Sumitomo buys stake in Estonian offshore wind project

Energy News Beat

Japan’s Sumitomo Corporation has bought a 50% stake in the 1GW Liivi wind farm being developed by Enefit Green off the coast of Estonia.

Sumitomo bought into the wind farm through the acquisition of half the ownership interest in project company Liivi Offshore. The remaining half is owned by Enefit Green, a renewable energy developer and subsidiary of the Estonian state-owned energy company Eesti Energia.

This agreement marks Sumitomo’s participation in the upcoming tender for an offshore wind power project in Estonia.

Estonia is aiming to move away from oil shale power generation, which has historically been the mainstay of its electricity supply. Investments in the renewable energy sector, including offshore wind power projects, are highly anticipated.

“Through this collaboration, Sumitomo Corporation aims to contribute to the realization of a sustainable society by advancing the development of offshore wind power projects in Estonia,” Sumitomo said.

The 1GW Liivi offshore wind farm will be developed using between 50 and 100 wind turbines depending on their height and other technical parameters. It is planned in the Gulf of Riga, 10 km away from the island of Kihnu.

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Shelf Drilling bags $50m rig contract extension from Chevron

Energy News Beat

United Arab Emirates-based jackup rig pure-play Shelf Drilling has secured an extension for one of its rigs.

Namely, the 2008-built Shelf Drilling Scepter will continue its drilling operations offshore West Africa for one more year.

The name of the client was left undisclosed in an Oslo Bors filing. However, the company’s latest fleet status report states that the rig has been working for US oil and gas supermajor Chevron in Nigeria since June 2023.

The initial deal was set to expire in July 2025 but Chevron had a one-year extension option which was now exercised.

The extension will begin in direct continuation of the rig’s current contract, extending the commitment until July 2026. The total added contract value is around $50m.

Earlier this week, Shelf Drilling and Arabian Drilling signed a memorandum of understanding to form a strategic alliance which will see Shelf use some of Arabian Drilling’s high-specification jackups to meet contract requirements.

Arabian Drilling is the largest onshore and offshore drilling company in Saudi Arabia by fleet size and currently has 12 jackup rigs in its fleet.

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Seatrium bags offshore rig deal from International Maritime Industries

Energy News Beat

Seatrium Offshore Technology, the offshore jackup designer for Singapore shipyard group Seatrium, has won an international tender from International Maritime Industries (IMI) to supply equipment and the license for a self-elevating drilling unit.

This comes after ARO Drilling, a joint venture between Aramco and Valaris, and IMI agreed to build a new jack-up drilling rig, to be named Kingdom 3. This will be the first rig to be constructed in Saudi Arabia.

The chosen design for the rig will be the LeTourneau Super 116E Class and is part of the next generation of jackup designs customized for operational requirements within the Middle East and North Africa region.

These rigs will be outfitted with 104.5 m of leg and around 680,400 kg of hook load while utilizing advanced cyber systems. This latest order marks the 44th order for the LeTourneau Super 116 series of jackups.

Seatrium designed and built the world’s first independent leg jackup rig in 1955 and has been involved in the construction of more than half of all jackup rigs in service and 65% of the jackups operating in the Middle East.

Kingdom 3 is the third rig to be built under the ARO Drilling – IMI partnership but the first in Saudi Arabia. The two plan to construct a total of 20 jackups in the country.

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Series of tanker explosions around the Med add to European shipping security concerns

Energy News Beat

EuropeTankers

A spate of blasts recorded across the Mediterranean on tankers that have recently called at Russian ports has security analysts concerned about a new form of attack targeting merchant shipping.

Two Thenamaris aframax tankers – the Seajewel and the Seacharm – have both reported explosions onboard in the past month in the Mediterranean, while the Grace Ferrum product tanker has also been badly hit off Libya, all suffering similar damage – holes in hulls below the waterline, leading to some security analysts to suggest the vessels were targeted with limpet mines. 

In late December, the Russian Ursa Major general cargo ship sank in the Mediterranean between Spain and Algeria after an explosion. 

Away from the Mediterranean, the Turkish-owned Koala tanker, laden with 130,000 tonnes of heavy fuel oil, was about to set off from the Russian port of Ust-Luga when three explosions ripped through the rear of the ship on February 9, forcing the crew to evacuate.

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Five top brokers join forces to launch recap and charter party platform

Energy News Beat

Five of the world’s leading shipbroking firms—Arrow, Gibson Shipbrokers, Howe Robinson, IFCHOR Galbraiths and SSY—have united to introduce Ocean Recap – a purpose-built recap and charter party management platform. 

Developed in partnership with Signal Ocean, Ocean Recap seeks to address the growing concerns of monopolisation and data security in the recap and charter party space. 

Ocean Recap has already produced more than 1,000 charter parties for more than 75 clients across both the tanker and dry markets. 

Jeroen Wolthuis, CEO of Ocean Recap, commented: “Ocean Recap represents a defining moment for the maritime industry. By uniting some of the most respected names in shipbroking, we are creating a platform that prioritises independence, security, and industry collaboration. This is not just a service; it’s a commitment to preserving the integrity and privacy of our clients’ data while revolutionising how recaps and charter parties are managed. We invite brokers, charterers and owners to join us as early adopters and help shape the future of this critical industry.”

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Russia Sanctions Shift

Energy News Beat

Daily Standup Top Stories

Iranian Oil Exports to China are rolling

Iranian crude oil flows to China have rebounded this month after a U.S. crackdown on shipments launched in late 2024 decimated them in January. In a last-minute push to sanction Iran, the Biden admin blacklisted […]

West will have to reconsider Russia sanctions as part of Ukraine peace deal – Rubio

Ending the conflict could open up “historic” opportunities for US-Russian relations, the US secretary of state has said The United States and its allies would have to address the sanctions imposed on Russia in order […]

Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition

Diamondback Energy, Inc. (NASDAQ: FANG) on Tuesday announced a deal to buy Double Eagle IV Midco in an acquisition valued at about $4 billion, which gives the buyer increased presence in the Midland Basin in the top-oil […]

UK Government relaunches Net Zero Council 

The UK Government has relaunched the Net Zero Council with a plan to help various sectors accelerate towards net zero targets and support thousands of jobs. The relaunch reflects a new “mission-led approach”, ensuring government […]

Trump’s Policy Deluge Is Causing Paralysis in the Oil Market

The oil market is becoming increasingly numb to the array of changes that Donald Trump is trying to make now that he’s US President again. Trump spent his first weeks in office railing against OPEC, […]

Highlights of the Podcast

00:00 – Intro

01:03 – Iranian Oil Exports to China are rolling

01:37 – West will have to reconsider Russia sanctions as part of Ukraine peace deal – Rubio

03:40 – Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition

05:01 – UK Government relaunches Net Zero Council 

06:53 – Trump’s Policy Deluge Is Causing Paralysis in the Oil Market

08:35 – Outro


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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.


Stuart Turley: [00:00:10] Welcome to the Energy Newsbeat Daily Standup, my name is Stu Turley, President of the Sandstone Group. It is just nuts out there on the news desk. Let’s start with our list of stories today. Iranian oil exports to China are rolling. The West will have to reconsider Russia’s sanctions as part of the Ukraine peace deal. There’s a lot going on in this story. Diamondback boosts Midland Basin presence with $4 billion acquisition. Holy smokes, Batman. The UK government relaunches Net Zero Council. And just when you thought I’m done with President Trump, nope, here he runs rolling in. Trump’s policy deluge is causing a paralyzed oil market. You cannot buy this kind of entertainment. Holy smokes. [00:01:02][52.1]

Stuart Turley: [00:01:03] Let’s start with the first one here. Iranian oil exports to China are rolling. Iranian crude oil flows to China have rebounded after a month of crackdown on shipments launched in 2024 from the Biden administration. The Trump administration is threatened to return to maximum pressure. Kipler said in a recent analyst in the return to the maximum pressure campaign against one of the part of the Washington was likely to weaken oil exports to China for a while. But in the meantime, they’re shipping everything they can. [00:01:37][34.1]

Stuart Turley: [00:01:37] Let’s roll to the next one. The West will have to reconsider Russia’s sanctions as part of the Ukraine peace deal. Ending the conflict could be historic around opportunities for U .S.-Russian relations. The U .S. Secretary of State said Rubio, he’s doing a great job out there and hats off to him. Rubio is right out in the middle of it. And I’m thrilled that the discussions from George McMillan and I on where they were starting to where they are now. Really, he was right. George McMillan was right on a lot of things. And I did get notification from some of the world folks out there that it looks like President Trump is this is early and it is not talked about in the mainstream media here. Eastern European official has told German newspaper that the U .S. is considering removing some of the troops from Albania, Bulgaria, Croatia, Czechia, Estonia, Finland, Hungary, Lithuania, Montegro, North Macedonia and Poland and Romania. That’s what this is saying. I have to confirm this, but those are all countries that are been added back in in contrary to the President Reagan Gorbachev agreements on NATO that NATO kept adding back in. And if President Trump is considering removing troops from those countries, it seems that President Trump may be looking to go back to the Reagan agreement with NATO on that. That’s huge because that could be very bad for the EU and the warmongers. So I think we’re going to see some peace coming around the corner on this. And that’s hats off to George McMillan. Again, he has been right where the early Trump team was wrong. And so I’m pleased to see that things are moving forward. [00:03:39][122.1]

Stuart Turley: [00:03:40] Diamondback boosts Midland bases presence with four billion acquisition. Diamondback Energy announced a deal today, double eagle in a acquisition valued about four billion dollars, which gives an increased presence in the Midland Basin in the top producing formation of the Permian. This is pretty cool. While there are four hundred and seven locations adjacent to our core position, this is largely undeveloped asset, adds high quality inventory that immediately competes for capital. That is outstandingly huge. Hats off from David Blackman. I got to give David Blackman a shout out. He had in his substack outstanding information. Andrew Dittmar, director over to Enverus, who I’ve interviewed several times, said in an email that deal means that Diamondback has taken over the mantle of being the premier large Permian play with broadly comparable scale to pioneer at the time of its sale. Diamondback’s market capitalization with double eagle value added would amount today roughly 50 billion as compared to the 59 .5 billion value of ExxonMobil’s buyout of Pioneer. So this is actually a huge story. Hats off to everybody that’s been following this. Well,. [00:05:01][80.9]

Stuart Turley: [00:05:01] Let’s roll to the next story here. The UK government relaunches Net Zero Council. You can’t buy this kind of stupid. The UK government is actually floundering so bad with their energy policies and doubling down on Net Zero. Net Zero is not going to happen with our current technology. Offshore wind, solar, none of it is going to happen. And so by them trying to add all this in, the council co -chaired by Energy Secretary Ed Milbrand and Cooperative Group CEO Shrine. I don’t want to mispronounce your name, and I apologize. Karruggy Hogg brings together leaders from some forms of the UK’s biggest businesses, charities and organizations such as trade unions and local authorities. Quite honestly, that sounds like money laundering to me, but that’s just me. I don’t know that by working in partnership, we can drive the investment innovation and industrial transformation to make the UK a clean energy superpower. You’re not going to make it a clean super energy power by relying on grid interconnects on intermittent wind and solar. It’s not going to happen. Before I go to the last story here, I’d like to give a shout out to Reese Consulting, outstanding group of folks. They are very knowledgeable in the United States, and I highly recommend that you reach out to them. And if you’re in the natural gas space and you’re looking to put in a natural gas power plant or you’re looking for Bitcoin miner and you’re wanting stranded gas or you’re wanting to buy and sell oil and gas. These guys are the the tip of the spear, so to speak. Give them a shout out. And again, thank you, Reese Consulting, for being the sponsor of The Daily Podcast. [00:06:52][110.6]

Stuart Turley: [00:06:53] Trump’s policy deluge is causing parallel parallel paris’s parallel. I cannot even say it is. I’m laughing at this in the oil market. It is funny because President Trump, I can’t keep up with the entire news desk. Trump spent his first weeks in office rallying against OPEC seeking an end to the war in Ukraine and threatening tariffs against some of the main crew suppliers in the US. All those could have major consequences. The oil market is showing signs of disorientation in face of the sheer volume of new policy stances. I don’t think we’re done yet. Buckle up and just get ready for some fun things. OPEC plus producer group continues to keep barrels off the market, which is as a twin effect of lowering supplies long enough to keep a floor on prices. We are still going to be seeing a a eighty dollar, I believe an eighty dollar price range for oil. And I believe that that is because there’s still not enough money, even though they may be holding back. There’s still not enough money invested in oil. And I believe demand once things get kind of outlined out, Trump’s policies become more widely accepted. We are actually going to see a huge, beautiful growth. And I don’t do a very good Putin imitation or a Trump imitation. But we’re going to have a beautiful global economy. Once all this gets nailed down, we’re going to have peace. And we are going to see a lot of large growth opportunity for businesses. [00:08:34][100.6]

Stuart Turley: [00:08:35] With that, like, subscribe, share and pass this on to your folks, friends and watch this about six or seven times. We sure would appreciate it. Have a great day. [00:08:35][0.0][500.4]

The post Russia Sanctions Shift appeared first on Energy News Beat.

 

Cargill and Hafnia form bunkering joint venture

Energy News Beat

Cargill’s Ocean Transportation business and product tanker giant Hafnia have joined forces to launch Seascale Energy, a joint venture, combining Cargill’s existing bunker business Pure Marine Fuels and Hafnia’s Bunker Alliance.

“Cargill and Hafnia’s global reach and trading strength, coupled with maritime operational excellence, create a first-class solution for bunker management,” said Jan Dieleman, president of Cargill’s Ocean Transportation business. “Our vision is to lead the energy transition in shipping, unlocking value for our stakeholders while addressing industry challenges around transparency, quality, and decarbonisation. Together, we are shaping a more sustainable future for marine fuel procurement.”

Seascale Energy will initially represent close to 7.5m metric tons in bunkering volume. It will be owned jointly and equally by Cargill and Hafnia and it comes after Maersk Tankers pulled out of a bunker venture with Cargill.

“Seascale Energy represents our shared vision to simplify and innovate the increasing complexities in the bunkering segment,” said Hafnia CEO Mikael Skov. “As one of the largest services of its kind, led by two large-scale fuel users, we are committed to improving efficiency and addressing industry challenges to benefit our stakeholders across the maritime sector.”

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Business case for green shipping corridors remains unclear

Energy News Beat

Under current and prospective policies from the International Maritime Organization, European Union, and the US, the business case for green shipping corridors could improve markedly – but not sufficiently – according to a new 72-page report published by UMAS, UCL and the Global Maritime Forum (GMF). 

Titled ‘Building a Business Case for Green Shipping Corridors’, the report looks at the significant commercial challenges associated with green shipping corridors, how these could change under future regulation, and what additional support may be needed to ensure the viability of such projects.

Green shipping corridor projects – which focus on initiating the maritime value chain for scalable and sustainable fuels such as hydrogen-derived e-ammonia and e-methanol – have thus far faced an insurmountable cost gap. Against the backdrop of an evolving global and regional policy landscape, the business case for such first mover initiatives will begin to improve, but targeted support will be needed to ensure uptake of e-fuels.

The report emphasises the important role of regulation in enabling shipping’s energy transition and the wider implications for the industry operating under a future compliance regime where fleet and bunkering strategies will need to become more sophisticated. Policies such as the IMO’s new global fuel standard, the EU’s Emissions Trading System (ETS), and the US Inflation Reduction Act (IRA) will play a critical role in reducing costs for green shipping corridors but fall short of fully bridging the gap between the cost of e-fuels and the cheapest solution to meet compliance.

The report explores the potential opportunities and options that could be available for green shipping corridors in three different shipping sectors—gas carriers, container ships and bulk carriers—to highlight how public and private efforts could accelerate early adoption of e-fuels. The scenarios explored reveal that while biofuels and blue ammonia are lowest cost options over the near term, scalable e-fuels such as e-ammonia are expected to become increasingly competitive as production costs fall and compliance requirements tighten, indicating that targeted support would only be required over the short term.

With 62 green shipping corridors initiatives already announced, support for these early mover projects could enable significant strides to be made in the development of sustainable fuel production and in investment in the storage, bunkering, and port infrastructure required to decarbonise the wider shipping industry later in the transition.

Deniz Aymer, senior consultant at UMAS, commented, “Upcoming regulation will shift the business case for green shipping corridors – as well as shaping how the wider shipping industry approaches compliance. To fully bridge the cost gap, however, targeted support for e-fuels is needed. But this short-term support will pay future dividends by ensuring that scalable and sustainable fuels are available to the wider industry when needed.”

To accelerate progress, the report outlines actionable solutions for industry and policymakers. It highlights how business models will need to adapt under incoming regulation and how long-term commitments from cargo owners and shipowners and operators can help de-risk investment and drive e-fuel adoption. Strategic partnerships across the value chain will be essential for sharing risks and rewards, ensuring a more equitable cost distribution while advancing green shipping corridor projects.

Despite this, the business case for green shipping corridors will remain challenging without targeted measures to support the uptake of e-fuels. Mechanisms such as Contracts for Difference (CFDs), e-fuel auctions, and/or multipliers for overcompliance with e-fuels will be crucial to the short-term viability of these initiatives. Economic support could be underwritten by the IMO through revenues raised by a levy on shipping industry emissions. In the absence of a global levy, however, national governments may need to step in to directly support corridor projects.

Jesse Fahnestock, director of decarbonisation at the Global Maritime Forum, commented, “The most important role Green Corridors can play is to coordinate and kick-start the value chain for tomorrow’s shipping fuels. Participants in corridors will need to be creative in how they leverage a range of regulations, but it’s clear from this work that the scale of their impact will depend on policymakers delivering targeted support for e-fuels.” 

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Our Drunken Sailors and their Credit Cards: Delinquencies, Balances, Burden, and Available Credit in Q4 2024

Energy News BeatPrice

More people, more workers, higher incomes, more spending. Banks eager to lend at high rates and collect swipe fees.

By Wolf Richter for WOLF STREET.

Delinquency rates for credit cards 30 days or more past due declined for the second quarter in a row, to 3.08% of total credit-card balances at all commercial banks at the end of Q4, seasonally adjusted, according to Federal Reserve data on yesterday. This includes credit cards issued to prime and subprime-rates borrowers.

The plunge in delinquencies during the pandemic was a result of Free Money flooding households which helped some folks get caught up; and it was also driven in part by limited options of spending, with restaurants, flights, cruises, entertainment venues, etc. being largely shut down.

Then the spending boom took off, the Free Money ended, and delinquency rates normalized, then overshot a little. The high point was in Q2 last year (3.24%), and the delinquency rate has dropped since then:

For prime-rated cardholders, delinquencies of 60-plus days have hovered at around 1%, sometimes a little under sometimes a little over, not seasonally adjusted, right where they had been before the pandemic, according to data from Fitch Ratings, which tracks the performance of Asset Backed Securities (ABS) backed by prime credit card balances.

Credit Card Balances are a measure of spending, not of debt.

Credit cards are the dominant payment system in the US, and credit card statement balances therefore are a measure of spending – including for expensive business trips that are reimbursed.

They’re not a measure of borrowing because most balances are paid off by due date and never accrue interest, but allow cardholders to get their 1% or 2% cashback, airmiles, and other loyalty benefits.

Of the roughly $6 trillion a year that flow through credit cards, only a small portion doesn’t get paid off every month by due date. Credit card balances that are “revolving” – meaning becoming an interest-bearing loan – amounted to $645 billion at the end of Q3, according to the Philadelphia Fed’s report in January. Big-ticket items, such as furniture to equip the new house, are a common example of balances getting run up that then get paid off over the next few months.

Lower-income people rarely have access to credit cards, and usually have to make do with debit cards, or if they have access to credit, the credit limits are low. So in aggregate, they cannot run up the revolving balances; it’s the young high-income dentist with five credit cards, each with a $30,000 credit limit, that can a dent into those balances.

More people, more workers, making more, spending more.

Credit card statement balances rose by $45 billion, or 3.9%, at the end of Q4, not seasonally adjusted, to $1.21 trillion, according to the NY Fed’s Household Debt and Credit Report, after blockbuster holiday spending by our Drunken Sailors, as we’ve come to call them lovingly and facetiously. Year-over-year, statement balances were up 7.3% — more people, more workers, making more money, and spending more.

“Other” consumer loans, such as personal loans, payday loans, and Buy-Now-Pay-Later (BNPL) loans remained unchanged year-over-year, at $554 billion (blue line).

BNPLs are subsidized by the merchant and are interest-free for the consumer, if they stick to the plan. Merchants like them because the fees can be lower than credit card swipe fees.

Combined, credit card balances and “other” consumer loans rose by 3.1% in Q4 from Q3 and by 4.9% year-over-year, to $1.76 trillion.

The credit-balance-to-income ratio.

The burden of debt on households – accounting for more people, higher employment, and higher incomes – can be tracked with the debt-to-disposable-income ratio, a classic measure of the borrowers’ ability to deal with the burden of debt.

Over the past 20 years, disposable income has surged by 144%, a result of higher employment with workers making more money on average, while balances of credit cards and “other” consumer loans combined has risen by only 58%.

Disposable income, released by the Bureau of Economic Analysis, represents an after-payroll-tax cashflow from all income sources: Household income from after-tax wages, plus income from interest, dividends, rentals, farm income, small business income, transfer payments from the government, etc. This is the cash consumers have available every month to spend on housing, food, debt payments, etc. But it excludes capital gains.

In Q4, driven by holiday spending, statement balances are always higher, and then they dip in Q1 as spending sags, seasonally. These balances are not seasonally adjusted:

  • In Q4 from Q3: credit balances +3.1%, disposable income +1.3%.
  • Year-over-year: credit balances +4.9%, disposable income +5.1%.

As a result, the burden of the combined credit card balances and “other” balances, in terms of the debt-to-disposable-income ratio, increased quarter to quarter due to the seasonal spending burst, but declined year-over-year, and is very low by historical standards, as our Drunken Sailors have learned a lesson coming out of the Great Recession.

Banks eager to lend at high rates and earn swipe fees.

The aggregate credit limit rose by $269 billion year-over-year, to $5.08 trillion, as more card accounts were opened by more workers, and as credit limits were raised on existing cards (blue line).

Over the same period, credit card statement balances rose by $87 billion, to $1.21 trillion (red line)

And the available unused credit surged by $182 billion year-over-year, to a record $3.87 trillion. Following the Financial Crisis, credit tightened as banks were skittish, and available credit plunged by $1 trillion:

In case you missed the earlier parts of the debts of our Drunken Sailors and their debts in Q4:

Here Come the HELOCs: Mortgages, Housing-Debt-to-Income-Ratio, Serious Delinquencies & Foreclosures in Q4 2024

Household Debts, Debt-to-Income Ratio, Serious Delinquencies, Collections, Foreclosures, Bankruptcies: Our Drunken Sailors’ Debts in Q4 2024

Auto Debts, Auto-Loan-to-Income Ratio, Serious Delinquencies for Prime & Subprime: Our Drunken Sailors and their Auto Loans

Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it immensely. Click on the mug to find out how:

The post Our Drunken Sailors and their Credit Cards: Delinquencies, Balances, Burden, and Available Credit in Q4 2024 appeared first on Energy News Beat.

 

DOE Chief Slams ‘Sinister’ Net Zero Goals As ‘Lunacy,’ Targets UK

Energy News Beat

Energy Secretary Chris Wright called the pledge to achieve net zero carbon emissions by 2050 ‘lunacy,’ specifically criticizing the UK.

chris wright ARC 2025
U.S. Energy Secretary Chris Wright on Monday called a pledge to achieve net zero carbon emissions by 2050 a “sinister goal”, and criticized the British government’s attempts to hit clean energy targets. [emphasis, links added]

Former President Joe Biden set a target in 2021 for the United States to achieve net zero emissions by 2050 to help fight climate change, in part by using subsidies to encourage an expansion of clean energy and electric vehicles.

“Net Zero 2050 is a sinister goal. It’s a terrible goal,” Wright said, speaking via videolink at a conference being held in London.

“The aggressive pursuit of it – and you’re sitting in a country that has aggressively pursued this goal – has not delivered any benefits, but it’s delivered tremendous costs.

Wright also used a question and answer session at the Alliance for Responsible Citizenship (ARC) event to say his number one priority was for the government to “get out of the way” of the production of oil, gas, and coal.

President Donald Trump’s administration said on Friday it had granted a liquefied natural gas export license to the Commonwealth LNG project in Louisiana, the first approval of LNG exports after Biden paused them early last year.

“We ended the pause and approved the Commonwealth LNG export terminal last Friday, and many more in the queue,” he said.

“The world simply runs on hydrocarbons and for most of their uses we don’t have replacements.”

On net zero, he took particular aim at Britain, saying its pursuit of a decarbonized energy system – which the current UK government wants to reach by 2030 – had damaged living standards and exported emissions elsewhere in the world.

“No one’s going to make an energy-intensive product in the United Kingdom anymore. It’s just been displaced somewhere else,” he said.

“This is not energy transition. This is lunacy. This is impoverishing your own citizens in a delusion that this is somehow going to make the world a better place.”


Top image of Chris Wright (large screen) at ARC 2025/YouTube screencap

Read rest at Yahoo! News

 

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