International Courant
LONDON
International oil and gasoline producers eye quadrupling confirmed reserves by 2030 in a transfer incompatible with limiting temperature rise to 1.5°C, in keeping with a brand new report by US suppose tank International Power Monitor (GEM).
Not less than 20 fields have been greenlit in 2023, authorizing extraction of 8 billion barrels of oil equal (boe), in keeping with the most recent replace entitled, Drilling Deeper in International Oil and Gasoline Extraction Tracker by GEM.
“By the tip of the last decade, firms are aiming to sanction almost 4 occasions that quantity — 31.2 billion boe throughout 64 further fields,” the report mentioned, including, “as well as, 19 new fields containing roughly 7.7 boe have been found in 2023.”
Regardless of the Worldwide Power Company’s 2021 warning that new oil and gasoline fields are incompatible with the 1.5°C local weather goal, oil and gasoline producers sanctioned a complete of at the least 16 billion boe throughout 45 initiatives and found at the least 20.3 billion boe throughout 50 initiatives, in keeping with the report.
Whereas South America and Africa are world hotspots for brand spanking new oil and gasoline initiatives, 4 international locations that beforehand had little to no manufacturing corresponding to Southern Cyprus, Guyana, Namibia, and Zimbabwe, account for over a 3rd of the volumes producers are hoping to take advantage of.
Commenting on the report, the mission supervisor for the International Oil and Gasoline Extraction Tracker, Scott Zimmerman mentioned: “Oil and gasoline producers have given every kind of causes for persevering with to find and develop new fields, however none of those maintain water. The science is evident: No new oil and gasoline fields or the planet will get pushed previous what it will probably deal with.”
*Writing by Handan Kazanci
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Oil and gasoline producers eye quadruple investments regardless of local weather commitments
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