09/21 Closing prices / revised 09/22/2023  09:26 GMT  |    09/21    OPEC Basket      95.01        –0.81|    09/21   Mexico Basket (MME)   $86.79  +0.01 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/21    NYMEX WTI Texas Intermediate  October  CLV23  $89.63     -0.03  | 09/21    ICE Brent November  BRNX23   $93.30   -0.23 | 09/21    NYMEX Gasoline October  RBV23    $2.62    +0.07   09/21    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/21    Natural Gas October NGV23    $2.84      -2.8%    09/15   Active U.S. Rig Count (Oil & Gas)    641      +9 | 09/22    USD/MXN Mexican Peso   17.1975    Live data  | 09/22      EUR/USD  1.0635    Live data  | 09/22   US/Bs. (Bolivar)      $33.9289000  ( data BCV)    |

Big Oil Betting Billions on Global ‘Climate Catastrophe’ – Bloomberg

  • Industry poured $58 billion into projects over past 2 years
  • Projects would put climate goals out of reach, says think tank
Fuel storage tanks at a PT Pertamina facility at Tanjung Priok Port in Jakarta, Indonesia, on Monday, Dec. 5, 2022.
Fuel storage tanks at a PT Pertamina facility at Tanjung Priok Port in Jakarta, Indonesia, on Monday, Dec. 5, 2022. Pertamina is looking to buy crude for the February arrival to its Cilacap refinery, according to a tender document seen by Bloomberg. (Dimas Ardian/Bloomberg)

Kevin Crowley, Bloomberg News

EnergiesNet.com 12 09 2022

The world’s biggest oil producers are spending billions of dollars on fossil fuel projects that will only be needed if the world misses key climate goals, according to Carbon Tracker, a nonprofit think tank.

Companies invested $58 billion in oil and gas projects in 2021 and 2022 that will only be required if fossil fuel demand grows to a level at which scientists forecast a “climate catastrophe,” the London and New York-based researcher said in a report. They may pull the trigger on a further $23 billion of investments next year that would help warm the planet more than 2.5 degrees Celsius above preindustrial levels, said the report, titled “Paris Maligned.”

Big Oil’s capital spending on new projects has become a crucial balancing act. Investing in long-term projects bolsters energy security at a time when state producers like Russia have shown willingness to weaponize their supplies but can also lock in emissions for decades to come, furthering the risk of irrevocable climate change. 

Even climate-friendly Democrats including President Joe Biden have been calling for more oil production this year as gasoline prices spiked following Russia’s invasion of Ukraine. Industry executives including Chevron Corp. Chief Executive Officer Mike Wirth criticized the whiplash of being told to stop and start production, saying such policies inhibit long-term investment.

“Investors must scrutinize company spending plans as investments in many new oil and gas projects lock in future emissions that are incompatible with Paris,” report co-author Mike Coffin said in a press release in reference to the Paris Agreement on climate change.

Most international oil companies have cut their long-term capital spending plans since the pandemic as they focus on returning cash to investors over new production. 

Exxon is due to publish its capital budget for next year on Thursday. Chevron Corp. said on Wednesday it will allocate an extra $2 billion to capital spending next year at $17 billion.

bloomberg.com 12 08 2022

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top