Natural Gas News – February 12, 2020

Nat Gas News – February 12, 2020

BP sets deeper 2050 carbon target in CEO reinvention

Reuters: BP pledged to sharply reduce its carbon emissions by 2050 as part of a reinvention of the 111-year old company by newly appointed chief executive Bernard Looney. BP on Wednesday set more ambitious targets than rivals such as Royal Dutch Shell (RDSa.L) and Total (TOTF.PA) but fell short of commitments made by smaller Spanish peer Repsol (REP.MC). “We need to reinvent BP,” Looney said in a statement. The world’s top oil and gas companies have come under heavy pressure from investors and climate activists to fall in line with the 2015 Paris climate accord which aims to limit global warming to below 2 degrees Celsius from pre-industrial levels. “The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer
enough. It must also be cleaner,” he added. U.S. groups such as Exxon (XOM.N), Chevron (CVX.N) and ConocoPhillips (COP.N) are far less ambitious with their greenhouse gas related targets than their European rivals. For more on this story visit reuters.com or click https://reut.rs/2Sj3ZKv

U.S. Department of Energy issues four liquid natural gas export

Daily Energy Insider reports: The U.S. Department of Energy (DOE) announced Monday that it issued four long-term orders authorizing the export of domestically produced liquefied natural gas (LNG) from four proposed projects in Texas. DOE issued authorizations for Annova LNG, Rio Grande LNG, and Texas LNG in Brownsville, Texas, and Corpus Christi LNG’s Stage III. “The Trump Administration recognizes the importance and increasing role U.S. natural gas has in the global energy landscape,” U.S. Secretary of Energy Dan Brouillette said. “The export capacity of these four projects alone is enough LNG to supply over half of Europe’s LNG import demand. With today’s authorizations, we are paving the way for more U.S. natural gas exports to bring energy security and prosperity to our allies around the world.” For more on this story visit dailyenergyinsider.com or click https://bit.ly/2Hfx6YD

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