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Posts on ‘July 8th, 2017’

It’s a world of worry for oil companies

By Ryan Maye Handy: 8 July 2017

India hopes to sell only electric vehicles by 2030. China is offering incentives to buy electric cars and investing heavily in renewable technologies. Volvo will scrap the pure internal combustion engine in favor of hybrids and electric cars.

And on Thursday, France announced it plans to ban the sale of diesel and gasoline-fueled cars by 2040.

The world’s major oil companies might disagree when global demand for petroleum will peak, but the news of the past seven months suggests that they should be worried, if they aren’t already. Nations, states and private companies are demanding cleaner energy, leaving the world’s oil producers to face a reckoning that many haven’t yet accepted. read more

Nigeria Delta Communities Demand Stake in Ex-Shell Oil Block

A group of communities in Nigeria’s Niger River delta demanded a stake in an oil block it said it was promised when Royal Dutch Shell Plc sold its share to a local company six years ago.

The communities in the Gbaramatu district, near the southern oil town of Warri, want 5 percent of a lease owned by Lagos-based Neconde Energy Ltd.and state-owned Nigerian National Petroleum Corp., according to a statement emailed by the group on Friday.

Neconde “refused to fulfill the 5 percent equity share to the host communities, whose environment has been negatively impacted and devastated by oil activities, destroying our age-long traditional fishing business,” Momotimi Guwor, a spokesman for the communities, said in the statement. read more

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