Energy headlines

** Chevron agreed to buy U.S. rival Hess for $53 billion in stock in a deal that reflects top U.S. energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns. The proposed deal amps up competition between Chevron, the No. 2 U.S. oil and gas producer, and Exxon, its larger rival.

** Several top Biden administration officials openly disagreed with a decision to resume oil and gas leasing, even applauding a Democrat lawmaker’s condemnation of the action, according to internal emails obtained by Fox News Digital.

** Joe Biden’s administration is under mounting pressure to block construction of what would be one of the world’s largest gas export hubs, and which would be perched near the rapidly eroding Louisiana shoreline, due to concerns over its impact on the climate and communities living amid an unprecedented expansion of new gas infrastructure along the Gulf of Mexico. The $10bn project, known as Calcasieu Pass 2 (or CP2), is being planned for Cameron parish, on Louisiana’s coast.

** The U.S. EPA dropped its civil rights investigation into petrochemical development near largely Black communities in Louisiana’s “Cancer Alley” because it couldn’t wrap it up ahead of a deadline.

** Texas residents will vote on a series of ballot measures that include a proposal to create a $5 billion fund to incentivize the construction of natural gas-fired power plants.


** A hot spot for Canadian oil drillers is emerging in a tiny corner of eastern Alberta, drawing companies including Canadian Natural Resources Ltd. and Baytex Energy Corp. in search of cheaper, lower-emissions heavy crude.

** Venezuela’s Lake Maracaibo has been polluted with so much crude oil over the years that it can be seen from space. Now, a young environmentalist is trying to change that — by asking volunteers to donate their hair to soak up the oil, The Washington Post reported.

**  Unplanned coal power plant outages, the impact of natural disasters on transmission lines and huge deployments of rooftop solar have made Australia the world’s most volatile power market, according to Rystad Energy.

** The man running Britain’s gas network has said the country will need fossil fuels to prevent blackouts for decades to come despite calls for the Government to begin shutting off the pipes. Jon Butterworth, chief executive of National Gas, said a growing reliance on intermittent power sources such as wind and solar meant Britain would be increasingly reliant on gas to make up for shortfalls when renewable energy sources are not generating power.

** Companies including Nestle, Unilever, Mahindra Group and Volvo Cars are urging political leaders to agree a timeline at the upcoming U.N. climate summit to phase out fossil fuels. The 131 companies, which have nearly $1 trillion in global annual revenues, wrote in a letter published on Monday that attendees at the COP28 summit must commit to reach 100% decarbonised power systems by 2035 for richer economies, and help developing countries financially so they can ditch fossil fuels by 2040 at the latest.

** Ahead of a meeting in India between leaders of the world’s top 20 economies, the United Nations has released a report detailing the essential steps required to prevent the increasing damage of the Earth’s overheating. As the Associated Press reported, the U.N. warned that our “window of opportunity” is closing, and the planet’s biggest polluters must commit to radical change to protect the Earth and its inhabitants.

** Gazprom PJSC will send additional gas to China and Hungary this year, , the company’s chief executive, said in an interview with Russia state television that aired on Sunday.