Oil industry set to ink record number of renewable energy deals in 2019

first_imgOil industry set to ink record number of renewable energy deals in 2019 FacebookTwitterLinkedInEmailPrint分享OilPrice.com:The world’s biggest oil companies are on track to do a record number of deals to invest in alternative energy and green technologies this year, BloombergNEF said in a report on Wednesday. Seven months into 2019, Big Oil has already made nearly 70 deals involving renewables and biofuels, compared to 80 such agreements for the entire 2018, according to the report.European oil majors are much more active than U.S. supermajors on the clean energy investment front, having sealed seven times as many agreements as the U.S. firms, BloombergNEF said. The most active oil firm in clean energy investment is Shell, beating its French rival Total to the first place this year, according to BloombergNEF’s report.Big Oil has been facing increased investor pressure to start addressing climate change risks and set emission reduction targets if the world is ever to achieve the Paris Agreement targets.Earlier this year, BP’s shareholders voted in favor of a climate change shareholder resolution, pushing the UK oil and gas supermajor to set out a business strategy consistent with the climate goals of the Paris Agreement.Shell announced its first-ever short-term goals to cut the carbon footprint of its operations and product sales. In July, Shell’s chief executive Ben van Beurden said that the world reducing emissions to net zero “is the only way to go,” and called on businesses to work together to move faster in addressing climate change. The Anglo-Dutch major has pledged to invest US$2 billion annually in renewables and clean technologies.More: Big Oil to seal record number of green energy deals in 2019last_img read more

EIOPA ‘founding father’ backs greater powers for supervisor

first_imgThe “founding father” of the European supervisory bodies has backed calls for the European Insurance and Occupational Pensions Authority (EIOPA) to be given an independent budget, and suggested that granting it greater supervisory powers was inevitable.Jacques de Larosière, a former head of the IMF and chairman of the Larosière committee that in 2009 recommended the creation of the current European Supervisory Authorities (ESAs) of EIOPA, the European Securities and Markets Authority and the European Banking Authority, said the work of establishing the ESAs remained unfinished until they were granted a greater role in supervising their respective sectors.He said EIOPA’s “absolutely fundamental” work on harmonising both regulation and supervision needed to go hand-in-hand with greater powers for the authority chaired by Gabriel Bernardino.Speaking during the keynote address at EIOPA’s annual conference in Frankfurt, de Larosière said: “It is essential that EIOPA have sufficient powers to conduct enquiries into particular financial institutions, and not only in situations of crisis. “And they have to have to have the liberty to do that, without permission.”He also said the funding of the ESAs should be “de-coupled” from the European Commission’s budget, as this would grant them the flexibility needed to carry out its tasks.EIOPA recently warned that a freeze in its budget would “severely undermine” its ability to perform. Carlos Montalvo, EIOPA’s executive director, praised de Larosière as the founding father of the “successful experiment” of ESAs.“I would say the work is unfinished,” de Larosière added, “because, eventually, your institutions, your authorities are going to have to have a wider role in supervision.“Now, we knew that when we wrote the report, but it was not possible to articulate that in that way, and I think it was wise not to do it at the time.“But, little by little, as you establish your credibility, as you establish your objectivity in your work, you will become inevitably a moving force in that question of harmonising supervision.”He said that while it was important not to apply undue pressure, eventually, the three ESAs would be granted a significant role in supervising the European financial system.De Larosière’s intervention comes months after the Commission approved a report on reforming the ESAs that also suggested each should only have a single stakeholder group, essentially merging the pensions and insurance groups at EIOPA.Any suggestion that the occupational pensions stakeholder group (OPSG) should be abolished has been rejected by the industry and members of the OPSG, while Bernardino recently told IPE that the current arrangement should remain.The review also recommended that the funding of the ESAs no longer be the responsibility of the European Commission, and new commissioner for financial services Jonathan Hill has been asked to investigate if the authorities could be funded, either partially or fully, through an industry levy.last_img read more

Spectrum Begins Brazilian Santos Campos Phase III Shoot

first_imgSpectrum has started Phase III of the Brazilian Santos Campos multi-client 2D acquisition program.The survey is an extension of Spectrum’s 2017 Santos Campos Phase II survey, covering an area in the southern Santos Basin.With this additional program, Spectrum will provide over 47,000 kilometers of 2D modern long offset seismic data to industry, the company said.The data will be processed in Spectrum’s Houston processing center with PSTM, PSDM (Kirchhoff and RTM) and Broadband products expected to be available in Q3 2018.Richie Miller, EVP Multi-Client Americas, said, “The Santos Basin of Brazil is one of the most attractive basins in the world. Adding new data with advanced imaging over an area in the Santos Basin with limited exploration history or data allows for industry to work this data and understand the complete Santos Basin for the first time. Phase III will cover additional rift basins identified by our existing regional Deep Focus survey, and complete the coverage of the sectors proposed for Round 16.”The survey will be carried out in partnership with BGP Marine.last_img read more

French Open bans Hamou over attempts to kiss reporter on live TV

first_imgTennis player Maxime Hamou’s accreditation has been revoked by the organisers of the French Open after he tried to kiss a female reporter repeatedly during a live TV interview.The French player, 21, kissed journalist Maly Thomas while holding her around her neck and shoulders, despite her efforts to duck away.The French Tennis Federation (FTT) condemned the “reprehensible behaviour” and ordered an investigation.Hamou has not commented on his actions.The incident happened after he was knocked out of the first round of the competition on Monday. Several anchors and commentators on the Eurosport programme Avantage Leconte laughed and clapped as it unfolded. The episode drew ire on social media, including from French politician Cécile Duflot.”He kisses her by force, she tries to get away, he holds her by the neck and everyone… laughs #tired,” the Green MP wrote on Twitter (in French).Quoted by the Huffington Post France, Ms Thomas described the player’s actions as “frankly unpleasant”.”If I hadn’t been live on air, I would have punched him.”The BBC has asked Eurosport for comment. It is the latest case to provoke allegations of harassment of female sports reporters. In January 2016, West Indies cricketer Chris Gayle drew a barrage of criticism after he asked a TV reporter for a date in a live interview.He was later fined $7,200 (£4,900) by his club for “inappropriate conduct”. It is not the first time Hamou, who has a career high singles ranking of 211, has caused controversy at this year’s French Open.He walked out of an interview on Friday after a journalist posed a clumsy question. On Monday he also angrily berated an umpire on court, asking: “Why are you here?”last_img read more