O&G Blacklisting Is Backfiring

ESG hedge funds struggle with oil and gas blacklisting; Bearish sentiment drives oil markets lower; Oil and gas to stay central to energy mix according to Rystad.

Author

Rob Quigley
September 09, 2024

Good morning and happy Monday! Pretty quiet end of the week from an A&D M&A perspective. Bearish sentiment has continued to push oil markets lower than $70. Hedge fund veteran Kyle Bass of Hayman Capital Management argues that blacklisting oil and gas has proved a bad bet for ESG. “We’re focusing on mitigating or offsetting physical impacts on the environment, and we’re going to make a pretty penny in doing so.” New mantra just dropped? Let's drill down.

Daily Headlines

  • ESG hedge funds struggle with oil and gas blacklisting.(World Oil)

  • Norwegian oil and gas exploration round attracts bids from 21 firms.(Reuters)

  • Oil majors and traders eye Shell's South African assets.(OilPrice)

  • Rystad: Oil and gas to stay central to energy mix.(Rigzone)

  • Bearish sentiment drives oil markets lower.(OilPrice)

  • Texas plugs over 1,000 orphan wells in 2024.(World Oil)

  • Pennsylvania secures $76M for well-plugging program.(Times Leader)

  • Equinor to explore alternative prospects offshore Newfoundland after Sitka deemed non-commercial.(OGJ)

  • Oil & gas firm tests tripping-free technology to shape coring and drilling innovations.(Offshore Energy)

Deal Flow

M&A/Investment

  • Service companies Innovex and Dril-Quip complete merger, enhancing service capabilities.(Hart Energy)

  • Noble Corporation adds $6.7 billion in backlog with Diamond Offshore Drilling acquisition closure.(Oil & Gas 360)

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