Jim Mulva, chief executive of ConocoPhillips, has been in a hurry to establish his legacy. In the beginning, it was going to be as the head of one of the world’s biggest international oil and gas companies. And he got there, boosting Conoco into 5th place, in terms of production. But then the economic downturn hit, and the weaknesses in his grow-through-acquisition strategy were exposed. Conoco was forced to slash capital spending, lay off staff and sell billions of dollars in assets.
After the dot.com crash and the credit crunch, investors are being warned of the potential consequences of a ‘carbon bubble’.
Stock markets are sitting on vast reserves of fossil fuels that cannot be burnt if the world is to stick to climate change targets, according to research issued by the Carbon Tracker initiative. Read more
Developing countries invested more in renewable energy than their developed counterparts for the first time last year, according to a report commissioned by the UN Environment Programme (UNEP). Read more
Alaska’s decision to host the largest oil and gas lease sale of any US state this year is good news for the oil and gas industry, which has been pressing for more access. And while the resulting exploration and production certainly will be good for the overall economy – creating jobs and boosting activity – it is a pity that it is not against a backdrop of better news on the environmental front.
The issue of hydraulic fracturing, or fracking, has taken on a life of its own. But with so much misinformation circulating, it is hard for the general public to know whether it is a good thing or a bad thing. The truth is – as with any polarizing issue – somewhere in the middle Read more
BP, EU emissions, India
In this week’s podcast: BP looks to settle potential claims over the Gulf spill; global airlines prepare to be included in EU emission targets; and we talk to Sangram Nayaka, organiser of the Energy Investment Summit in Dehli about India’s energy policy – nuclear vs renewables? Read more
The technological advances in the oil and gas patch just keep coming. While everyone has been scrambling to catch up with the shale gas revolution, the industry has been working on another potentially massive breakthrough in gas. This one is in producing gas that has long been stranded offshore in areas too far or too small to warrant a pipeline to shore.
A ban on traditional wood burning stoves and stopping leaks from long distance gas pipelines are among measures that could help slow global temperature rises in coming years, a group of leading atmospheric scientists has found.
Such measures would curb so-called black carbon, a major component of soot, and ground level ozone, a big part of urban smog, says a new study coordinated by the United Nations Environment Programme and World Meteorological Organisation. Read more
Controversy about importing fuel from Canada’s vast oil sands has been swirling for some time. It is an issue environmentalists seized on with great hopes when President Barack Obama came into office, given his pledges to work to reduce the country’s carbon footprint and the fact that oil from tar sands, as environmentalits refer to the source, has a higher carbon intensity than that from traditional crude.
With two private equity groups having pulled out of the bidding, Toshiba is closing in on a $2bn deal to buy Landis+Gyr, the world’s largest smart-meter maker by revenues. Read more