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In case you didn’t know, there is some talk from large investment groups, such as ING, about a oil price surge to $100 per barrel for global markets in the near-term. And, if you didn’t know about this headline, then you likely didn’t know about the main focus for the oil and gas industry at the World Petroleum Congress held in Alberta, Canada this week, either.
“Carbon Capture Dreaming” — this was the headline for one of Bloomberg’s reports covering the lead up to the World Petroleum Congress this week.
According to the Energy Daily newsletter, written by Kevin Orland of Bloomberg:
“Carbon capture may get a more sympathetic hearing in Calgary because it offers the prospect of an engineering solution that might keep crude flowing. The Canadian oil industry’s efforts to curb emissions rely heavily on a massive proposed CCS system that would be financed largely by a C$12.4 billion ($9.2 billion) infusion of government funds.”
However, after I read through more of the reports about the outcome of this event, I found that there was less talk about CCS investments; there was more talk about keeping the investments flowing into oil and gas production for global markets.
I have compiled a list of significant headlines from the event below:
- “Oil companies cautious about drilling as energy transition looms” Reuters
- “ExxonMobil CEO Calls For An ‘And’ Conversation When Talking About Energy Transition” Daily Oil Bulletin
- “Energy transition for Africa is an ‘existential challenge’” Upstream
- “Kuwait Petroleum CEO: No Alternative To Oil, Gas In ‘Foreseeable Future’” Daily Oil Bulletin
There were also some new announcements about oil and gas production investments going into Latin America, such as Cuba and Uruguay, of which the projects there have attracted some of the largest international oil companies.
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