Tuesday, October 26News That Matters

Tag: ConocoPhillips

Royal Dutch Shell Is Selling Its Permian Basin Oil Holdings to ConocoPhillips

Royal Dutch Shell Is Selling Its Permian Basin Oil Holdings to ConocoPhillips

Business
HOUSTON — Royal Dutch Shell sold its oil and gas production in the Permian Basin, the biggest American oil field, to ConocoPhillips for $9.5 billion in cash on Monday.The deal marks a turning point for Shell, which had put considerable effort into developing the 225,000-acre field since buying it from Chesapeake Energy nine years ago, expanding its production to about 200,000 barrels a day.The sale is the latest sign that Shell, like other European oil companies, is under pressure to sell off oil and gas production and move toward producing cleaner energy in response to growing concerns about climate change among investors and the general public.Shell is retreating from the Permian as American shale oil production is recovering. The Permian Basin yielded 4.7 million barrels a day in August...
Court Blocks a Vast Alaskan Drilling Project, Citing Climate Dangers

Court Blocks a Vast Alaskan Drilling Project, Citing Climate Dangers

Technology, World
WASHINGTON — A federal judge in Alaska on Wednesday blocked construction permits for an expansive oil drilling project on the state’s North Slope that was designed to produce more than 100,000 barrels of oil a day for the next 30 years.The multibillion-dollar plan, known as Willow, by the oil giant ConocoPhillips had been approved by the Trump administration and legally backed by the Biden administration. Environmental groups sued, arguing that the federal government had failed to take into account the effects that drilling would have on wildlife and that the burning of the oil would have on global warming.A federal judge has agreed.In her opinion, Judge Sharon L. Gleason of the United States District Court for Alaska wrote that when the Trump administration permitted the project, the Inte...
Here Are America’s Top Methane Emitters. Some Will Surprise You.

Here Are America’s Top Methane Emitters. Some Will Surprise You.

Technology, World
As the world’s oil and gas giants face increasing pressure to reduce their fossil fuel emissions, small, privately held drilling companies are becoming the country’s biggest emitters of greenhouse gases, often by buying up the industry’s high-polluting assets.According to a startling new analysis of the latest emissions data disclosed to the Environmental Protection Agency, five of the industry’s top ten emitters of methane, a particularly potent planet-warming gas, are little-known oil and gas producers, some backed by obscure investment firms, whose environmental footprints are wildly large relative to their production.In some cases, the companies are buying up high-polluting assets directly from the largest oil and gas corporations, like ConocoPhillips and BP; in other cases, private eq...
Biden’s Fossil Fuel Moves Clash With Pledges on Climate Change

Biden’s Fossil Fuel Moves Clash With Pledges on Climate Change

Technology, World
WASHINGTON — Despite President Biden’s pledge to aggressively cut the pollution from fossil fuels that is driving climate change, his administration has quietly taken actions this month that will guarantee the drilling and burning of oil and gas for decades to come.The clash between Mr. Biden’s pledges and some of his recent decisions illustrates the political, technical and legal difficulties of disentangling the country from the oil, gas and coal that have underpinned its economy for more than a century.On Wednesday, the Biden administration defended in federal court the Willow project, a huge oil drilling operation proposed on Alaska’s North Slope that was approved by the Trump administration and is being fought by environmentalists. Weeks earlier, it backed former President Donald J. T...
Biden Administration Defends Huge Alaska Oil Drilling Project

Biden Administration Defends Huge Alaska Oil Drilling Project

Technology, World
Kristen Miller, acting director of the Alaska Wilderness League, said the burning of oil produced by the Willow project over its lifetime would create nearly 260 million metric tons of carbon dioxide emissions — about the equivalent of what is produced by 66 coal-fired power plants. But, she argued, the infrastructure also will lead to new oil and gas projects in the region.“Not only does the project in itself have significant and long-lasting climate problems, it’s setting the stage for more emissions in the future,” Ms. Miller said.Mr. Biden has taken significant steps to limit oil and gas development in the United States. One of his first acts as president was to temporarily freeze new oil and gas leases on public lands and offshore waters. He also placed a temporary moratorium on oil a...