Latest news with #carbonCapture
CBC
2 days ago
- Business
- CBC
OPEC boss slams net-zero targets, promotes big future for oil in Calgary speech
Social Sharing The secretary-general of the Organization of Petroleum Exporting Countries says the world's thirst for oil will continue for decades to come and investment in the sector is necessary to meet those needs. Haitham al-Ghais made his remarks in a speech to the Global Energy Show in Calgary on Tuesday, at a time when oil prices are sagging and experts predict they could fall further later this year. "Simply put, ladies and gentlemen, there is no peak in oil demand on the horizon. The fact that oil demand keeps rising, hitting new records year on year, is a clear example of what I'm saying," he said in his speech. Primary energy demand is forecast to rise by 24 per cent between now and 2050, he said, surpassing 120 million barrels of oil a day. Currently, oil demand is around 103 million barrels per day. "Meeting this ever-rising demand will only be possible with adequate and timely and necessary investments in the oil industry," he said, pointing to the need for $17.4 trillion US in investment over the next 25 years. Praise for Alberta oil and gas The secretary-general used his speech to compliment Alberta's oil and gas industry for its ability to grow production over the years, its technological improvements, and its role as a leader in developing carbon capture and storage facilities. He concluded his address by stating OPEC takes climate change "very, very seriously," and each of its member countries have signed on to the Paris climate accord. Still, he criticized net-zero targets by companies and countries as "unrealistic," "fixated on deadlines" and "detached from reality." Instead, he said the world should be focused on reducing emissions and using all forms of energy to meet the needs of the world's growing population. In 2024, emissions from the energy sector grew by 0.8 per cent compared to 2023, according to the International Energy Agency, while the global economy expanded by more than three per cent. In Canada, the federal government is already on pace to miss its 2030 target to cut carbon emissions by at least 40 per cent below 2005 levels by 2030. Challenging times The speech comes at a time when the oilpatch is confronting weak commodity prices and many companies are pulling back on investment. OPEC countries are producing more this year, along with more output from Canada, the U.S. and Guyana. Last month, the Vienna-based cartel agreed to raise output by 411,000 barrels a day in June, speeding up the gradual return of 2.2 million barrels a day. For context, Canada produces about five million barrels per day in total. At the same time, global consumption of oil is not rising as initially expected because of slowing global trade. "Demand is not falling, but we are in a period where demand growth is weak. In fact, if you take out the COVID year of 2020, the global financial crisis of '08-'09, this looks like it could be the weakest year of growth since 2001," said Jim Burkhard, global head of crude oil research with S&P Global Commodity Insights, in an interview with CBC News. Big drop forecasted North American oil prices are averaging about $65 US per barrel in recent days, but S&P's latest oil forecast released this week anticipates prices could fall into the high-$40s per barrel later this year. "We could see a significant difference in price by the end of the year compared with where we are right now. A lot depends on the economy, of course, and the concern about tariffs and OPEC+ can alter their decisions at any time. But right now, on current trends, it looks like there's going to be a lot more supply relative to demand later this year," he said.
Yahoo
29-05-2025
- Business
- Yahoo
Baker Hughes to Supply NovaLT™ Gas Turbines for Frontier Infrastructure's U.S. Data Center Project, Delivering 270 MW of Reliable Power
Baker Hughes will supply 16 NovaLT™ gas turbines for data center projects in the U.S. Award builds on the collaboration announced in March 2025 between Baker Hughes and Frontier HOUSTON and LONDON, May 29, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday an award from Frontier Infrastructure Holdings ('Frontier'), a Tailwater Capital LLC portfolio company, for 16 NovaLT™ gas turbines to power its data center projects in Wyoming and Texas, delivering up to 270 megawatts (MW) of efficient, reliable power. As part of the award, Baker Hughes is supplying Frontier its NovaLT™ gas turbine technology and associated equipment, including gears and Brush Power Generation four-pole generators, to power dedicated energy islands at Frontier's behind-the-meter (BTM) power generation sites. The order builds on a March 2025 agreement between the two companies to accelerate large-scale carbon capture and storage ('CCS') and power solutions in the U.S., including the Sweetwater Carbon Storage Hub in Wyoming. "This award underscores our commitment to advancing sustainable energy development through reliable and efficient power solutions that cater to the diverse needs of the industry,' said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. 'Leveraging our comprehensive range of integrated power solutions for Frontier's U.S. data center projects demonstrates innovative, scalable and lower-carbon technologies helping to meet the growing demand for power." The NovaLT™ gas turbine is a multi-fuel solution that can start-up and run on different fuels, including natural gas, various blends of natural gas and hydrogen, and 100% hydrogen, providing customers with the flexibility to adapt and meet their specific reliable and sustainable power requirements. With a comprehensive portfolio of diverse, reliable and clean power solutions, including hydrogen-ready turbines, geothermal, and cogeneration, Baker Hughes provides market-ready, efficient and flexible solutions for data center hyperscalers, project developers, packagers and end users. About Baker HughesBaker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at For more information, please contact: Media RelationsChiara Toniato+39 Investor RelationsChase Mulvehill +1 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
26-05-2025
- Business
- Zawya
Canada's Borna to develop $40mln membrane gas separation factory in Egypt
Arab Finance: Borna Membrane Solutions, a Canadian clean-tech company in membrane gas separation, is planning to establish a factory in Egypt, with total investments of $40 million, the company's CEO Sam Salimi announced. The facility will produce flare gas recovery systems for extraction and exploration, carbon separators, and the reinjection of the resulting gases into the national natural gas grid. During his meeting with Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), Salimi rolled out the company's plans in Egypt. The two sides discussed ways to localize the company's technology in Egypt as part of the government's plan to keep pace with global trends to reduce carbon emissions. Borna has extensive expertise in carbon capture and storage (CCS), and the extraction of propane, butane, and methane from the combustion of associated gases from oil extraction operations, and their reinjection into the Egyptian market. Finally, Salimi emphasized that the Canadian government and financing institutions support companies seeking to inject new investments into the Egyptian market. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
