Oil Sands

IEEFA Research

IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal

20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]

IEEFA report: Pandemic, price collapse may be final straw that sends Argentina’s ailing “Dead Cow” to slaughter

IEEFA report: Pandemic, price collapse may be final straw that sends Argentina’s ailing “Dead Cow” to slaughter

Reduced investment plans by foreign partners make bad situation worse for struggling Patagonia oil and gas reserve

June 24, 2020 (IEEFA Argentina) — Once seen as a silver bullet to solve the country’s economic and energy problems, development of the vast Argentine oil and gas shale reserves known as Vaca Muerta (“Dead Cow”) in Patagonia has sputtered to a near-halt, according to a new report by the Institute for Energy Economics and […]

Informe de IEEFA: El colapso de los precios provocado por la pandemia podría ser la gota que rebalse el vaso y termine definitivamente con la debilitada «gallina de los huevos de oro» de Argentina

Informe de IEEFA: El colapso de los precios provocado por la pandemia podría ser la gota que rebalse el vaso y termine definitivamente con la debilitada «gallina de los huevos de oro» de Argentina

La reducción de los planes de inversión de los socios extranjeros empeora la ya mala situación de la reserva de petróleo y gas no convencional de Patagonia

24 de junio de 2020 (IEEFA, Argentina) — Según un nuevo informe del Instituto de Economía Energética y Análisis Financiero (IEEFA, por sus siglas en inglés), la explotación de las inmensas reservas de gas y petróleo no convencional conocidas como Vaca Muerta, que solía ser consideradas como panacea para resolver los problemas económicos y energéticos […]

Press release: IEEFA statement on Teck Resources decision to withdraw Frontier Mine proposal

February 24, 2020 – Tom Sanzillo, Director of Finance for the Institute for Energy Economics and Financial Analysis (IEEFA), made the following statement today on Teck Resources’ decision to withdraw its proposal to build the Frontier oil sands mine in Alberta: “Teck’s leadership has acknowledged that conditions have changed, and the $20 billion Frontier project […]

and February 24, 2020 Read More →
IEEFA report: Teck Resources’ Frontier Oil Sands project shows reckless disregard for financials

IEEFA report: Teck Resources’ Frontier Oil Sands project shows reckless disregard for financials

Joint Review Panel’s approval was based on inflated oil price projections

January 15, 2020 (IEEFA North America) – The Joint Review Panel (JRP) approved Teck Resources’ proposed Frontier oil sands mine, now under federal government review, based on inflated oil price estimates of $95/barrel or better “for years to come,” which is  “misguided and reckless,” according to a report released today by the U.S.-based Institute for […]

IEEFA Argentina: La producción de petróleo y gas en Vaca Muerta, en la Patagonia, a la espera de que el nuevo presidente del país marque el rumbo

IEEFA Argentina: La producción de petróleo y gas en Vaca Muerta, en la Patagonia, a la espera de que el nuevo presidente del país marque el rumbo

Los inversores extranjeros pisan el freno ante la preocupante situación política y económica

6 de diciembre de 2019 (IEEFA) ‒ La actividad de la industria del petróleo y el gas en Vaca Muerta, la enorme reserva de esquisto situada en el norte de la Patagonia, Argentina, ha disminuido y en muchos casos se ha detenido por completo a la espera de que el presidente entrante del país fije […]

IEEFA Argentina: Oil and gas production in Vaca Muerta, Patagonia awaits direction from new leadership

IEEFA Argentina: Oil and gas production in Vaca Muerta, Patagonia awaits direction from new leadership

Foreign investors hit pause button amidst concerns over political and economic environment

December 5, 2019 (IEEFA) ‒ Efforts by the oil and gas industry to develop Vaca Muerta, Argentina’s vast shale reserves in northern Patagonia, have slowed and in many instances, come to a halt, as the industry awaits direction from the country’s incoming president. Alberto Fernández, who will take office on December 10, has yet to […]

IEEFA report: Additional $320 million in subsidies used to finance Trans Mountain Pipeline in first half of 2019

IEEFA report: Additional $320 million in subsidies used to finance Trans Mountain Pipeline in first half of 2019

Economic case for TMX weaker than ever, according to financial analysis

November 19, 2019 (IEEFA North America) – The most recent analysis by the Institute for Energy Economics and Financial Analysis (IEEFA) shows an additional $320 million in new subsidies was given in the first six months of this year to finance the already highly-subsidized multi-billion dollar Trans Mountain Pipeline (TMX), calling into question the economic […]

IEEFA update: Aftermath of Saudi oilfield bombings sound warnings for future volatility

IEEFA update: Aftermath of Saudi oilfield bombings sound warnings for future volatility

State-owned oil interests hold back global progress on climate change

September 24, 2019 (IEEFA) – The recent bombings of Saudi Arabia’s oilfields boosted energy stocks globally only to return to previous levels a few days later. The fleeting jump in oil prices confirmed the over-abundance of supply as well as the need to reduce reliance on fossil fuels, according to a briefing note released today […]

Actualización IEEFA: Crisis financiera argentina ofrece oportunidad de repensar plan energético nacional

Actualización IEEFA: Crisis financiera argentina ofrece oportunidad de repensar plan energético nacional

Estrategia podría ajustarse para reflejar las tendencias del mercado y una mayor asequibilidad de las energías renovables

13 de septiembre de 2019 (IEEFA) – La crisis financiera argentina presenta una oportunidad para repensar su plan energético nacional, que depende excesivamente de las reservas no convencionales (fracking) de petróleo y gas en Vaca Muerta, Patagonia, según un informe publicado hoy por el Instituto de Economía Energética y Análisis Financiero (IEEFA). La nota informativa […]

More News and Commentary

New York state pension fund to divest from six Canadian oil sands companies

Reuters: New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday. The New York State Common Retirement Fund will divest more than $7 million in securities already held […]

April 13, 2021 Read More →
IEEFA: ExxonMobil’s 2020 financial report: “Re-de-booking” raises questions about actual size of reserves

IEEFA: ExxonMobil’s 2020 financial report: “Re-de-booking” raises questions about actual size of reserves

ExxonMobil’s annual report, released last week, paints a picture of a company that has veered badly off course

As expected, COVID wrought havoc with earnings, leaving ExxonMobil with an enterprise-wide return on capital employed of minus 9.5%. But the real story wasn’t in the income statement; it was the estimate of oil reserves. At the end of 2019, ExxonMobil claimed 22.4 billion barrels of oil reserves worldwide. Now, it claims just 15.2 billion […]

March 2, 2021 Read More →

IEEFA: Is oil giant Total an emerging leader of the energy transition?

Shows how to pivot from an oil company to an energy company

Last summer, French oil and gas giant Total SE announced a $7 billion impairment charge for two Canadian oil sands projects. This might have seemed like an innocuous move, merely an acknowledgement that the projects hadn’t worked out as planned.  Yet it opened a Pandora’s box that could change the way the industry thinks about […]

French central bank to exit coal sector, limit gas and oil investments

Reuters: The French central bank said on Monday it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024 as part of a shift towards more environmentally friendly assets. Many central banks have committed to green up their investment portfolios as part of a push to encourage the […]

January 19, 2021 Read More →

Lloyd’s of London to stop issuing new insurance for coal projects, oil sands and Arctic energy exploration

Reuters: Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy. Lloyd’s acts as regulator for around 100 syndicate members, and leaves decisions on underwriting and investment strategy […]

December 17, 2020 Read More →
IEEFA: Malaysia’s CIMB announces coal financing phase-out by 2040 as Asia’s fossil fuel divestment drive accelerates

IEEFA: Malaysia’s CIMB announces coal financing phase-out by 2040 as Asia’s fossil fuel divestment drive accelerates

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 […]

December 8, 2020 Read More →

IEEFA: Why 2020 is turning out be a pivotal year for fossil fuel exits

The writing is on the wall for coal, and now globally significant financial institutions are starting to shun high risk oil and gas projects

What started as a trickle is turning into a rush for the exit as countries, financial institutions and companies commit to quitting coal – and increasingly oil and gas as well. 2020 to-date has seen 56 global banks, insurers, pension funds and asset managers announce new or expanded coal exit policies – 143 globally significant […]

October 30, 2020 Read More →
IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits
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IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits

Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal

20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]

RBC limits future lending for coal plant development, Arctic oil projects

The Canadian Press: Canada’s largest bank is putting new restrictions on lending to some fossil fuel developments. In a policy released Friday, RBC says it won’t lend money to new coal-fired power generators, thermal coal mines or coal mines that require mountaintop removal. The policy will apply to new investments and not the bank’s current […]

October 5, 2020 Read More →

Dutch asset manager Robeco to divest thermal coal, oil sands holdings by year’s end

Reuters: Dutch asset manager Robeco is excluding investments in thermal coal, oil sands and Arctic drilling from all its mutual funds, it said on Thursday, joining other investors in cutting their exposure to fossil fuels. Companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% or more from […]

September 25, 2020 Read More →