Australia is seeking to cut emissions in one of the world’s biggest per-capita polluters by encouraging oil firms including Chevron Corp. and Woodside Petroleum Ltd. to invest in carbon-reduction projects.
Offshore engineering and construction company McDermott has said it has been given "a sizeable" contract from a Middle East customer to carry out front-end engineering and design (FEED) work for offshore riser platform topsides.
Oil prices have surged to two-month highs on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people.
While the rest of the world is tentatively coming out of lockdowns, China is taking advantage of the cheapest crude oil in years to stock up as demand is starting to return in the world’s largest oil importer, Bloomberg reported on Friday, citing tanker-tracking data it has compiled.
In the span of just six months, Europe’s biggest oil and gas companies raced to commit to net-zero emission targets in response to increased investor and societal demands to start addressing the elephant in the room.