Oil CEOs clash with US Energy Dept official over energy transition

Oil CEOs clash with US Energy Dept official over energy transition

7/12/2021 9:17:00 AM

Oil CEOs clash with US Energy Dept official over energy transition

HOUSTON : Top energy executives this week urged a more cautious transition of energy policy away from oil and gas, but a U.S. Energy Department official said the industry has a moral obligation to address climate change and the economic opportunity it represents.Executives from Saudi Aramco, Exxon Mobil a

HOUSTON : Top energy executives this week urged a more cautious transition of energy policy away from oil and gas, but a U.S. Energy Department official said the industry has a moral obligation to address climate change and the economic opportunity it represents.

You Must Definitely Watch! Here is Funny and Desperate That Moments

Executives from Saudi Aramco, Exxon Mobil and Chevron, speaking at the World Petroleum Congress in Houston on Monday, blamed demand for renewables and lack of investment in fossil fuels for recent fuel shortages and price volatility.The conference was marked by withdrawals of top energy ministers over travel restrictions and concerns over the Coronavirus. The verbal skirmish occurred at a time when oil demand has recovered sharply from a collapse during the coronavirus pandemic even as world governments have stressed the urgency of addressing climate change.

"The volatility in commodity prices and the impact on business and people," said Equinor ASA Chief Executive Anders Opedal,"illustrates the risks we face in an imbalanced transition."U.S. deputy Energy secretary David Turk pushed back against the industry position, saying addressing climate cannot be put on the back burner. headtopics.com

"There is not an alternative to stepping up and fixing the threat to climate change," he said to an audience in a largely empty hall.Consumers in Asia and Europe have been dealing with shortages of natural gas, coal and power due to production declines that pushed prices to multi-year highs. In the United States, the Biden administration has criticized oil and gas companies, saying they put profits over consumers.

1,185 new Omicron infections & 1,615 new Covid-19 infections in S'pore on Jan. 19

The tension between investing in oil and gas, carbon reduction technologies and responding to investors demanding higher returns will be a continuing issue for major oil firms, executives said."The future of energy is lower carbon from exploration discoveries and production," said Liz Schwarze, vice president of global exploration at Chevron.

Amin Nasser, CEO of Saudi Aramco, the world's largest oil producer, said there are too many incorrect assumptions made about the pace at which consumers will shift to renewables from oil and gas.People"assume that the right transition strategy is in place. It’s not," said Nasser."Energy security, economic development and affordability are clearly not receiving enough attention."

(Reporting by Marianna Parraga, Erwin Seba, Liz Hampton and Sabrina Valle in Houston; Editing by David Gregorio)

Read more: CNA »

Young anglers spreading message of sustainable fishing through social media and workshops

SINGAPORE — In a minute-long clip on social media platform TikTok, a presenter explains why it is okay to catch and keep hybrid groupers caught in Singapore waters.

Global oil CEOs stress need for fossil fuels despite push for cleaner energyHOUSTON :A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come.The World Petroleum Conference's four days of discussion started with chief executives from

Oil extends gains on easing Omicron fears, Iran delaySINGAPORE : Oil prices edged up on Tuesday after a near 5per cent rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.Brent crude futures rose 34 cents, or 0.5per cent,

Global oil CEOs stress need for fossil fuels despite push for cleaner energyHOUSTON :A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come.The World Petroleum Conference's four days of discussion started with chief executives from