Some 3 million such sites are scattered across the country, according to the Environmental Protection Agency, and most are leaking copious amounts of methane, a powerful greenhouse gas. We need a national standard to prevent it from happening again. (Bloomberg) -- Bank of America Corp. said that it wonât provide project financing for oil and gas exploration in the Arctic after facing opposition from environmentalists. By Richard Stubbe, BloombergNEF.This article first appeared on the Bloomberg Terminal. Get the latest commodity trading prices for oil, gold, silver, copper and more on the U.S. commodities market and exchange at CNN Business. The latest energy, oil and gas news, dedicated to all things energy, oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices. It’s an idea that appeals to environmental groups, fossil fuel dependent states, and even some fossil-fuel industry leaders. (Bloomberg) -- Oil closed higher after traders assessed a U.S. government report showing the largest two-week decline in gasoline supplies on record, while signs emerged of demand picking up. The U.S. Senate voted not to allow drilling for oil in the refuge March 19, 2003 by a 52-to-48 vote. Conny's is open. GET BREAKING NEWS IN YOUR BROWSER. Capital Group Cos. Inc., has hired Reginald Hedgebeth, Marathon Oil Corp. ‘s former general counsel, as its first chief legal officer. 2021-03-04 18:23:00 Bloomberg Tax Portfolio, Oil and Gas Transactions, No. The fact is, the U.S. oil and gas sector was in trouble even before the pandemic struck. Oil and gas extracted from public lands and waters account for about a quarter of annual U.S. production. (Bloomberg) -- The new Libyan unity government will restore an oil and gas portfolio as one of 27 ministries to administer the war-ravaged OPEC member until December elections, according to the office of the prime minister-designate. Hedgebeth, replaced last month at Marathon Oil by Kimberly Warnica, stepped down in December from the Houston-based oil and gas company that hired him in 2017. By Jonathan Gilbert and Laura Millan Lombrana/Bloomberg. Last week, as news broke that two of ExxonMobil’s drill ships had resumed what the company has identified as its priority offshore oil recovery pursuit, the Bloomberg … Domestic gasoline supplies slid last… BUENOS AIRES Petroleumworld 03 11 2021 EU Cannabis Market May Double U.S., Curaleaf Chair Says, Curaleaf exec expects U.S. pot companies soon to uplist on major exchanges, Wrigley Heir latest to tap SPAC frenzy to take U.S. pot firm public. As Congress debates how to address the economic calamity we are facing, we have an unprecedented opportunity to put people to work addressing the climate crisis â and we should start by hiring laid-off oil and gas workers to help lead the way. They’re legally required to, and besides, that’s what corporate responsibility is all about. At the beginning of 2021, Petrobras announced a gas and oil production record in 2020, pumping an average of 2.28 million bpd, over its 2.23 million bpd 2015 record. But the U.S. could meet both challenges in one stroke â by paying laid-off energy workers to clean up abandoned wells. The trend’s continued this year. Post was not sent - check your email addresses! As you comment, please be respectful of other commenters and other viewpoints. , Photographer: Getty Images/Getty Images North America. While it could stand to be more ambitious â it would plug about 60,000 wells, far fewer than the 500,000 that experts have proposed â it’s a step in the right direction. UK ministers are considering a ban on new oil exploration licenses in the North Sea as a move away from fossil fuels, a step that could hit jobs and the Scottish economy, the Telegraph reported. It's officially ice cream weather in St. Paul. The bill would also make a start on mending the broken system for funding well cleanups. Bank of America has said it aims to position itself as a leader in environmental, social and governance matters in the financial industry through underwriting green bonds, reducing carbon emissions and supporting global climate initiatives. Get updated data about energy and oil prices. The bill that Speaker Nancy Pelosi shepherded through the House would address this, by requiring firms to set aside enough money to retire wells before they drill them. The House bill is stalled in the U.S. Senate. Find natural gas, emissions, and crude oil price changes. 3. The nation’s exports of crude and liquefied natural gas each declined around 30 percent in 2020, according to Bloomberg ship-tracking data. Its $2 billion price tag should be modest enough to appeal to Republicans, many of whom represent states such as Texas and Oklahoma that would see immediate job benefits. Yet despite the best efforts of state regulators, most abandoned wells â more than 2 million â remain unplugged. Patricia Monteiro/Bloomberg A gas drilling rig in the Vaca Muerta formation. Our goal with article comments is to provide a space for civil, informative and constructive conversations. (Bloomberg) -- Bank of America Corp. said that it won’t provide project financing for oil and gas exploration in the Arctic after facing opposition from environmentalists. Extracting and burning those fuels generates the equivalent of almost 550 million tons (500 metric tons) of greenhouse gases annually, the U.S. Geological Survey said in a 2018 study. Last reported at $107 billion, state-owned Pemex is the most indebted oil and gas company in the world, where profits that should be used for more E&P investment get taken by the government. Earlier this month, the Sierra Club singled out Bank of America as âthe only major U.S. bank not to rule out financing for the destruction of the Arctic refugeâ after its five biggest competitors updated their policies this year. Bank of Montreal (NYSE: BMO) is set to exit its U.S. oil and gas investment banking business to focus on Canadian assets going forward, Bloomberg reports.. … âThereâs been misunderstanding around our position, but we have not historically participated in project finance for oil and gas exploration in the Arctic,â Larry Di Rita, the bankâs head of public policy and strategy in Washington, said Monday in an interview. 'We're winning': Walz eases limits for restaurants, sports, churches, salons. here. (Bloomberg) --The Biden administration’s moratorium of oil and gas leasing on federal public land faced an immediate legal attack from an energy industry group. (Bloomberg) -- Saudi Aramco discovered two new oil and gas fields in the northern parts of the kingdom, the official news agency reported, citing the oil minister Prince Abdulaziz bin Salman. However, we need these jobs right now, and the infrastructure stimulus bill passed by the U.S. House of Representatives would create a federal well-plugging program. In case you missed it, Bloomberg recently published an in depth review of the horrors many oil and gas workers are facing because of President Biden’s radical energy agenda.. Former vice president Joe Biden has included the idea as part of his green energy campaign platform. The pace of filings has quickened with the spread of the coronavirus, and even after the virus threat subsides â which is unlikely to be anytime soon â cheap renewables will drive more firms under. Oil and Gas News, Analysis and Insights around Energy (Bloomberg) -- EQT Corp., the biggest producer of U.S. natural gas, is seeking to acquire rival CNX Resources Corp., according to … Biden is right to push for it, but the idea is too good â and the needs of unemployed gas and oil workers are too urgent â to wait for 2021. Minneapolis real estate managers worry others will follow Target in exiting downtown, Statistics show thousands of Minnesotans will die after getting the COVID vaccine -- but not because of it, Dane Mizutani: Kirill Kaprizov is the superstar the Wild have been waiting for. We reserve the right to remove any comment we deem to be defamatory, rude, insulting to others, hateful, off-topic or reckless to the community. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. Get the latest Nigerian Oil and Gas industry news, Power Sector updates, Events & Conferences, Press Releases and more around Africa The fact is, the U.S. oil and gas sector was in trouble even before the pandemic struck. Joe gets it, and this is the kind of practical policy â that helps hard-hit communities while also protecting the environment â that he would lead as president. Company News Commodities The new Libyan unity government of Abdul Hamid Dbaibah is set to restore an oil and gas portfolio as one of 27 ministries to administer until December elections. Futures in New York rose 0.7% on Wednesday after earlier flipping between modest gains and losses. One dead, 4 injured in Woodbury after crash leaves car split in half. The head of the National Oil Corporation (NOC) and the governor of the Central Bank of Libya will both be from the eastern region. (Bloomberg) -- The U.S. oil and gas … But many try to use bankruptcy to escape their obligations to workers and shift their clean-up responsibilities to taxpayers. Michael Bloomberg: Let’s hire laid-off oil and…, Click to share on Facebook (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), Submit to Stumbleupon (Opens in new window), Michael Bloomberg: Let’s hire laid-off oil and gas workers to fight climate change, York, Gullo: Control over online speech should be in the hands of users, not the government, Trudy Rubin: What you didn’t know about meeting between the Pope and the Ayatollah, David Brooks: It’s worth taking a risk to tackle all this, Noah Feldman: Trump has a point about the RNC’s ads. At the moment, states can try to attract business by minimizing that financial requirement, which is how we’ve ended up in this mess. (Photo by US Fish and Wildlife Service/Getty Images) Photographer: Getty Images/Getty Images North America I’ve spoken with him about it, and I know how strongly he supports it. Salena Zito: How does killing these pipeline jobs ‘build back better’? Later that year, Rattner noted during an appearance on Bloomberg TV that he continues to invest in the oil and gas sector. Last year more than three dozen producers declared bankruptcy, hobbled by declining energy prices and rising debt. The global pandemic of 2020 has slowed down demand for oil and gas but provided a big boost for renewables, said Mona Dajani, partner and global head of energy and infrastructure at Pillsbury Winthrop Shaw Pittman LLP in New York. Description. Asia Thirst for Natural Gas Is Disrupting Europe’s Market BNN Bloomberg 07:01 Nigeria: Govt Confirms Return of Subsidy, PPPRA Puts Fuel Price At N212.61 AllAfrica 06:52 Tullow troubles puncture Kenya's oil dream Daily Nation 06:51 Environmental campaigners have criticized the Charlotte, North Carolina-based lender for its stance. Woman may be paralyzed after a shooting in St. Paul's Payne-Phalen. Michael R. Bloomberg, the former mayor of New York City and a Global Ambassador for the World Health Organization, is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News. NEW YORK (Bloomberg) --Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today. Polluters should be held accountable for cleaning up their own messes. The information you requested is not available at this time, please check back again soon. The deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power. A report by news agency Bloomberg said that a representative of western Libya will be in charge of the oil and gas ministry, which was scrapped by […] ARCTIC NATIONAL REFUGE, ALASKA - UNDATED: (FILE PHOTO) This undated photo shows the Arctic National Wildlife Refuge in Alaska. - Natural gas fracking could be its ticket out of a years-long economic crisis, but it jeopardizes a promise to wipe out emissions by 2050. Republicans are skeptical about further stimulus, and the Trump administration isn’t concerned about climate change. It fights climate change, creates jobs and is affordable. The bankruptcies have also left scars on the environment, in the form of abandoned oil and gas wells. Sorry, your blog cannot share posts by email. It’s a perfect example of how growing the economy and fighting climate change go hand in hand. Oil - US Crude IG Client Sentiment: Our data shows traders are now at their least net-long Oil - US Crude since Jan 06 when Oil - US Crude traded near 5,008.80. 5 ways that's wrong. The leading global oil, gas and energy news resource. The administration of U.S. President Donald Trump is advancing plans to auction drilling rights in the Arctic National Wildlife Refuge. But cleaning up abandoned wells helps everybody. Plugging a single abandoned well can cut its methane emissions by 99%, according to the EPA, and the work requires skills that oil and gas workers already possess. CLICK HERE TO TURN ON NOTIFICATIONS. âBut given that misinterpretation, weâve determined that itâs time to codify our existing practice into policy.â. This turmoil has hurt oil and gas workers â some 100,000 have been laid off this year alone â and communities that depend on fossil fuel extraction are suffering. Oil flipped between modest gains and losses as the market weighed growing U.S. crude supplies against the largest two-week decline on record in domestic gasoline stockpiles. Washington topped Minnesota in the 2021 'Best States' ranking. See our full terms of use The U.S. oil and gas industry should embrace "huge opportunities" to produce and transport hydrogen, Biden's climate envoy said Tuesday. A report by news agency Bloomberg said that a representative of western Libya will be in charge of the oil and gas ministry, which was scrapped by the Tripoli-based Government of National Accord (GNA). Other voices: Time to stop messing around with time, Soucheray: As we crawl out of isolation we will be different people, Peking Garden will be back in St. Paul -- in a new spot. A federal program to plug so-called “orphan” wells could create as many as 120,000 well-paying jobs, while preventing hundreds of thousands of tons of greenhouse gases from escaping into the atmosphere.