Natural Gas News – May 24, 2018

Natural Gas News – May 24, 2018

Exxon to Slash Gas Flaring 25% by 2020 in Emissions Push

Bloomberg reported: Exxon Mobil Corp. plans to reduce the amount of natural gas it burns as waste by a quarter within two years to reduce climate-changing emissions, something long demanded by environmental groups and activist investors. Efforts will be focused on oil wells off the coast of West Africa, Exxon said in a statement on Wednesday. In that region and others, gas produced alongside crude is routinely burned because there’s no way to haul it to markets. The practice, known as flaring, has been assailed as wasteful and environmentally harmful on every continent where oil is produced. The oil industry’s decades-old practice of flaring gas when there are no pipelines or population centers nearby has drawn the ire of climate activists and regulators. Explorers also are under increased scrutiny to curb leaks that release damaging amounts of methane into the atmosphere. For more on this story visit bloomberg.com or click https://bloom.bg/2LodSRB

General Electric’s power unit fights for growth as wind, solar gain

Reuters reported: Vistra Energy Corp (VST.N) and Dominion Energy Inc (D.N) – which serve about 5.5 million electricity customers in more than a dozen U.S. states – both say they are done building combined-cycle natural gas-fired power plants. Instead, they are building large solar plants, which offer plentiful and inexpensive electricity. This bearish view of fossil-fuel energy, reflective of a growing acceptance by utilities of renewable power sources, poses a hurdle to John Flannery’s plan to turn around General Electric Co’s (GE.N) $35 billion-a-year power unit. GE’s chief executive spelled out the difficulty on Wednesday. Power profits will be flat this year after falling 53 percent in 2017, he said, and GE is planning that demand for heavy-duty natural gas power plants will be less than half what it forecast just over a year ago, and will stay at that level through 2020. For more on this story visit reuters.com or click https://reut.rs/2GKdnxR

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