Uncategorized

Bloomberg Pioneer Natural Resources Co is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the US Permian Basin. The deal is comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and assumption of …

Bloomberg China is strengthening efforts to clean up one of the dirtiest corners of its economy, and now plans for its mammoth steel industry to reach peak emissions within four years. The nation aims to hit peak carbon emissions before 2025, and reduce them by 30% by 2030, according to a WeChat post by the China Metallurgical Industry Planning and …

Bloomberg AGL Energy Ltd, Australia’s largest electricity retailer, will launch a joint venture with Ovo Energy Ltd. to use the UK utility’s technology platform Kaluza. As part of the agreement, AGL will invest in Ovo Energy Australia to adapt the Kaluza platform for its domestic market. The aim is to digitalize AGL’s services and offer customers smart products as households …

Bloomberg Royal Dutch Shell Plc and seven banks accused one of Nigeria’s largest oil producers of defaulting on loan repayments that stand at more than $900 million and are locked in a court battle to reclaim the money, legal documents show. The previously unreported impasse stems from a deal that Aiteo Eastern E&P Co. did six years ago to purchase …

Bloomberg Russia will start its first trial of a marketplace to trade carbon credits on the remote Far East region of Sakhalin starting next year, as the world’s largest energy exporter faces criticism for being slow to reduce greenhouse-gas emissions. The goal is to have the region become carbon neutral by 2025, Deputy Economy Minister Ilya Torosov said in an …

Bloomberg The UK government has “significantly underestimated” how much it will cost to decarbonise heating in British homes, a touchstone of its net zero promise. The simple step of insulating Britain’s drafty homes is essential before gas boilers can be replaced with low carbon technology like heat pumps. The cost of improving energy efficiency could be as much as 18,000 …

Bloomberg Top Indian government officials are debating whether to set a goal to zero out its greenhouse gas emissions by mid-century, an ambitious target that would require overhauling its coal-dependent economy. Officials close to Prime Minister Narendra Modi are working with senior bureaucrats and foreign advisers to consider ways to meet the 2050 deadline, according to people familiar with the …

Bloomberg The UK’s oil and gas industry faces a struggle to recover from an investment slump sparked by the coronavirus and in the longer term will have to manage a prolonged decline in output, according to its trade body. Production may decline further this year and next, following a 5% decrease in 2020, Oil & Gas UK said in a …

Bloomberg Eskom Holdings SOC Ltd., which supplies almost all of South Africa’s power, said it’s undertaking long-overdue repairs at its facilities amid a high risk of nationwide outages, and it expects supply to improve later this year. The debt-stricken state utility has implemented electricity rationing — known locally as load-shedding — on 19 days so far this year after record …

Bloomberg Japan’s biggest utility and the owner of the wrecked Fukushima nuclear power plant said it needs atomic energy to meet its pledge to cut its carbon dioxide emissions in half by 2030. It will take time to boost capacity of renewable energy, such as offshore wind, which makes nuclear energy indispensable for the company to curb CO2 emissions 50% …