

U.S. has to exceed pace of solar, wind construction to meet 2050 goal

New York Times ($): President Biden has promised to sharply reduce America’s planet-warming carbon emissions, which means changes to the country’s energy system may reshape landscapes and coastlines around the country. The United States is now aiming to bring emissions down to net-zero by 2050, meaning the country would eliminate as much greenhouse gas as […]

May 28, 2021 Read More →