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(Bloomberg) -- Oil closed higher after traders assessed a U.S. government report showing the largest two-week decline in gasoline supplies on record, while signs emerged of demand picking up. Last reported at $107 billion, state-owned Pemex is the most indebted oil and gas company in the world, where profits that should be used for more E&P investment get taken by the government. The global pandemic of 2020 has slowed down demand for oil and gas but provided a big boost for renewables, said Mona Dajani, partner and global head of energy and infrastructure at Pillsbury Winthrop Shaw Pittman LLP in New York. Get the latest Nigerian Oil and Gas industry news, Power Sector updates, Events & Conferences, Press Releases and more around Africa At the moment, states can try to attract business by minimizing that financial requirement, which is how we’ve ended up in this mess. Hedgebeth, replaced last month at Marathon Oil by Kimberly Warnica, stepped down in December from the Houston-based oil and gas company that hired him in 2017. They’re legally required to, and besides, that’s what corporate responsibility is all about. The information you requested is not available at this time, please check back again soon. (Bloomberg) --The Biden administration’s moratorium of oil and gas leasing on federal public land faced an immediate legal attack from an energy industry group. Futures in New York rose 0.7% on Wednesday after earlier flipping between modest gains and losses. Find natural gas, emissions, and crude oil price changes. The new Libyan unity government of Abdul Hamid Dbaibah is set to restore an oil and gas portfolio as one of 27 ministries to administer until December elections. , Photographer: Getty Images/Getty Images North America. The House bill is stalled in the U.S. Senate. Extracting and burning those fuels generates the equivalent of almost 550 million tons (500 metric tons) of greenhouse gases annually, the U.S. Geological Survey said in a 2018 study. Post was not sent - check your email addresses! Bank of Montreal (NYSE: BMO) is set to exit its U.S. oil and gas investment banking business to focus on Canadian assets going forward, Bloomberg reports.. … Capital Group Cos. Inc., has hired Reginald Hedgebeth, Marathon Oil Corp. ‘s former general counsel, as its first chief legal officer. The leading global oil, gas and energy news resource. At the beginning of 2021, Petrobras announced a gas and oil production record in 2020, pumping an average of 2.28 million bpd, over its 2.23 million bpd 2015 record. It fights climate change, creates jobs and is affordable. Last year more than three dozen producers declared bankruptcy, hobbled by declining energy prices and rising debt. Sorry, your blog cannot share posts by email. GET BREAKING NEWS IN YOUR BROWSER. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. The head of the National Oil Corporation (NOC) and the governor of the Central Bank of Libya will both be from the eastern region. See our full terms of use The fact is, the U.S. oil and gas sector was in trouble even before the pandemic struck. 3. As Congress debates how to address the economic calamity we are facing, we have an unprecedented opportunity to put people to work addressing the climate crisis — and we should start by hiring laid-off oil and gas workers to help lead the way. ARCTIC NATIONAL REFUGE, ALASKA - UNDATED: (FILE PHOTO) This undated photo shows the Arctic National Wildlife Refuge in Alaska. Asia Thirst for Natural Gas Is Disrupting Europe’s Market BNN Bloomberg 07:01 Nigeria: Govt Confirms Return of Subsidy, PPPRA Puts Fuel Price At N212.61 AllAfrica 06:52 Tullow troubles puncture Kenya's oil dream Daily Nation 06:51 The bill that Speaker Nancy Pelosi shepherded through the House would address this, by requiring firms to set aside enough money to retire wells before they drill them. This turmoil has hurt oil and gas workers — some 100,000 have been laid off this year alone — and communities that depend on fossil fuel extraction are suffering. Oil and gas extracted from public lands and waters account for about a quarter of annual U.S. production. (Bloomberg) -- The new Libyan unity government will restore an oil and gas portfolio as one of 27 ministries to administer the war-ravaged OPEC member until December elections, according to the office of the prime minister-designate. Get the latest commodity trading prices for oil, gold, silver, copper and more on the U.S. commodities market and exchange at CNN Business. By Richard Stubbe, BloombergNEF.This article first appeared on the Bloomberg Terminal. Later that year, Rattner noted during an appearance on Bloomberg TV that he continues to invest in the oil and gas sector. Oil flipped between modest gains and losses as the market weighed growing U.S. crude supplies against the largest two-week decline on record in domestic gasoline stockpiles. CLICK HERE TO TURN ON NOTIFICATIONS. (Bloomberg) -- Saudi Aramco discovered two new oil and gas fields in the northern parts of the kingdom, the official news agency reported, citing the oil minister Prince Abdulaziz bin Salman. here. UK ministers are considering a ban on new oil exploration licenses in the North Sea as a move away from fossil fuels, a step that could hit jobs and the Scottish economy, the Telegraph reported. Other voices: Time to stop messing around with time, Soucheray: As we crawl out of isolation we will be different people, Peking Garden will be back in St. Paul -- in a new spot. The U.S. Senate voted not to allow drilling for oil in the refuge March 19, 2003 by a 52-to-48 vote. BUENOS AIRES Petroleumworld 03 11 2021 Yet despite the best efforts of state regulators, most abandoned wells — more than 2 million — remain unplugged. Bloomberg Tax Portfolio, Oil and Gas Transactions, No. 5 ways that's wrong. Earlier this month, the Sierra Club singled out Bank of America as “the only major U.S. bank not to rule out financing for the destruction of the Arctic refuge” after its five biggest competitors updated their policies this year. Description. Michael R. Bloomberg, the former mayor of New York City and a Global Ambassador for the World Health Organization, is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News. In case you missed it, Bloomberg recently published an in depth review of the horrors many oil and gas workers are facing because of President Biden’s radical energy agenda.. The deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power. Bank of America has said it aims to position itself as a leader in environmental, social and governance matters in the financial industry through underwriting green bonds, reducing carbon emissions and supporting global climate initiatives. But cleaning up abandoned wells helps everybody. A federal program to plug so-called “orphan” wells could create as many as 120,000 well-paying jobs, while preventing hundreds of thousands of tons of greenhouse gases from escaping into the atmosphere. 2021-03-04 18:23:00 Domestic gasoline supplies slid last… Salena Zito: How does killing these pipeline jobs ‘build back better’? The bill would also make a start on mending the broken system for funding well cleanups. Republicans are skeptical about further stimulus, and the Trump administration isn’t concerned about climate change. One dead, 4 injured in Woodbury after crash leaves car split in half. It's officially ice cream weather in St. Paul. The nation’s exports of crude and liquefied natural gas each declined around 30 percent in 2020, according to Bloomberg ship-tracking data. Former vice president Joe Biden has included the idea as part of his green energy campaign platform. It’s a perfect example of how growing the economy and fighting climate change go hand in hand. Minneapolis real estate managers worry others will follow Target in exiting downtown, Statistics show thousands of Minnesotans will die after getting the COVID vaccine -- but not because of it, Dane Mizutani: Kirill Kaprizov is the superstar the Wild have been waiting for. We need a national standard to prevent it from happening again. 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