Energy News Roundup; Rig Count: U.S. -3 to 623 Canada -9 to 185
London, 15 December, 2023, (Oilandgaspress): – U.S. Rig Count is down 3 from last week to 623 with oil rigs down 2 to 501, gas rigs unchanged at 119 and miscellaneous rigs down 1 to 3. Canada Rig Count is down 9 from last week to 185, with oil rigs down 2 to 118, and gas rigs down 7 to 67.
WTI Crude $71.59/bbl, Brent $76.71/bbl, OPEC basket of thirteen crudes stood at $76.77/bbl
In Canada, total electricity generation for September 2023 experienced a 6.5% year-on-year decrease, amounting to 44.4 TWh. On a year-to-date basis, total net electricity production fell by 3.2%. This downturn was primarily driven by a 6.2% y-t-d drop in hydroelectric generation, which fell to 24.5 TWh in September 2023. These figures represent the lowest levels for both overall electricity generation and hydroelectric production for more than a decade. The decline was notably impacted by the record-breaking warmth observed during this period, marking the warmest September on record in North America. Read full article
Three people with Cambridge Judge Business School connections share their thoughts about the COP28 event held in the UAE.
– Professor Christopher Marquis, Alumni Board member Bob Hoogendoorn, and Fellow David Pitt-Watson-
Professor Christopher Marquis said:
“While reducing carbon emissions is of course essential for battling global warming, there may have been ‘carbon tunnel vision’ that has prevented the natural world from taking centre stage. Food security is a sensitive topic in many countries, so perhaps there has been a reluctance to discuss these areas, but that reluctance seemed to dissipate at COP28 – where attendees examined such topics as the potential use of soil, peatlands and ocean kelp for carbon storage.”
Alumnus Bob Hoogendoorn said:
“We need to focus on the right part of the climate equation. Concentrate efforts towards phasing fossil fuels going into the equation, rather than channelling resources primarily to what comes out. Reducing emissions is important, but what is the net impact if investment in oil exploration is reaching an all-time high and fossil fuels still receive around $7tn in subsidies?”
Fellow David Pitt-Watson said:
“The climate talks in Dubai are the 28th time the world’s nations have met to agree how we address this issue. Yet we still do not have a clear path which will lead us to a sustainable world. That is a real frustration, because the longer we delay, the more difficult it is to plan, and the more costly any transition will be.” Read full article
Hydro was again included in the DJSI Europe index with a total score of 69, an improvement from 67 in 2022. Hydro has been included in the DJSI index series, powered by Standard & Poor Global CSA, every year since it began in 1999, making this the 25 consecutive year. The DJSI group of indices are an important tool for companies, investors and other stakeholders to assess sustainability performance.
In addition, Hydro scores consistently among the best in its industry in important ESG ratings. In 2023, the company also improved its score on other relevant ratings, such as Morningstar’s Sustainalytics and Moody’s ESG Solutions. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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