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The Riyadh-based International Energy Forum called on companies to raise spending to $523 billion a year by the end of this decade to forestall an uncontrolled surge in energy prices and economic unrest. Saudi Aramco’s CEO warned of “chaos” unless governments stopped discouraging fossil-fuel investments. “Oil and gas are going to be needed for the next 10 to 20 years and lot of it is going to be needed.” “Investment is the greatest challenge the oil industry faces today,” said John Hess, CEO at Hess Corp. Signs posted outside the convention center in downtown Houston claimed for the city the mantle of “energy transition capital of the world.” But a paramount concern for management teams assembled inside was whether the industry is investing enough in new drilling to meet demand and stabilize prices. shale industry is reaping record profits.
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Big Oil is making the most free cash flow since crude traded for more than $100 a barrel seven years ago while the U.S. Even after whipsaw price swings in recent weeks amid omicron’s spread and supply-shortage concerns, international oil prices are up 45% this year at about $75 a barrel. The industry has ample cause for optimism. “Optimism is the spark of innovation, the catalyst of risk,” he said. Wirth also called for more “optimism” around the transition away from fossil fuels.
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“Oil and gas continue to play a central role in meeting the world’s energy needs and we play an essential role in delivering them in a lower carbon way.” The Biden administration’s plea to OPEC “reveals a fundamental truth that should inform any rationale conversation about the future of energy,” said Chevron CEO Mike Wirth. The contradiction is all too apparent in the U.S., where President Joe Biden asked OPEC and its allies to increase crude production just months after enacting a wave of anti-oil policies at home including canceling the Keystone XL pipeline and floating a fracking ban. and concerns over power-grid reliability are forcing governments to confront difficult choices around transitioning to low-carbon energy sources.
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Natural gas shortages in Europe and Asia, surging fuel prices in the U.S. Volatile commodity prices and growing inflation anxiety are recasting the narrative around climate change, just weeks after world leaders hashed out a lackluster deal at the the United Nations Climate Change Conference in Glasgow. Almost $12 trillion in spending is needed between now an 2025 to ensure adequate crude and gas supplies, without which the world will see “long-term scars on energy security, affecting not only producers but also consumers.” “A halt in investment in oil and gas is misguided,” OPEC Secretary-General Mohammad Barkindo said in recorded presentation to the gathering on Wednesday. The World Petroleum Congress in Houston, an industry showcase, saw last-minute cancellations due to the omicron variant, but it didn’t stop a steady stream of senior executives hammering on the same point: the world will need us for years to come, so let’s invest and produce, or risk more economically damaging price spikes or even social unrest. (Bloomberg) - Buoyed by high oil prices, the bosses of the biggest explorers this week laid out a vision for the energy transition that hinges on more fossil-fuel investment rather than less.