ExxonMobil, Shell, CNOOC, and local authorities have agreed to evaluate the potential for a world-scale carbon capture and storage (CCS) project in the Chinese Guangdong Province.

In pursuit of its strategy to go beyond net-zero, oil and gas company Neptune Energy has teamed up with several firms – ExxonMobil, Rosewood and EBN – to pool resources for the development of a carbon capture and storage (CCS) project in the Dutch sector of the North Sea.

The North Sea Transition Authority (NSTA) has launched the UK’s first-ever carbon storage licencing round, with 13 areas available for bids.  

Sweden is banning the extraction of coal, oil and natural gas and tightening rules on the extraction from alum shale. The ban is entering into force on 1 July this year.

Ocean Energy Europe (OEE) has signed a joint letter supporting the objectives of the REPowerEU Plan to phase out Europe’s dependency on fossil fuels faster, calling also for ‘bolder action’ on the accelerated roll-out of renewable energy.

The G7 countries, representing the world’s biggest economies, pledged last Friday to end direct international public financing of the fossil fuels sector starting from the end of this year and affirmed the commitment to end inefficient fossil fuel subsidies by 2025.

The transition to renewable energy is not without its challenges, but today’s markets are increasingly shifting in response to it. Understanding the massive swings in energy supply and demand taking place will enable oil and gas traders to confidently plan for the years ahead, especially as capital allocations shift in response to market signals.

Proxy advisory firm Glass Lewis has recommended Woodside Petroleum shareholders reject the company’s climate report at its annual meeting this month, saying it lacks substance.

DHL Global Forwarding, the air and ocean freight specialist of Deutsche Post DHL Group, says it has neutralised the carbon emissions of all less-than-container load (LCL) ocean freight shipments since January 2021.

On a quest to end further fossil fuel extraction, environmental activists from groups in the Just Stop Oil coalition and Extinction Rebellion have blocked ten oil terminals across the UK, demanding a stop to new oil and gas projects and investments on the UK Continental Shelf.