‘Life is like it is’: TotalEnergies CEO Defends Strategy Despite Calls to Cut Fossil Fuel Production
The chief executive of TotalEnergies defended the firm’s greenhouse gas emissions strategy, saying the company remains committed to oil and gas despite repeated warnings that increasing fossil fuel production will only make matters worse.
Speaking to CNBC’s Dan Murphy in Vienna, Austria on the sidelines of an OPEC conference, TotalEnergies CEO Patrick Pouyanne said Wednesday that the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas.
“We are in both pillars, and we will remain on both pillars [for a long time],” Pouyanne said.
“Today, our society requires oil and gas … Why we are together, it is 80% of fossil fuels. There is no way to think that overnight we can just eliminate all that and rely only on 10% of low-carbon energy. It will take decades to build a new system,” he added.
Shell Boss Claims World Still ‘Desperately needs Oil and Gas’
The boss of oil and gas giant Shell has claimed that cutting down production would be “dangerous and irresponsible”, citing economic concerns, even as the world continues to see devastating impacts of the climate crisis.
Wael Sawan, the chief executive officer of Shell, told the BBC in an interview that he thinks the world still “desperately needs oil and gas”, claiming that the switch to renewable energy is not happening fast enough to replace it.
Mr Sawan said that cutting down the production of oil and gas right now could send energy bills soaring back towards last year’s highs amid increased demand from China and a cold winter in Europe.
Denmark Launches Tender for North Sea Oil and Gas Concession
The Danish Energy Agency has launched a tender for the exploration and production of oil and gas at a new concession in the North Sea, it said in a statement on Thursday.
The agency initiated the tender process following an unsolicited application from Norwegian energy company BlueNord to the Danish energy ministry in April, it said.
Companies will be able to apply for a permit for new oil and gas concessions under the tender until October 15, the energy agency said.
It estimates the gas volume for the two fields included in the mini-tender, Elly and Luke, to be about 5.2 billion cubic meters.
Baker Hughes Takes on Deal to Curb FPSO Emissions from $9 Billion Oil & Gas Project
According to Baker Hughes, it has been awarded a significant order – to be booked in the second quarter of 2023 – by MODEC to supply gas technology equipment for the BM-C-33 project in the Brazilian pre-salt Campos area, which is being developed by Equinor with partners Repsol Sinopec Brasil and Petrobras.
Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes, remarked: “This order is a testament of our established track record when it comes to technology for FPSO vessels. It also strengthens our relationship with MODEC and is a very important milestone in our collaboration with Equinor and its partners.
“We are honored that our proven solutions will contribute to reduce the project’s carbon footprint, aligning with Baker Hughes’ mission to take energy forward, making it more sustainable and safer.”
Furthermore, the order comprises turbomachinery equipment, including LM2500 gas turbine generators and steam turbine generator technology, for a combined cycle power generation solution to be installed in the BM-C-33 FPSO to reduce the project’s carbon footprint, as well as process design engineering and balance of plant.
Permian Resources Co.: A Promising Investment Opportunity in Oil and Gas Development
On Wednesday, July 5th, shares of Permian Resources stock commenced trading at $11.02 per share. Establishing a reliable foundation for analyzing the company’s market performance, investors frequently utilize moving averages. The fifty-day simple moving average currently stands at $10.02, while the 200-day simple moving average is slightly higher at $10.14.
Examining the company’s financial health, Permian Resources reveals a current ratio and quick ratio of 0.65. Despite these figures reflecting potential liquidity concerns, it is important to evaluate them within the context of its operating industry and specific circumstances. Furthermore, enduring the ups and downs commonly experienced by energy companies in terms of debt obligations, Permian Resources Co maintains a favorable debt-to-equity ratio of 0.35.
The corporation’s market capitalization stands at an impressive $6.17 billion with a price-to-earnings (PE) ratio of 5.81—an indicator that it may be undervalued as compared to its industry peers—a feature that is often enticing to investors seeking potentially profitable opportunities.
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Shell Says Oil Will Stay, MVP Pipeline Update, Johnny Green and Denmark Starts Exploring