Seven new oil and gas projects approved since IPCC report calls for ‘concise report citation’

It’s “now or never”, according to the latest report from the Intergovernmental Panel on Climate Change (IPCC) released on Monday. He called on governments to start cutting emissions to save the planet from irreversible climate catastrophe.

Between now and never, some are apparently choosing never, as new projects announced this week continue to fund fossil fuel production around the world.

the IPCC warned that if we continue at our current pace, we will exceed 3°C of global warming by 2030.

And yet, it seems that in the midst of an energy crisis driven by the consequences of the pandemic and the war in Ukraine, the urgency of IPCCThe message of did not reach everyone.

Here is a list of all new oil and gas projects announced after the release of the IPCC reports on April 4.

A new offshore project for Exxon in Guyana

Monday, Exxon announced that it would invest $10 billion (9 billion euros) in a new offshore project off the coast of Guyana, the company’s fourth oil production development in the country and so far its largest. Latin America.

The project, called YellowTail, has been approved by the government of Guyana

and is expected to produce 250,000 barrels of oil per day.

Exxon already has three other projects in the Stabroek block, an oil reservoir covering an area of ​​26,800 square kilometers offshore Guyana, and sees potential for 10 more developments.

And they are not alone.

United Kingdom: More drilling in the North Sea

As part of his new energy strategyThe UK government announced on Thursday that licensing of new oil and gas projects in the North Sea will begin this autumn.

Environmental activists and climate activists have reacted with outrage to the decision, but the UK government has defended itself by saying that such projects are necessary to achieve energy self-sufficiency, with a view to getting rid of the uncomfortable dependence on vis-à-vis Russian oil and gas imports.

Canada approves oil from Bay du Nord

On Thursday, there was also a climatic heartbreak on the other side of the ocean, as the Canadian government gave the green light to the controversial $ 12 billion (11 billion euros) offshore oil project of Bay du North.

The project will be managed by Equinor for approximately 30 years, during which the company will operate a floating offshore oil and gas production facility in the Flemish Pass in the Atlantic Ocean. It is anticipated that over 60 wells will be drilled over the three decades of operation.

The Government of Canada said the project will help the country meet energy demand during a difficult transition period.

The approval follows months of debate and a four-year review of the project, but the government, which conducted an environmental assessment of Bay du Nord, concluded that it will not cause significant adverse effects on its immediate environment “when mitigation measures are taken”. taken into account.”

These mitigation measures include 137 conditions that Equinor will have to meet during the operation of the project, including the protection of wildlife, human health and aboriginal access to resources.

Most environmental activists strongly disagree with the government’s decision.

United Kingdom: fracking still relevant

UK Business Secretary Kwasi Kwarteng announced on Tuesday that he had commissioned a brief report on splitting to investigate its impact, saying all options should be on the table to reduce Britain’s dependence on imported energy.

The British Geological Survey will investigate safety concerns over the controversial practice, ending a moratorium on fracking that had been in place since 2019, when protests forced the UK government to take action to stop fracking in the country .

Portugal hopes to build new gasworks in Mozambique

Portugal’s Galp Energia, a partner in the Exxon-led gas consortium in Mozambique, said on Thursday it hoped to start building onshore power plants in the African country in 2024.

The company expressed concerns about the security situation in Mozambique, where Islamic State militants have been active near liquefied natural gas projects worth $50 billion (45 billion euros), reports Reuters.

A new agreement between China and the United States

Not quite a new project, but still a new investment in fossil fuels (even if it is “cleaner”): China’s ENN on Wednesday signed a new deal with America’s NextDecade to buy 1.5 million tons per year of liquefied natural gas (LNG) for 20 years, starting in 2026.

The gas will come from the proposed Rio Grande project in Brownsville, Texas, which NextDecade says will produce “the greenest LNG in the world”.

LNG is considered the cleanest of fossil fuels – it emits 40% fewer emissions than coal.

Israeli group Delek expands UK North Sea presence

On Friday, Ithaca Energy announced it would buy Siccar Point Energy, the company behind the controversial Cambo oil field off Shetland, a project that was shelved last December when Shell removed.

Shell held a 30% stake in the company, but pulled out of the project saying the economic case for investing in the project was not “strong enough”.

Ithaca Energy, the British North Sea production arm of Israeli group Delek, which acquired it in 2017, is buying Siccar Point Energy for 1.39 billion euros ($1.5 billion).

The acquisition means the Cambo oilfield is likely to be expanded in the future, despite outrage from environmental activists, who believe expanding development will worsen the climate crisis.