Biggest risk to oil and gas is artificial intelligence, Microsoft executive says

By admin | 16th November 2017

CNBC/16 November 2017 Artificial intelligence (AI) poses the greatest threat to the oil and gas industry over the next five to 10 years, according to Microsoft‘s oil and gas director for the Middle East and Africa. Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) on Wednesday, Omar Saleh said technology disruptions over the past three years had been a “wake-up call” for all oil and gas firms. He said AI would be of “massive importance” to the industry over the coming years, but added that it would also pose the greatest risk to the oil and gas sector...

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Growing number of global insurance firms divesting from fossil fuels

By admin | 15th November 2017

The Guardian/15 November 2017 A growing number of insurance companies increasingly affected by the consequences of climate change are selling holdings in coal companies and refusing to underwrite their operations. About £15bn has been divested in the past two years, according to a new reportthat rates the world’s leading insurers’ efforts to distance themselves from the fossil fuel industry that is most responsible for carbon emissions. Fifteen companies – almost all based in Europe – have fully or partially cut financial ties, says the study by the Unfriend Coal campaign, which represents a coalition of a dozen environmental groups including...

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Former UOB officer jailed for misappropriating more than $500,000 of client’s money

By admin | 15th November 2017

The Straits Times/15 November 2017 SINGAPORE – A former United Overseas Bank (UOB) officer was sentenced on Wednesday (Nov 15) to four years and nine months’ jail after misappropriating almost $525,000 belonging to one of the bank’s clients. Bentley Lee Chang Yeh, now 37, was also fined $50,000 after he pleaded guilty in August to two charges of criminal breach of trust involving about $405,000, and one count of conducting fund management business without holding a Capital Markets Services licence. Another charge of criminal breach of trust involving about $120,000 was considered in sentencing. Lee committed most of his crimes after leaving UOB,...

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Oil market conditions ‘continue to improve’

By admin | 15th November 2017

Rigzone/15 November 2017 Fundamental conditions in the oil market are continuing to improve, that is the key takeaway of research note sent to Rigzone recently by investment banking firm Jefferies. Although oil and gas analysts at the organization conceded that the industry is ‘not out of the woods’ just yet, they pointed to a number of positive trends that have been helping the sector. “Demand growth has been strong; OPEC conformity with production targets has been good and an extension seems likely; and we believe that US production growth could under-deliver in 2018,” analysts at Jefferies said in the research...

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Oversupply has ‘fundamentally changed’ the natural gas market — but it won’t last long

By admin | 15th November 2017

CNBC/15 November 2017 A global liquefied natural gas (LNG) supply glut may soon be offset by a rapid uptick in demand, Oil Search CEO Peter Botten said Wednesday. “The market has fundamentally changed in the past few years,” Botten said at the Abu Dhabi Petroleum Exhibition Conference (ADIPEC). “It has clearly been driven by oversupply but this won’t necessarily last that long amid a burgeoning demand for LNG.” American shale drillers upended the energy industry after years of booming production — and the U.S. wants to sell even more of its excess gas abroad. On Tuesday, the International Energy Agency...

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Facebook data center to be powered by $430 million wind farm in Nebraska

By admin | 15th November 2017

CNBC/15 November 2017 Construction has begun on a wind farm that will supply 100 percent of the power required to operate a Facebook data center in Papillion, Nebraska. The Rattlesnake Creek wind farm in Dixon County, Nebraska, will have a capacity of 320 megawatts (MW). Under a power purchase agreement, Facebook will buy power from 200 MW of the farm’s capacity to operate its data center. Facebook’s director of global energy, Bobby Hollis, said that the business was now “one step closer to our goal of powering all of our operations with clean and renewable energy.” A subsidiary of Enel...

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Norway sued over Arctic oil exploration plans

By admin | 14th November 2017

The Guardian/14 November 2017 The Norwegian government is being sued by climate activists over a decision to open up areas of the Arctic Ocean for oil exploration, a move they say endangers the lives of existing and future generations. The plaintiffs, led by environmental organisations Greenpeace and Youth and Nature, will on Tuesday claim that the Norwegian government has violated a constitutional environmental law which guarantees citizens’ rights to a healthy environment. The law, known as Section 112, states: “Everyone has the right to an environment that safeguards their health and to nature where production ability and diversity are preserved....

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Oil falls on rising US output, global demand concern

By admin | 14th November 2017

Rigzone/14 November 2017 NEW YORK, Nov 14 (Reuters) – Oil prices fell for a third day in a row on Tuesday on forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA). In addition, analysts said oil prices were pressured by a global commodities selloff, led by base metals like nickel and copper, due to weaker-than-expected economic data from China. Brent futures fell 95 cents, or 1.5 percent, to settle at $62.21 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.06, or 1.9 percent, to...

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Fossil fuel burning set to hit record high in 2017, scientists warn

By admin | 13th November 2017

The Guardian/13 November 2017 The burning of fossil fuels around the world is set to hit a record high in 2017, climate scientists have warned, following three years of flat growth that raised hopes that a peak in global emissions had been reached. The expected jump in the carbon emissions that drive global warming is a “giant leap backwards for humankind”, according to some scientists. However, other experts said they were not alarmed, saying fluctuations in emissions are to be expected and that big polluters such as China are acting to cut emissions. Global emissions need to reach their peak...

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Cybersecurity pro: Oil and gas supply chain can be weak link

By admin | 13th November 2017

Rigzone/13 November 2017 Oil and gas companies employ various measures to protect their increasingly sophisticated operational infrastructure. Nevertheless, cyber-criminals are adept at finding vulnerabilities to gain access to these critical systems – and their efforts appear to be paying off. As a 2016 white paper from Underwriters Laboratories (UL) observes, cyberattacks against critical energy infrastructure systems have been on the rise in recent years. A key vulnerability that cyber-criminals exploit is the oil and gas supply chain, says UL Cybersecurity Lead Ken Modeste. “Attackers are using techniques to infiltrate oil and gas with the intent to disrupt service, and these...

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