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Weekly Roundups

BHP Contemplating Exit From Oil & Gas

Thu, 07/22/2021 - 18:41

BHP Group is currently going over its asset portfolio as it explores its possible exit from all oil and gas activities, according to inside sources speaking exclusively to Bloomberg. Company spokesperson Judy Dane responded to the allegations by saying that "BHP does not comment on rumor or speculation.” Originally a mining company, BHP Group is reportedly under pressure from investors and shareholders to dump all oil and gas assets in order to align themselves with environmental goals and standards. This would presumably include the Trion project in the Mexican side of the GOM.

Ready for More? Here’s the Week in Oil & Gas!

Clandestine fuel intakes increase

Minister of National Defense Luis Crescencio Sandoval announced that during the last month, 803 clandestine fuel intakes were uncovered in at least six states and 385 people have been arrested as part of the fight against the illicit gasoline market. "The results: 10,299,786 liters of recovered fuel, 803 clandestine intakes were detected, 779 insured vehicles, 385 detained, 15 insured properties where the intakes were located or the stolen fuel was stored," added President López Obrador.

Scientific Community Demand Access to “Eye of Fire” Site

Following the accident on July 2, in which the fracture of a pipeline 80 meters under the sea in the Gulf of Mexico caused a gas spill followed by an underwater fire, scientists and environmentalists are demanding access to the site and information related to the disaster. Scientists and environmentalists say that they have not had access to the site, so they have not been able to corroborate that there has been no damage. This area is restricted by the Mexican government, which made research impossible. In addition, experts point out that determining the impacts of an accident is particularly difficult due to the dispersion of contaminants in the sea.

IEnova Uses Carbon Offset to Meet Emission Goals

After striking a deal with BP, Sempra Energy’s subsidiary IEnova in Mexico received its first carbon offset liquified natural gas (LNG) cargo at the Energy Costa Azul (ECA) facility on the Pacific Coast. The delivery follows a concerted effort from energy companies to reduce their carbon emissions, as the world enters an accelerated transition to clean energy. According to BP quantification methodology, which it touts to have been developed following relevant international standards, the estimated carbon dioxide and methane emissions associated with LNG cargo would be offset by retiring the equivalent carbon credits from an afforestation project from BPs portfolio on behalf of Sempra LNG.

CFE loses in international courts 

President López Obrador announced that the international courts had ruled against CFE in litigation over the expansion of a hydroelectric plant in Chiapas. López Obrador said there is a lack of objectivity in the courts because there are disadvantages for the governments in this type of trial. “They built the entire judicial apparatus to favor companies; it is very difficult for the government to win, even abroad. We have chosen to seek agreements and will continue to do so.”

The data used in this article was sourced from:  
Bloomberg, MBN
Photo by:   PEMEX