Latest news with #oil drilling
Daily Mail
2 days ago
- Politics
- Daily Mail
Fears for crucial gorilla habitats as pristine forests are opened to bids for oil and gas drilling in the Democratic Republic of Congo
The Democratic Republic of the Congo is opening untouched forest land and gorilla habitats to oil and gas firm for drilling, with an aim to allow resource exploitation on half the country. The DRC's government has opened 306million acres of land and inland water, described as the 'world's worst place to prospect for oil', for auction, splitting the vast swathe of land up into 52 blocks. According to Earth Insight, a research group, 64% of the area that is set to be exploited is intact tropical forest, and experts have warned that the DRC's government's move stands at odds with its commitments to protect biodiversity. The DRC's ancient forests are home to several endangered species, including gorillas, chimpanzees, bonobo apes and okapis, otherwise known as forest giraffes. And the area that is being flogged off to oil firms is home to 39million people, including many Indigenous people who often rely on clean and healthy forest and river lands to survive. Pascal Mirindi, campaign coordinator for Notre Terre Sans Pétrole, a group campaigning to prevent resource exploitation in the DRC, said: 'Imagine: 39 million Congolese people … and 64% of our forests could be directly affected by the awarding of these oil blocks. 'Where is the logic? Where is the coherence? We are reminding our leaders that the Congolese people are the primary sovereign. We will not remain silent while certain people organise themselves to sell off our future.' It comes just a few years after a failed attempt to launch tenders for dozens of oil and gas blocks across the African nation that was cancelled due to late submissions and a lack of competition, according to the government. Professor Simon Lewis from University College London, who led the team that first mapped the central Congo peatlands, said: 'The world's worst place to prospect for oil is up for auction, again.' He said: 'No credible company would bid for oil in the DRC's forests and peatlands, as there is probably not enough oil to be commercially viable, and it will be expensive oil in financial, social and environmental costs.' Despite the DRC announcing a flagship conservation initiative that aimed to protect vast amounts of the country, 72% of this area overlaps with the planned oil blocks. Earth Insight has called for the DRC to call off the latest oil and gas tenders, and to invest in alternative means of energy production. Anna Bebbington, a research manager at Earth Insight, said: 'Oil and gas development in these fragile ecosystems would have devastating impacts on biodiversity, communities, land rights and the global fight against climate change.'
Yahoo
3 days ago
- Politics
- Yahoo
Experts issue dire warning about disturbing plan proposed by White House: 'Difficult — if not impossible — to reverse'
Experts issue dire warning about disturbing plan proposed by White House: 'Difficult — if not impossible — to reverse' The National Petroleum Reserve-Alaska may sound like a high-security fuel depot, but it's actually a massive stretch of land home to millions of animals and a vital player in keeping the planet cool. And now, it's under serious threat. What's happening? On June 17, the Trump administration proposed opening nearly 82% of the NPR-A to oil and gas drilling. This includes areas specifically designated for their ecological and cultural significance. The plan would expand development from 11.7 million acres to 18.5 million, forever altering regions vital to the survival of Arctic caribou herds, nesting grounds for over 4.5 million shorebirds, and denning sites for polar bears and wolverines. "The decisions made today will shape the future of the Arctic," conservation biologist and molecular ecologist Mariah Meek warned in an article for The Conversation, calling the plan "difficult — if not impossible — to reverse." Why is this concerning? This part of Alaska is one of the last intact ecosystems in the United States, and disrupting it could cause ripple effects far beyond its borders. Drilling infrastructure such as roads and pipelines fragments habitats, alters water flows, and weakens the very permafrost that supports it. This means greater erosion and the release of large amounts of heat-trapping pollution locked in soil. And that's before factoring in the pollution added by the oil operations themselves. Even animals that survive the direct effects often suffer indirect ones. A study published in the journal Ecology and Evolution found caribou mothers avoid calving near roads, while research shared in the journal Nature described how industrial noise can stop birds from nesting. Similar concerns are playing out across the Arctic. Sea ice has plummeted to near-record lows, and heat advisories have even been issued in Alaska, a state once defined by its cold. What's being done to push back? The Biden administration supported scaled-back drilling in this region, such as with the Willow project, which was met with significant outcry. Public pressure and scientific reports helped reduce the scope of that plan. The same tactics can be used again. As an individual, the best thing you can do is stay informed through groups such as The Wilderness Society, which released a report outlining the reserve's ecological value. You can also contact your representatives to express concern about drilling expansion. Do you worry about air pollution in your town? All the time Often Only sometimes Never Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the the daily Crossword
Yahoo
19-07-2025
- Business
- Yahoo
Nabors Industries Rebounds as Hedge Funds Eye a Quiet Comeback
Nabors Industries Ltd. (NYSE:NBR) is one of the best oil drilling stocks according to hedge funds right now. On July 1, Susquehanna upgraded its price target from $29 to $32 while maintaining a Neutral rating. The call highlights a solid Q1 performance and suggests the worst of the 2025 offshore slowdown may be behind us. A modest target bump, but when big funds track upgrades like this, it signals cautious optimism in a pressured drilling environment. That upgrade came shortly after Nabors' Q1 earnings, where they reported revenue slightly above expectations and completed the acquisition of Parker Wellbore, adding complementary drilling services to their offering. The stock surged over 10% in the week following, recovering from a dip earlier in the year . For hedge funds hunting value in upstream players, Nabors represents a deep-value reopening of narrative: offshore exposure with improving earnings and an expanded services footprint. Pixabay/Public Domain Nabors Industries is a Houston-based drilling contractor with a fleet of around 300 land rigs. They offer drilling services, wellbore tools, managed-pressure and directional drilling, plus the RigCLOUD edge computing platform. Simple, drilling-heavy, and ready for a cycle rerate. While we acknowledge the potential of NBR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error 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
Yahoo
19-07-2025
- Business
- Yahoo
Precision Drilling Gets a Lift: Piper Sandler Sees 40% Upside
Precision Drilling Corporation (NYSE:PDS) is one of the best oil drilling stocks according to Hedge Funds, especially after a fresh boost from Wall Street. On July 15, Piper Sandler initiated coverage on the stock with an Overweight rating and a $72 price target, signaling over 40% upside from current levels. The firm highlighted Precision's operational efficiency and disciplined cost structure, noting its strong position even as the U.S. land drilling market cools under falling rig counts and commodity price pressure. The timing of this call is notable. Precision (NYSE:PDS) just wrapped up a solid first quarter, delivering strong cash flow, paying down debt, and repurchasing shares while maintaining stable Canadian rig day rates near $35,600. Its Canadian rig count held steady at 74 rigs, nearly flat year over year, showing resilience despite macro headwinds. Precision Drilling is Canada's largest land-based drilling contractor, operating a fleet of high-performance rigs across North America and the Middle East. It also offers well services and field technology solutions. While we acknowledge the potential of PDS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error 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
Yahoo
19-07-2025
- Business
- Yahoo
Transocean Secures Multi-Well Deal in Australia, Boosting Offshore Visibility
Transocean is one of the best oil drilling stocks according to hedge funds, thanks to a compelling recent contract update. As of mid‑July, the Transocean Equinox semisubmersible rig is set to begin a multi-well gas exploration program in Australia's Otway Basin for ConocoPhillips and partners, with Phase 1 firm drilling scheduled to begin in Q3 2025. That news gives investors clarity on upcoming offshore activity at a time when drillers are seeing tighter utilization globally. This contract isn't small, it's part of a 16-well minimum campaign and includes two firm wells this year, with options for four more by 2028. Deals like this drive utilization, strengthen Transocean's offshore footprint, and signal greater day-rate negotiating power, key metrics hedge funds track closely. Corepics VOF/ Transocean (NYSE: RIG) is a pure-play offshore drilling contractor operating 32 mobile offshore drilling units, including 24 ultra-deepwater floaters and eight harsh-environment semisubmersibles. Almost all its revenue comes from long-term drilling contracts with oil and gas majors in major deepwater basins globally. While we acknowledge the potential of RIG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Sign in to access your portfolio
