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COP28: UAE oil giants to host 2023 climate change summit
The United Arab Emirates (UAE) will host the 28th United Nations Climate Change Summit (COP28) in Dubai from November 30 to December 12. The UAE, a major oil producer, plans to increase oil production despite concerns about the impact on greenhouse gas emissions. The country’s rapidly growing population and dependence on oil are increasing per capita emissions. The UAE is investing in technologies such as carbon sequestration and hydrogen fuel production, but these measures are unlikely to have a significant impact on emissions. To transition to a post-oil economy, the UAE needs to invest in renewable energy and diversify its economy.
Gandar Petroleum Refining stock has made a remarkable market debut. jump over 76%
Gandhar Petroleum Refining (India) Limited’s share price surged 76 per cent on the listing, debuting at Rs 295.40 on the BSE. The market valuation of the company reached Rs 3,011.45 crore. The IPO was oversubscribed 64.07 times and raised Rs 569 crore. The funds will be used to repay debt, purchase equipment and expand production capacity at the Silvassa automotive oil plant. In addition, the Taloja plant will also expand its petrolatum and white oil divisions.
Canadian oil and gas producers to drill 8% more wells in 2024: industry group
Canadian oil and gas producers plan to drill more wells in 2024, citing increased access to pipelines, including the Trans Mountain oil pipeline expansion and Coastal GasLink nearing completion ing. The Canadian Energy Contractors Association predicts drilling volumes will increase by 8%, with 6,229 wells drilled next year. Capital discipline by producers may limit growth, with the industry expected to recover in the second half of 2024. However, the tight labor market remains a major challenge for the industry.