Total to Buy $2.5 Billion Stake in Adani Green Energy
Total SA is paying $2.5 billion for a share in India's Adani Green Energy Ltd. (AGEL) and its solar...
Total SA is paying $2.5 billion for a share in India's Adani Green Energy Ltd. (AGEL) and its solar power assets, in what the French company said was its biggest investment yet in renewables.
As it furthers its strategic shift from fossil fuel, the deal will give Total a 20% stake in AGEL and a seat on its board, as well as a 50% share in the Indian firm's portfolio of solar power assets. AGEL is controlled by Indian conglomerate Adani Group and has a market capitalization of about 1.483 trillion Indian rupees (US$20.25 billion).
Last week, Total became the first major energy company to quit the main U.S. oil and gas lobby, the American Petroleum Institute, citing disagreements over the lobby's climate policies and support for easing drilling regulations.
Occidental Petroleum Claims Green Push ‘Does More Than Tesla’
Occidental Petroleum Corp., a longstanding...
Occidental Petroleum Corp., a longstanding titan of the U.S. oil sector, says it is doing more than Tesla to reduce greenhouse gas emissions, as it seeks to build up its carbon management business in response to investor demands over climate change.
Vicki Hollub, Occidental’s CEO, said the amount of CO₂ the company pumped back underground in the oil extraction process exceeded the electric-car maker’s contribution towards decarbonizing the atmosphere through switching people away from combustion engines.
“What we’re sequestering today takes essentially about 4 million cars off the road on an annual basis,” Hollub told the Financial Times. “It does more than what Tesla’s doing right now—although we need Tesla to continue what they’re doing. It’s going to take everything.”
Permian Basin gas flaring drops to 8-year low in Q4
The share of natural gas production flared at the wellhead...
The share of natural gas production flared at the wellhead in the Permian Basin has dropped to 1.6% in the fourth quarter of 2020, the lowest level since 2012, according to Rystad Energy. About 390 million cubic feet per day of gas was flared during the quarter, with declines recorded across all sub-basins, except for the Delaware North in New Mexico.
The Energy Department warned in a report published Thursday...
The Energy Department warned in a report published Thursday that a ban on hydraulic fracturing would halt production growth, cause the US to revert to a net-importer status by 2025, cost the economy millions of jobs and result in higher gasoline prices and electricity costs. "It would weaken America's geopolitical standing and negatively impact our national security," asserted Energy Secretary Dan Brouillette.
Oil prices climbed with U.S. stock markets on Tuesday
Oil prices moved up ahead of Joe Biden’s inauguration as U.S. president on optimism that more government...
Oil prices moved up ahead of Joe Biden’s inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.
Wall Street’s main indexes rose after upbeat earnings from big U.S. banks and comments from U.S. Treasury Secretary nominee Janet Yellen ahead of Biden’s inauguration on Wednesday.
Yellen urged lawmakers to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
Brent futures for March delivery rose $1.15, or 2.1%, to settle at $55.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 1.2%, to settle at $52.98.
Front-month February WTI futures expire on Wednesday.
