International oil giant wipes 3.3 billion barrels from books Entire Kearl oil-sands project in western Canada de-booked Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16 billion oil-sands investment and other North American assets. The equivalent of
The world has begun a rapid switch to electric vehicles. In the first half of this year, worldwide sales were up 57 per cent to 285,000, despite low oil prices, and there are now more than 1m electric cars on the world’s roads for the first time ever. Last February, Bloomberg New Energy Finance (BNEF)
Bill will drop coal, oil and gas investments from Ireland Strategic Investment Fund Ireland has voted to be the world’s first country to fully divest public money from fossil fuels. The Irish Parliament passed the historic legislation in a 90 to 53 vote in favour of dropping coal, oil and gas investments from the €8bn
The plan is to invest in the technology needed for battery electric vehicles Diesel technology is set to be a thing of the past, UK car industry executives believe. The plan is to invest in the technology needed for battery electric vehicles over the next five years, according to 93% of executives while 62% felt
I read today a news item coming out of Davos (the World Forum for people invested in the status quo), Major Hydrogen Investment Mooted as OEMs and Energy Companies Form Hydrogen Council: At the World Economic Forum in Davos, carmakers and energy companies have announced the foundation of the Hydrogen Council to lay the foundations
“Switching transportation from petroleum to renewable or alternative fuels is not the most cost-effective way to reduce GHG [greenhouse gas] emissions.” This is the message that ExxonMobil has delivered to the UK Department for Transport (DfT) in three separate presentations since the Paris climate deal was agreed last December, reveal documents obtained by DeSmog UK.
New finds at lowest since 1947 and headed even lower: WoodMac Explorers replacing just 6% of resources they drill: Rystad Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future
Many things have gotten harder as the world settles into a protracted spell of low oil prices and sluggish growth — from avoiding deflation to creating jobs. One thing has gotten easier, as well as more urgent: eliminating fossil-fuel subsidies. Governments have long paid lip service to this idea. The G-20 has been promising to
U.S. companies erased more than 20 percent of inventories Regulator examined estimates as wells lingered on books Ultra Petroleum Corp. was a shale success story. A former penny stock that made the big leagues, it was worth almost $15 billion at its 2012 peak. Then came the bust. Almost half of Ultra’s reserves were erased
Canada’s oil industry ponders its fate as the threat of electric cars looms in the rearview mirror
CALGARY – Canada’s energy industry gathered at a petroleum museum Monday to consider how electric cars threaten oil, the country’s biggest export, especially if battery-powered cars make up 50 per cent of vehicles on the road by 2050 as projected. Peter Tertzakian, executive director of ARC Energy Research Institute — which organized the event —
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