2024-09-17 21:28

HOUSTON, Sept 17 (Reuters) - The world's largest oil producer, Saudi Aramco (2222.SE) , opens new tab, wants to become a major liquefied natural gas player, the head of its natural gas business said on Tuesday. Saudi Aramco has taken the first steps to reach a goal of becoming a major LNG player, said Abdulkarim Al-Ghamdi, an Aramco executive vice president, at the GasTech energy conference in Houston. The Saudi oil giant last year acquired from EIG Global Energy Partners LLC a minority stake in MidOcean Energy for $500 million, its first foray into LNG abroad. This month, it increased its stake to 49%. In June, Aramco and NextDecade (NEXT.O) , opens new tab struck a non-binding agreement for a 20-year liquefied natural gas offtake from NextDecade's Rio Grande LNG project at the Port of Brownsville, Texas. Sign up here. https://www.reuters.com/business/energy/saudi-aramco-wants-be-major-lng-gas-player-gas-chief-says-2024-09-17/

2024-09-17 21:10

Wirth defends low-carbon gas over coal for AI energy demands Biden's LNG export pause would hike energy costs, emissions, CEO argues HOUSTON, Sept 17 (Reuters) - Chevron (CVX.N) , opens new tab CEO Michael Wirth on Tuesday criticized U.S. President Joe Biden's administration for what he described as "attacks on the natural gas” industry and emphasized the crucial role of Permian natural gas in powering the rapid growth of artificial intelligence (AI). The CEO’s remarks followed new government plans over policies to prevent power-hungry AI data centers from undercutting U.S. climate goals. Last week, the White House launched a task force on AI Datacenter Infrastructure to coordinate policies in line with the government's economic and environmental goals. Wirth defended leveraging low-carbon gas over coal to meet the increasing energy demands of the AI sector. "AI’s advance will depend not only on the design labs of Silicon Valley, but also on the gas fields of the Permian basin," Wirth said at Gastech conference in Houston. Chevron, the No.2 U.S. oil producer, is one of the top players in the Permian basin that straddles Texas and New Mexico. The Permian is the biggest U.S. oilfield and accounts for 15% of the nation's gas output. Wirth said the Biden administration's approach to pause liquefied natural gas (LNG) exports "elevates politics over progress." In January, Biden announced the pause on approvals for pending and future applications to export LNG from new projects, a move cheered by climate activists, that could delay decisions on new plants until after the Nov. 5 election. He argued that a moratorium on LNG exports would increase energy costs, threaten reliable supplies, and slow the switch from coal to natural gas, leading to more emissions rather than less. "Instead of imposing a moratorium on LNG exports, the administration should stop the attacks on natural gas," he added. Wirth underscored the role of gas in reducing global carbon emissions, citing data from the International Energy Agency (IEA) that attributed over a third of total global greenhouse gas emissions in 2022 to coal combustion. Switching from coal to gas, he suggested, could be "the single greatest carbon reduction initiative in history." "The case for natural gas is so strong that only politics can get in the way," he said. In the midst of the global desire to decarbonize, Wirth stressed the need for a stable and predictable policy environment to ensure gas remains a reliable energy source. He outlined three pillars for a balanced energy future: political support for gas as a key to a lower carbon future; recognition of the progress made in deploying new technologies and gas solutions; and understanding that the energy transition requires unprecedented innovation and collaboration. Sign up here. https://www.reuters.com/business/energy/chevron-ceo-hits-bidens-natural-gas-policies-says-fuel-is-crucial-ai-2024-09-17/

2024-09-17 21:03

NEW YORK, Sept 17 (Reuters) - U.S. prosecutors made a case for leniency for former FTX cryptocurrency executive Caroline Ellison when she is sentenced over her role in the exchange's collapse, citing her help in sending FTX founder Sam Bankman-Fried to prison for 25 years. In a letter on Tuesday to U.S. District Judge Lewis Kaplan in Manhattan, prosecutors stopped short of recommending a specific punishment for Ellison. But they said the 29-year-old's "extraordinary" cooperation justified a sentencing reduction , opens new tab from what she might otherwise deserve after pleading guilty to fraud and conspiracy charges. "The 'what' and 'how' of the crimes, as well as the 'why,' would have been difficult to prove without Ellison's testimony," prosecutors said in the letter. Lawyers for Ellison did not immediately respond to requests for comment. They have asked that Ellison receive no time behind bars following her scheduled Sept. 24 sentencing. Bankman-Fried, a 32-year-old former billionaire, was accused of looting $8 billion from FTX customers, in large part to plug losses at his hedge fund Alameda Research, where Ellison was chief executive. FTX collapsed in Nov. 2022 and filed for bankruptcy. Prosecutors said Ellison's help, including at least 20 meetings with the government and three days on the witness stand, was crucial to Bankman-Fried's conviction last November. Ellison testified that Bankman-Fried, her former boyfriend, directed that FTX customer funds be used to prop up Alameda, and thought following rules such as "don't lie" or "don't steal" was less important than otherwise doing good for many people. Prosecutors said Ellison persevered despite harsh media and public scrutiny, including being mobbed at the courthouse and mocked on social media, and Bankman-Fried's effort to "weaponize" her personal writings to intimidate her. "The government cannot think of another cooperating witness in recent history who has received a greater level of attention and harassment," prosecutors said. "Throughout, however, and certainly during her testimony, Ellison steadfastly remained candid and dedicated to telling the truth--as embarrassing as it often was for her--and in assisting with bringing the most culpable party to justice." Though prosecutors said Ellison could theoretically receive 110 years in prison because of the huge losses suffered by FTX customers, her punishment will likely be much lighter than what Bankman-Fried received from Kaplan. Bankman-Fried is appealing his conviction and sentence. Sign up here. https://www.reuters.com/legal/us-urges-leniency-ftxs-caroline-ellison-cites-help-against-bankman-fried-2024-09-17/

2024-09-17 20:46

HOUSTON, Sept 17 (Reuters) - U.S. Vice President Kamala Harris understands that natural gas prices will rise if fracking is banned, industry executives said on Tuesday, explaining their confidence the Democratic candidate will not ban the production method if she becomes president. Fracking, a major industry in battleground state Pennsylvania, has become a big issue in the presidential campaign. Harris opposed fracking as a U.S. senator from California, but now she says she would not ban it on federal lands as president. "I think she is changing her views," Baker Hughes oil field services Chief Executive Officer Lorenzo Simonelli said on the sidelines of the GasTech conference in Houston, when asked about Harris. Harris's Republican rival, former President Donald Trump, supports fracking and says he believes Harris would seek to ban it. The head of the largest U.S. liquefied natural gas (LNG) exporter in a separate conversation at GasTech said Harris had to pivot to being more open to fracking, because natural gas prices would be much higher without it. Cheniere Energy (LNG.N) , opens new tab CEO Jack Fusco, whose Sabine Pass facility in Louisiana is the largest U.S. LNG export plant, said he trusts Harris's support of fracking unless proven otherwise and wants cooler heads to prevail on the energy transition debate. Woodside (WDS.AX) , opens new tab CEO Meg O'Neill, whose Australian energy company is buying U.S. LNG plant developer Tellurian (TELL.A) , opens new tab, voiced the same rationale. "If you stop fracking in the U.S., it will be devastating for the economy," O’Neill said, adding Harris may not have understood that when she opposed fracking. "I suspect the statements she made earlier were made without full understanding of the benefit and potential consequences," O'Neill said. Harris is locked in a tight race with Trump, and both are campaigning hard in Pennsylvania, one of the nation's largest producers of natural gas. Several executives at the conference also called on the Biden administration to make it easier for U.S. companies to export LNG. The White House in January paused new LNG permits to consider the environmental impact. "You gotta stop this crazy LNG pause from going forward," said ConocoPhillips (COP.N) , opens new tab CEO Ryan Lance. A debate over whether one is pro or against fracking "is not the right question", he added. Sign up here. https://www.reuters.com/business/energy/energy-execs-say-they-believe-vp-kamala-harris-is-indeed-open-fracking-2024-09-17/

2024-09-17 20:24

Sept 18 (Reuters) - Mining giant Rio Tinto (RIO.AX) , opens new tab said on Wednesday it will develop seed farms in Australia to explore the potential of Pongamia seed oil as a feedstock for renewable diesel. The miner has partnered with local woodfiber processor manager Midway (MWY.AX) , opens new tab to oversee the planting and management of the farms. Pongamia is a tree native to Australia, the seeds of which can be processed to form renewable diesel - an alternative which emits significantly lesser carbon than the fossil fuel. Rio Tinto is in the final stages of procuring about 3,000 hectares of cleared land in Queensland for the pilot project, which aims to determine if Pongamia seed oil can help meet the company's renewable diesel demand, it said. "While we continue to pursue electrification as the long-term solution for displacing the majority of our diesel use, the Pongamia seed pilot is an important parallel pathway that could reduce our reliance on diesel in the mid-term," said Rio Tinto chief decarbonisation officer Jonathon McCarthy. The company is also exploring the usage of biofuels in areas where electrification could face practical limitations, it said. Sign up here. https://www.reuters.com/sustainability/land-use-biodiversity/rio-tinto-launches-farming-trial-australia-explore-renewable-diesel-production-2024-09-17/

2024-09-17 20:01

House vote sets up confrontation with Senate over voting requirements Shutdown looms if stopgap bill not passed by Sept. 30 Republican voting bill fueled by Trump's false election fraud WASHINGTON, Sept 17 (Reuters) - The U.S. House of Representatives plans to vote Wednesday on a stopgap spending bill that would extend government funding for six months and require Americans to provide proof of citizenship when they vote, House Speaker Mike Johnson said on Tuesday. The vote sets up a confrontation with the Senate, where Democrats who control the chamber say any spending bill should not be paired with the voting requirements Republicans want. "I urge the House to be serious, come to the table, work together to reach bipartisan agreement," Senate Democratic Leader Chuck Schumer said at a news conference. Unless a stopgap spending bill is sent to President Joe Biden by midnight Sept. 30, the end of the government's current fiscal year, many agency operations will cease and thousands of federal workers would be furloughed for lack of funds. Last week, Johnson had to abandon his attempt to pass a spending bill when it became clear he did not have enough support for passage from his rank-and-file Republicans. It is not clear whether he will succeed this time. Republicans can afford few defections in order to pass legislation with their narrow 220-211 majority, and at least one of them said on Tuesday that the bill would not do enough to restrain federal spending. "I'm a 'hell, no,'" Representative Thomas Massie wrote on social media. A shutdown could upset voters in the weeks before the Nov. 5 elections, with control of both the House and the Senate at stake. The last government shutdown occurred at the end of 2018 and stretched well into January 2019. Johnson's decision to pair must-pass spending legislation with controversial new voting restrictions could raise the likelihood that lawmakers will not be able to reach a compromise by the Sept. 30 deadline. Fueled by Republican former President Donald Trump's false claims about election fraud, the Republican voting bill would require those registering to vote to provide proof of U.S. citizenship and compel states to purge suspected noncitizens from their voter rolls. It is already a felony for a noncitizen to vote in a federal election. A 2017 study found only 30 instances of suspected noncitizen voting out of 23.5 million votes cast the previous year. Democrats describe the bill as a voter suppression effort, and President Joe Biden's administration has said the legislation would do nothing to safeguard elections. Republican Senator Lisa Murkowski, a moderate who occasionally breaks with her party, predicted Congress would ultimately pass a spending bill without the controversial voting provisions -- but only after Johnson tries to pass his version. "I'm hoping we learn quickly what the House can and cannot do so we can move here," she said. Sign up here. https://www.reuters.com/world/us/us-house-republicans-aim-wednesday-vote-stopgap-funding-bill-2024-09-17/