Last August, ExxonMobil warned that it may need to remove 20 percent of its oil and gas proved reserves from its books. While that was a shocking number from the oil major, reality proved to be even more of a shock to the company. On February 24, Exxon reported that it would actually remove over 30 percent of its proved reserves from its books essentially wiping out the value of its Canadian tar sands holdings from its books.
According to the Securities and Exchange Commission (SEC), proved reservesare “the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.”
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February 5, 2021
President Nicolás Maduro seeks to rapidly boost Venezuelan oil production by one million barrels per day (bpd), threatening to ravage the ecologically sensitive Orinoco region. To achieve the increase, he would reverse Chávez’s oil reforms, which extended Venezuelan sovereignty over its natural resources and captured super-profits that would otherwise have flowed to transnational oil companies.
Chávez was an outspoken critic of capitalism and global warming, telling the Copenhagen summit on climate change in March 2013 that “climate change is undoubtedly the most devastating environmental problem of this century,” and that “current human activity exceeds the threshold of sustainability, endangering life on the planet.” In the same speech he warned that global inequality remained a major obstacle to achieving a sane and rapid reduction of greenhouse gas emissions, as globally “we are profoundly unequal.”
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22 Jan 2021
Nissan’s chief operating officer has said that Brexit “is a positive” for the carmaker, and that it will be moving battery production from Japan to Britain.
“Brexit for Nissan is a positive. We’ll take this opportunity to redefine the auto industry in the UK. In certain conditions, our competitiveness is improved. For some of the cases, it is at par. It depends on which car, but competitiveness is definitely improved in electric vehicles,” said Ashwani Gupta, speaking from Yokohama, Japan.
“Sunderland is one of the top three plants in the world for competitiveness for Nissan. Brexit gives us the competitive advantage in the UK and outside,” the auto executive added, referring to the city in the North of England where its British manufacturing is centred.
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