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Chevron Technology Ventures LLC (CTV) has announced the launch of Chevron Tech Challenge, an initiative to encourage entrepreneurs, startups and academicians to propose innovative solutions for oil and gas industry’s problems. This will also open the portal to company’s renowned Catalyst Program which aims at supporting early-stage companies. The aim of the challenge is to generate solutions for the industry’s persisting challenges while competing for cash prizes.
Chief Executive of Italian oil major, Eni said yesterday that the company will announce the binding commitments to achieve carbon neutral state, by the end of 2018. Eni’s announcement to achieve carbon neutrality will be the first by an oil major. Some of the other big players have specified goals to reduce or at least keep carbon emissions flat, in the light of increasing pressure from investors and shareholders.
Every new technology has to qualify well for successful execution. Enough buzz has been created around electric vehicles. Reportedly, Indian government officials have refused to use electric vehicles developed by Tata Motors and Mahindra owing to poor mileage and performance. Though e-Mobility is on the agenda by 2030, huge concerns remain in the background. Certainly, sustainable future is the larger goal but oil is here to stay.
Darren Woods, the CEO of ExxonMobil, has said that the firm is trying to find a fine balance between sustainability and economic growth. Exxon plans to invest $200 billion in significant oil and gas projects around the world over seven years, indicating that growth is a priority. He also cited investments in environmental projects such as algae biofuels, and in emission reduction in its industrial processes as the way forward.
Saudi Basic Industries Corporation (SABIC) received the second issuance of carbon credits, over 48,000, from the UN for a Clean Development Mechanism (CDM) project. This further adds to the firm’s reputation as the only organization in Saudi Arabia to receive the sought-after credits. Sustainability is a foundational element of SABIC’s 2025 strategy and these saleable credits can be used to meet their emission reduction targets, under Kyoto protocol.
The Madrid-based energy corporation, Repsol SA, will release a restructured business strategy a month from now that will point towards limiting oil and gas yield to current levels. Repsol is actively on the lookout to enter the renewable energy market. However, even if the company renounces growth in its hydrocarbon business, Repsol would still remain a major producer of oil and gas.
The oil giant Royal Dutch Shell has agreed to sell its Canadian Natural Resources (one of its dirtiest assets), oil sands producer, stake for $3.3 billion. CEO Ben van Beurden has repositioned Shell to focus on cleaner natural gas, shedding carbon-intensive assets such as oil sands.
The Alaska LNG Project achieved a historic milepost today as BP Alaska and Alaska Gasline Development Corporation (AGDC) agreed to key terms of a Gas Sales Agreement, including price and volume. BP’s Alaska President has said that this is an important project for Alaska’s oil and gas industry. It also means cleaner air, more jobs and more affordable energy.