Category Archives: Shale oil

Chevron to buy oil and gas producer Hess in $53bn all-stock deal

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Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry

Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.

The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.

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Ministers launch fracking study, paving way to end moratorium in England

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Conservatives seek to examine latest techniques, citing rising energy costs

Ministers have paved the way for a reconsideration of the moratorium on fracking in England by commissioning a new study to examine safety concerns about the controversial practice.

In an effort to decrease Britain’s reliance on imported energy given spiralling costs, the business secretary, Kwasi Kwarteng, said it was “absolutely right that we explore all possible domestic energy sources”.

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After Ukraine, how will the world replace Russia’s oil products?

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A report from the International Energy Agency makes clear that viable alternatives are limited

As Boris Johnson flew to the Gulf this week to ask for more oil to replace supplies from Russia, he was accused by the Labour leader, Keir Starmer, of “going cap in hand from dictator to dictator”.

At the same time, a report produced by the International Energy Agency (IEA) underlined just how limited the options are for any economy seeking to replace Russian crude and other oil products.

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Polémico proyecto de fracking en Argentina amenazado por la pandemia de coronavirus

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El confinamiento y la caída del precio del petróleo ponen en juego el futuro de un enorme yacimiento petrolífero argentino

En las próximas semanas, se esclarecerá si el mundo vuelve a los combustibles fósiles tras la pandemia o si da un paso adelante hacia una economía limpia, mientras el FMI (Fondo Monetario Internacional) y Argentina deciden si van a continuar ofreciendo su apoyo a los inmensos yacimientos de petróleo y gas de Vaca Muerta, en Patagonia.

El objetivo del proyecto es explotar el segundo depósito más grande de esquisto del planeta (después de la Cuenca Pérmica, en Texas), pero su futuro es incierto debido al confinamiento forzoso provocado por COVID-19, que ha causado el descenso más drástico en el precio del crudo de los últimos treinta años.

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Major oil-producing nations agree historic 10% cut in output

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Saudi Arabia and Russia reach truce after collapse in demand caused by coronavirus

The world’s largest oil producers have agreed a historic deal to cut global oil production by almost 10% to protect the market against the impact of the coronavirus pandemic.

Members of the Opec oil cartel and its allies have agreed to withhold almost 10m barrels a day from next month after the outbreak of Covid-19 wiped out demand for fossil fuels and triggered a collapse in global oil prices.

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