Author: omc_admin

Britain is expected to fall short of the progress needed to meet its climate targets over the next decade because it is not growing its supply of clean electricity fast enough, according to the government’s energy system operator.The latest 10-year forecast of Britain’s carbon emissions by the government-owned body has revealed that by 2035 the UK will be producing almost a third more carbon emissions than in scenarios where it is on track to meet its legally binding climate targets by 2050.It is the second official warning in the last month that the government’s climate targets are at risk of…

(Investing) – LONDON -Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed.  futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate crude futures climbed 12 cents, also 0.2%, to $68.57. Higher crude imports by China and expectations around U.S. President Donald Trump’s announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. “There is still a perceived tightness in the market, with most of the inventory build in China…

Ed Miliband has accused the Conservatives of being “anti-science” by abandoning a political consensus on net zero as he gave MPs a stark outline of how the climate crisis and nature depletion are already affecting the UK.In the first of what is promised to be an annual “state of the climate” report, the energy and net zero secretary set out the findings of a Met Office-led study that detailed how the UK was already hotter and wetter, and faced a greater number of extreme weather events.Miliband, who told the Guardian before the statement that politicians who rejected net zero policies…

Miliband says Tory energy policy shows they are ‘anti-science, anti-jobs, anti-energy security, anti-future’Andrew Bowie, a shadow energy minster, responded for the Conseratives – not Claire Coutinho, the shadow energy secretary.He said it was “ridiculous” for Miliband to suggest in his Guardian interview that opponents of net zero were unpatriotic. He went on We need to bring back a sense of rationality, of proportion to this debate, because … language like this is alienating more and more people from the important cause of ensuring that the planet we pass on to our children. Bowie suggested Miliband was not telling the truth…

(Bloomberg) – Tullow Oil Plc and Kenya’s Gulf Energy Ltd. have secured an extension to submit a development plan for fields in Kenya, a crucial step to completing a sale of the assets.  Tullow agreed to sell the oil deposits to the Nairobi-based trading firm in April, after struggling for more than a decade to bring them on stream. The $120 million deal was welcomed by investors eager to see Tullow’s debts come down, but it’s dependent on submission of a plan to get the oil flowing. The companies have been granted a six-month extension until December, Daniel…

The world needs $18.2 trillion in oil and gas investments through 2050 to ensure energy supply by the middle of the century, OPEC Secretary General Haitham Al Ghais has told Energy Connects in an exclusive interview.Oil demand is set to continue rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 104 million bpd this year, according to OPEC’s annual World Oil Outlook (WOO) released last week.Oil is still expected to account for 30% of the global energy mix in 2050, according to OPEC’s estimates, which Al Ghais said are fact-based, not ideology-based.This…

Occidental Petroleum Corporation expects its oil and gas production in the Gulf of Mexico for the second to have been lower than previously guided due to curtailments, while lower oil prices reduced realizations from sales.Ahead of the full Q2 earnings release on August 7, Oxy said in an SEC filing on Monday that its oil and gas output from the Gulf of Mexico – or as many oil firms are now calling it the Gulf of America – is estimated at around 125,000 barrels of oil equivalent per day (boepd).“Occidental’s Gulf of America assets experienced production curtailments due to third-party…

The Greater Lafourche Port Commission (GLPC) has acquired a 743-acre tract from the state of Louisiana to expand the site of the proposed Argent LNG project. Argent LNG, which signed a 144-acre lease agreement with Port Fourchon last year, has now secured nearly 900 acres to build a two-phase liquefaction complex with a capacity of about 25 million metric tons per annum (MMtpa). Argent LNG, to rise west of Belle Pass, also plans to add a mid-scale plant to fuel next-generation liquefied natural gas-powered offshore supply vessels in the Gulf of America. The project has yet to be cleared by the…

Microsoft and private markets ESG-focused data solutions provider Novata announced the launch of a new collaboration aimed at scaling sustainability data solutions for small and medium enterprises (SMEs), including plans to co-develop AI-powered tools and to provide smaller companies – including Microsoft suppliers – with climate reporting tools. New York-based Novata is a public benefit corporation founded in 2021 by S&P Global, the Ford Foundation, asset management firm Hamilton Lane, and social change-focused investment firm Omidyar Network to provide private markets investors with a solution for ESG measurement, data collection, benchmarking and reporting. To date, Novata said that its platform…

As many as five areas of England are expected to go into drought this summer after the hottest June since records began in 1884.Three heatwaves, which tend to increase water consumption, combined with a lack of rain means that large swathes of England are heading towards drought status and the damage to the environment that entails.Officials from the Met Office and Environment Agency told journalists in a briefing that they expected more hosepipe bans to be enacted across the country this summer. Richard Thompson, the deputy director for water resources at the EA, said the agency had been pressing water…