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The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

<ul class="summary-list"><li>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Why oil prices have plunged 3% today

State-owned Oil and Natural Gas Corporation (<keyword id="6354737" type="General" weightage="100" keywordseo="ongc" source="Orion">ONGC</keyword>) has cancelled the bids received for its <keyword id="6392149" type="General" weightage="80" keywordseo="daman" source="Orion">Daman</keyword> upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword> (L&amp;T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A consortium of Afcons and Indonesia's Gunanusa Utama Fabricators emerged a distant second in the bidding, quoting close to USD 801.90 million. Vietnam's PTSC and Abu Dhabi's National Petroleum Construction Company (NPCC) were also among those initially chasing the contract, but did not participate in the bid process. Sources said L&amp;T's quote of USD 663.37 million was 36.77 per cent higher than ONGC's revised internal estimate of USD 485.03 million. L&amp;T offered a USD 1 million discount but this was not acceptable to ONGC, they said, adding that ONGC could have tolerated a maximum variation of 20 per cent over the internal price estimate. Daman upside gas development project envisaged building four new wellhead platforms, seven infield pipelines, a new process gas compressor module and the addition of low-pressure compression at the existing process platform. It also includes topsides modifications at existing wellhead platforms. The project has been in the works for years but has been delayed on several occasions due to unfavourable gas pricing. But a rise in domestic gas prices turned around the project's commercial viability. ONGC has been producing natural gas from Daman since 2016 and has spent an estimated USD 1 billion on offshore infrastructure at the field over the past five to six years. The project to raise production involved building infrastructure that could also handle gas from neighbouring B-12 and C-24 marginal fields. India's domestic crude oil and natural gas production has been dwindling in recent years and ONGC is under increasing pressure from the government to boost its output and reverse the declining trend. Projects like Daman are crucial for meeting those objectives but the scrapping of the tender would add to the delay in boosting output. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

ONGC scraps bids for flagship Daman gas field development over cost concerns

<ul class="summary-list"><li>Ukraine says it executed its farthest drone strike yet, hitting a Russian oil refinery 930 miles away.</li><li>Ukraine's Security Service claimed the attack on Wednesday.</li></ul>Ukraine's latest aerial attack on Russian soil is its farthest one yet, <a target="_blank" href="https://www.pravda.com.ua/eng/news/2024/05/9/7454980/">Ukrainska Pravda reported</a>, with officials saying a drone traveled 930 miles to strike an oil refinery far inside Russia's borders.Unnamed sources within Ukraine's Security Service told the outlet that one of its drones struck a Gazprom refinery in the Russian republic of Bashkortostan on Wednesday.The region's head, Radiy Khabirov, confirmed smoke was coming from the refinery but said it was operating as normal, <a target="_blank" href="https://ria.ru/20240509/ataka-1944908493.html">according to Russian state-controlled news agency RIA Novosti</a>.Footage of the aftermath of the apparent attack was also posted <a target="_blank" href="https://t.me/bazabazon/27635">on the prominent pro-Russian Telegram account Baza</a>.The strike, which has not been independently confirmed, would represent a distance record in Ukraine's ever-more ambitious series of drone strikes on Russian energy facilities.In early April, Ukraine demonstrated its drones' increasing reach after Russian officials <a target="_blank" href="https://www.businessinsider.com/drone-deep-russia-ukraine-brag-new-620-mile-range-war-2024-4">reported strikes 620 miles inside their country</a>.But the <a target="_blank" href="https://www.businessinsider.com/ukraine-drone-strikes-are-doing-massive-damage-to-russia-oil-sector-2024-4">ferocious campaign</a> — launched in earnest in January — has seemingly struck a nerve with the US.Reports claim that the White House has reached out to President Volodymyr Zelenskyy to signal its concern that hitting Russia's oil production will destabilize global energy prices.Michael Liebreich, founder of Bloomberg New Energy Finance, along with energy analyst Lauri Myllyvirta and Sam Winter-Levy, highlighted in a <a target="_blank" href="https://www.foreignaffairs.com/ukraine/why-ukraine-should-keep-striking-russian-oil-refineries">Foreign Affairs article</a> this week how Ukraine's strikes could hurt Russia without sending global oil prices soaring.The attacks are largely striking Russia's refining capacity, rather than its oil fields, they said, which actually forces Russia to export crude oil, likely bringing prices down globally.The strikes have also led to a surge in the price of refined oil products within Russia itself, they argued.These are some of the exact areas where the West's <a target="_blank" href="https://www.businessinsider.com/russia-ukraine-war-sanctions-oil-exports-trade-economy-military-spending-2024-3">lackluster sanctions</a> have failed to bite.But there's some skepticism around the effectiveness of the attacks.<a target="_blank" rel=" nofollow" href="https://carnegieendowment.org/politika/92132">Carnegie scholar Sergey Vakulenko wrote</a> in April that even if Ukraine took out every refinery within its reach, Russia would likely still be able to procure enough oil for its own uses.Meanwhile, several experts <a target="_blank" href="https://www.businessinsider.com/no-sign-ukraine-stop-strikes-russia-oil-facilities-experts-us-2024-4">told</a> Business Insider last month that Ukraine would do well to ignore the US' counsel.Ann Marie Dailey, a geopolitical strategist at the RAND Corporation, told BI that although the impact won't be immediate, "consistently putting pressure on Russia's oil sector would have a significant impact on Russia's ability to fight this war."Russian officials routinely downplay the impact of the strikes. But there are some indicators that the pain is trickling through: Russia has <a target="_blank" rel=" nofollow" href="https://www.aljazeera.com/news/2024/2/27/russia-to-ban-gasoline-exports-for-six-months">announced</a> a six-month gasoline export ban, and <a target="_blank" href="https://www.politico.eu/article/united-states-warnings-ukraine-strikes-two-fuel-depots-russia/">Ukraine claims</a> that its attacks have reduced Russian oil production and processing by 12%.

Ukraine says it flew a drone 930 miles into Russian territory to strike an oil refinery

<ul class="summary-list"><li>Stratis Michael, 52, grew up in an apartment above his father's fish and chip restaurant in the UK. </li><li>Now battling <keyword id="13553397" type="UNKNOWN" weightage="60" keywordseo="rising-costs" source="Orion">rising costs</keyword> in his own fish and chip shop, Michael worries for local shops like his.</li></ul>This is an as-told-to essay based on a conversation with Stratis Michael, an award-winning fish and chip shop owner about how <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> is impacting his business. It's been edited for length and clarity. I was born and bred in a fish and chip shop.My grandad opened our family's first chippy – British slang for a classic fish and chip restaurant – in Bradford, West Yorkshire, in the mid-1960s. My dad started his fish and chip shop in Leeds in the mid-70s. I was born in 1969 and we lived in a flat above the shop. Growing up, I helped out at the restaurant every weekend and school vacation peeling the potatoes and prepping the fish.<h2>In those days, food was, literally, cheap as chips</h2>You could buy a portion of <keyword id="12251506" type="UNKNOWN" weightage="60" keywordseo="fish-and-chips" source="Orion">fish and chips</keyword> for just 25 pence. People would queue down the street to get served on a Friday night – it was a very different world. Now, you'd be lucky to be that busy. We've seen ups and downs, bad economies, and recessions, but the current hit to businesses is off the scale. No one in the fish and chip shop industry has ever seen it this bad.I opened my own fish and chip shop, <a href="https://frydaysleeds.co.uk/">Fryday's</a>, with my wife in Leeds in 2010. Within the last 12 months, prices have skyrocketed. <h2>The cost of our haddock has gone up by 100%</h2>It's not just the fish. Packaging has increased by 65%, frying <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and other ingredients have doubled in price, and energy bills are soaring. On top of that, you've got to keep paying your staff – we have 17 people working for us. The price of standard fish and chips at our shop is £9.99. We raised our prices £2 from £7.99 in April because of the pressure of rising costs. <h2>Once you take away sales tax, cost of ingredients, and wages, there is very little profit left</h2>The problem is customers are already complaining it is too expensive. For small, affordable fish and chip shops like ours, it's a struggle to make ends meet.I am lucky because I am a landlord and make a profit from several properties I own in the city – I can weather this storm better than most. The profit from the rent helps support my salary. But for chippies that are trying to price their food cheaper, I can't see how they will survive. I predict that, if nothing changes, they will be gone within the next 12 months because of shrinking profit margins.We need help from the government, similar to the tax breaks offered during COVID-19. In England, VAT – a sales tax companies have to pay to the government – fell to 5%. It was fantastic because, even though prices were already rising, we can absorb those extra costs within our profit margins and it was still worthwhile to keep the business going. It's now back at 20% – that's a big whack out of our profit margins. <h2>It's not just about losing an iconic part of British food culture, fish and chips shops are not just about the food</h2>The disappearance of fish and chip shops would be a major hit to the social life of many Brits. It's one of the few takeaways that people go into the shop to pick up rather than get delivered. Buying fish and chips is a social activity at heart. People come to the shop to talk. They come for a bit of friendly chat on a Friday night. But it's <a href="https://www.independent.co.uk/life-style/food-and-drink/fish-and-chips-oil-shortages-risk-shops-closing-b2065528.html">predicted one in three chippies will close in the future if this crisis</a> continues. We are being squeezed and if the government want us to survive they need to show some compassion. The current operating costs are temporary and will blow over in a couple of years, but without help, there might not be many fish and chip shops on the other side. <h2>I don't want to have to increase prices again – if I do, I will lose even more customers</h2>At that point, I'll have no choice but to close the shop doors and put the shutters down.It's really a fight to survive now.

I own a third-generation fish and chip shop in England. Inflation is killing small businesses like mine.

<ul class="summary-list"><li>Shaun Mitchell left Halliburton for the offshore-wind industry in 2019 and quickly climbed the ranks.</li><li>In early 2023, wind farms became the largest source of electricity in the UK.</li></ul>Shaun Mitchell wasn't looking for a career change in 2019.The 30-year-old Scotland native had spent most of his career as an electrical technician at Halliburton, one of the world's largest oil-field-services companies. It offered Mitchell his first apprenticeship after he graduated from North East Scotland College in 2013 with a certificate in electrical engineering. He completed several years of training before heading off to work on offshore oil rigs.Mitchell saved enough money to take a six-month break and traveled through Thailand, New Zealand, and Australia. He was a freelance electrician in Sydney for a while but then returned home near Aberdeen, Scotland, and got his job back at Halliburton.In 2019, Mitchell heard from an old supervisor who had since moved into <a target="_blank" href="https://www.businessinsider.com/fastest-growing-career-wind-technicians-job-salary-us-2024-6">the offshore-wind industry</a>. Vestas, a wind manufacturer, was looking for technicians for a project in Aberdeen Bay, Scotland, and the supervisor recommended Mitchell for the job."I wasn't really sure because I was quite used to oil and gas, and I enjoyed it," Mitchell said.There were drawbacks, however. The work could be unpredictable."You'd get a call and have to go offshore the next day, not knowing if you'd be there a couple days or three weeks," he said. "The line of work is good when you're young. But when you start having more commitments, it becomes a little harder."Mitchell decided to take the interview with Vestas and left Halliburton, wanting to be a wind-turbine technician."A lot of my skills from working in the oil and gas industry passed straight into the wind industry, which was really beneficial for me," Mitchell said, adding that wind farms are managed by automated control systems, similar to oil and gas equipment.<div type="image" title="A wind turbine under construction off the coast of Scotland." height="1792" width="2500" msid="111265327" hostid="261" sizebytes="724556"></div>He made the jump at a good time. While the UK has been a leader in offshore wind for more than two decades, development has sped up in the past few years — particularly in Scotland — as countries race to meet renewable-energy goals. The UK has the second-largest offshore sector behind China. By early 2023, <a target="_blank" href="https://www.reuters.com/world/uk/british-wind-power-overtakes-gas-first-time-q1-2023-report-2023-05-10/">wind farms became the UK's largest source of electricity</a>, surpassing natural gas.Britain this year budgeted £1 billion, or about $1.3 billion, for renewable-energy subsidies, with 80% of the funds set aside for new offshore wind farms, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-05/uk-to-offer-record-800-million-support-for-offshore-wind-farms">Bloomberg reported</a>. The UK government wants to boost offshore-wind capacity by almost fourfold by 2030, and overall employment in the sector <a target="_blank" href="https://www.thecrownestate.co.uk/news/offshore-wind-industry-unveils-industrial-growth-plan-to-create-jobs">is expected to triple</a> by then.In the US, <a target="_blank" href="https://www.bls.gov/ooh/fastest-growing.htm">wind-turbine technician is the fastest-growing job.</a> While the absolute number of new jobs isn't that big, it represents a projected 45% increase between 2022 and 2032, more than any other occupation. <a target="_blank" href="https://gwec.net/global-wind-workforce-outlook-2023-2027-pr/">Industry groups forecast</a> global demand for about 240,000 new recruits by 2027 across countries including Australia, Brazil, China, Colombia, Egypt, India, Japan, Kenya, South Korea, and the US.Mitchell spent more than four years at Vestas, starting as a technician and quickly moving up to deputy service supervisor and then shift supervisor. Vestas provided training that paved the way for Mitchell's advancement.He said that offshore-wind technicians' day-to-day depended on the weather. The seas can't be too rough; otherwise, it's risky for the crew to travel to the wind farm.The sizes of the vessel and the crew also matter. A larger boat can handle rougher waters. That means there's more work and less downtime. But technicians tend to work a couple of weeks on, a couple of weeks off — so they're away from home for extended periods.Smaller vessels have to wait for the right weather conditions and ferry back and forth to port each day. Technicians can go home each night, but there's more downtime, especially in the winter, Mitchell said."It's rare that an entire wind farm will go down," he added. "But there has been times when multiple turbines go down, but the weather's so rough there's nothing you can do."<div type="image" title="An offshore wind turbine under construction." height="2580" width="4213" msid="111265328" hostid="261" sizebytes="629474"></div>In October, Mitchell left Vestas for Ocean Winds, a joint venture between EDP Renewables and Engie that's focused on offshore-wind development. He's now the operations and maintenance supervisor at Ocean Winds' Moray West project off the coast of Scotland.The 882-megawatt project is still under construction. Once it's finished, it will generate enough power for about 1.3 million homes. Mitchell's team will be responsible for maintaining the wind farms' infrastructure both above and below the water, including the cables that carry power to onshore substations.Mitchell said he'd been able to advance his career in the wind industry a lot faster than in oil and gas. Ocean Winds declined to disclose salary information."Oil and gas is quite well established. It's been around for years and years, so there aren't many opportunities to move up quickly," Mitchell said. "With offshore wind, there's always new sites going up, and they need so much personnel. I got in at a lucky time."

A millennial who switched from working on oil rigs to wind turbines says he's been promoted faster in renewable energy

<ul class="summary-list"><li>Fifty oil and gas companies pledged to zero out methane emissions by 2030 at the UN climate summit.</li><li>Satellites are being deployed to track whether these companies actually meet their promises.</li></ul>Catherine Boudreau reported from Dubai, United Arab Emirates, and Erin Snodgrass reported from Los Angeles.<a target="_blank" href="https://www.businessinsider.com/satellites-locate-source-of-methane-leaks-to-fight-climate-crisis-2022-7">Satellites are the next tool</a> that will hold oil and gas companies accountable in their promise to cut methane emissions and slow global warming.The United Arab Emirates, host of this year's UN climate summit COP28, on Saturday announced that dozens of oil and gas companies — accounting for 40% of global production — aim to nearly eliminate their methane emissions by 2030. Many state-owned oil companies signed on, including the UAE's Adnoc, as well as Saudi Arabia's Saudi Aramco. US firms ExxonMobil and Shell, and other international oil majors will also participate.Shortly after, a separate initiative was announced that will use satellites to track whether the companies keep their promise. The billionaire businessman and philanthropist Michael Bloomberg pledged $40 million to the initiative — a partnership with the Environmental Defense Fund that will launch its own satellite early next year."Oil and gas companies often don't have the data on these methane emissions, including where leaks are happening," Bloomberg, UN special envoy for climate ambition and solutions, told reporters in Dubai. "Even when data is available, there often aren't rules and incentives in place to make sure companies do something about it."Methane is a potent greenhouse gas with 80 times the warming power of carbon dioxide, though it only lingers in the atmosphere for about a decade compared with centuries for carbon dioxide. That short lifespan is why climate scientists say eliminating methane emissions is one of the quickest ways to slow global warming.The oil and gas industry <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023">is responsible for 40% of human-caused methane emissions</a> from leaking wells, compression stations, and pipelines, as well as by routinely burning off excess gas in a practice known as venting and flaring.Even though numerous countries and oil and gas companies have pledged to slash methane emissions in recent years, they are still rising to record levels, <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023/overview">according to the IEA</a>. The agency, <a target="_blank" href="https://salatainstitute.harvard.edu/quantifying-methane-to-the-sky-and-beyond/#:~:text=Compelled%20by%20Sargent%20and%20Budney's,U.S.%20Environmental%20Protection%20Agency's%20inventories.">university scientists</a>, and <a target="_blank" href="https://www.edf.org/climate/methane-studies#:~:text=Extensive%20research%20led%20by%20EDF,than%20the%20government's%20estimate%20suggests.">environmental groups</a> have published research showing that national governments are significantly undercounting total emissions.Historically, measuring methane was challenging because the gas is colorless, leaks are unpredictable, and finding them involved expensive field studies with aircraft and handheld infrared cameras. That approach only offered a snapshot in time and the research took a long time to publish.Those methods have changed over the last decade. A new generation of satellites can now pinpoint methane leaks almost anywhere and, within days, computers equipped with AI models can calculate the amount of emissions escaping. This, in turn, means oil and gas companies responsible for the plumes can be notified faster and potentially take action.The UN last year launched its own methane alert and response system that uses satellites to monitor emissions and notify countries and companies. Since then, <a target="_blank" href="https://www.unep.org/news-and-stories/press-release/uns-global-methane-tracking-system-set-translate-data-revolution">1,500 methane plumes were identified</a> and some governments took action, including Argentina.The 50 oil and gas companies that signed a "decarbonization charter" on Saturday in Dubai agreed to eliminate routine flaring, improve the way they monitor methane leaks, and report progress on reducing emissions.COP28 President Sultan Al Jaber, who also heads Adnoc, during a speech on Saturday said that tackling methane emissions are "a quick and easy win." Adnoc earlier this year already promised to zero-out the pollutant by 2030, even as it plans to expand oil production.<div type="image" title="COP28 President Sultan Al Jaber walks through the venue ahead of the UN Climate Summit in Dubai, United Arab Emirates." height="5760" width="8640" msid="105684000" hostid="261" sizebytes="420292"></div>"If companies deliver, we calculate it means reducing methane emission by 80% to 90%, which is critical," EDF President Fred Krupp told reporters. "But that only happens if there's accountability."The satellite being launched by EDF, known as MethaneSAT, can regularly monitor methane emissions from regions accounting for much of the world's oil and gas production. That includes emerging and developing economies, where state-owned oil companies have been largely absent from methane pledges until now.The data gathered by satellites can also help climate advocates push governments to implement tougher methane laws. EDF and Bloomberg Philanthropies are working with the IEA, UN, and the climate nonprofit RMI on its accountability push.<h2>The EPA's 'super emitter' program</h2>The US and European Union are already cracking down on methane emissions. The US Environmental Protection Agency <a target="_blank" href="https://www.epa.gov/newsreleases/biden-harris-administration-finalizes-standards-slash-methane-pollution-combat-climate#:~:text=EPA's%20final%20rule%20leverages%20the,the%20power%20sector%20in%202021.">on Saturday finalized regulations</a> that will reduce an estimated 58 million tons of methane emissions over the next 15 years. That figure is comparable to the emissions released by the entire US power sector in 2021, the agency said. The rules require companies to monitor leaks, limit flaring at oil wells, and reduce emissions from equipment like pumps and storage tanks.A "super emitter" program will allow certain third parties that detect large methane plumes to submit data to EPA, which will do its own verification before notifying the oil and gas company responsible.The methane that will be captured, rather than released into the atmosphere, would be enough to heat 7.8 millions homes this winter, EPA officials said during a press conference Friday. Once fully implemented, the rule will prevent the emissions of the equivalent of 1.5 billion metric tons of carbon dioxide, they said.The EU in November agreed to its first-ever law directing fossil fuel companies to measure and report their methane emissions, and bans most flaring and venting by 2027.The US and EU are part of the Global Methane Pledge that calls for a 30% reduction in methane emissions by 2030. At least 155 countries have signed the pledge, which launched in 2021 at the UN climate summit in Glasgow, Scotland.However, China and Russia — the top two producers of methane emissions in the world — aren't signatories. China in November <a target="_blank" href="https://www.reuters.com/world/china/china-unveils-action-plan-reduce-methane-emissions-2023-11-07/">published its own plan to reduce the pollutant</a>, but it doesn't include any hard targets. The country's state-owned oil companies are also absent from the "decabonization charter" announced in Dubai.Melanie Robinson, global climate program director at the World Resources Institute, said in a statement that the methane commitments were encouraging but require strong measures to hold oil and gas companies accountable.She added that the oil and gas sector still isn't being held accountable for all the emissions created by the fuel they sell to other industries. That's akin to a cigarette maker "claiming no responsibility for the impact of their product once it leaves the factory door," Robinson said, adding that voluntary promises alone won't acheive global climate goals.

Satellites are the new climate police for oil and gas polluters

<ul class="summary-list"><li>UAE's state-owned oil company brokered deals to boost fossil fuels at home and overseas in 2023.</li><li>The deals included supplying gas to China and expanding into Egypt and Azerbaijan.</li></ul>Last year, while the United Arab Emirates oversaw a historic agreement to fight the climate crisis, it was brokering deals for oil and gas that could bring the country tens of billions of dollars and boost fossil-fuel production globally.An <a target="_blank" href="https://www.globalwitness.org/en/campaigns/fossil-gas/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host/">analysis by the climate watchdog Global Witness</a> found that the UAE's state-owned oil company, known as ADNOC, closed more than a dozen deals to expand its oil and gas footprint at home and overseas.Among the transactions were ADNOC's first contract to supply gas to China; a joint venture with the oil giant BP in Egypt; and a stake in Azerbaijan's gas field in the Caspian Sea. ADNOC also bought a Dutch fertilizer company and acquired a stake in an Austrian plastics maker, both of which rely on fossil fuels for their products.In November, during the UN climate summit in Dubai, <a target="_blank" href="https://www.businessinsider.com/cop28-host-uae-broker-secret-oil-deals-climate-summit-bbc-2023-11">the BBC and the Center for Climate Reporting</a> reported that UAE planning documents showed that oil, gas, petrochemical, and renewable-energy projects were among the talking points for meetings with countries in the lead-up to the climate summit, COP28. The summit was led by ADNOC's chief executive, Sultan Al Jaber.Global Witness found that ADNOC either pursued or closed fossil-fuel deals with firms in 11 of the 16 countries targeted in the UAE planning documents. These included deals to sell liquefied natural gas to Chinese-owned firms and to expand oil and gas businesses in Egypt and Azerbaijan — two countries that open up the UAE's access to Europe as it seeks non-Russian gas. Global Witness estimated that the overall value of the deals it analyzed was nearly $100 billion, though some haven't been finalized."Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry, who weren't content simply to block or stall genuine climate policy but used the opportunity to pursue more climate-wrecking oil and gas deals," Patrick Galey, a senior investigator at Global Witness, said in a statement.ADNOC did not return a request for comment from Business Insider, but Global Witness presented its findings to the oil giant. A spokesperson told Global Witness that the allegation that ADNOC used COP28 to pursue business deals was "completely baseless and false."The spokesperson argued that COP28 "delivered the biggest climate breakthroughs" since the Paris Agreement in 2015, when world leaders agreed to try to limit global warming to 1.5 degrees Celsius above preindustrial levels.<h2 id="ab608433-ab72-4ca8-86e5-40fa507c2070">A historic deal in Dubai</h2>A <a target="_blank" href="https://www.ipcc.ch/report/sixth-assessment-report-cycle/">panel of hundreds of climate scientists</a> convened by the UN has said that temperature threshold is likely to be crossed within the next decade, pushing the planet toward a catastrophe, unless countries rapidly stop burning fossil fuels. They've said emissions from existing oil, gas, and coal infrastructure are on track to exceed the Paris Agreement goal.So far, the planet has warmed by about 1.1 degrees Celsius, and <a target="_blank" href="https://www.businessinsider.com/what-climate-change-crisis-extreme-weather-is-costing-you-2023-9">deadly heat waves, wildfires, flooding</a>, and <a target="_blank" href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">drought-caused famine</a> are on the rise.At COP28 in Dubai, countries for the first time called for a transition away from fossil fuels this decade and for the tripling of renewable energy by 2030. In a side agreement brokered by the UAE, oil and gas companies accounting for 40% of global production <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">promised to nearly eliminate their methane emissions</a> by 2030.But the Dubai deal left the door open to more fossil-fuel production by promoting technology such as carbon capture, which is still in the early stages of development. The deal also said "transitional fuels" could play a role in reducing emissions — a nod to gas, which is less polluting than coal but a major emitter of methane.<a target="_blank" href="https://climateactiontracker.org/countries/uae/">Climate scientists have found</a> that while the UAE is investing in renewable energy, carbon capture, and other low-carbon technologies, that activity is dwarfed by the country's fossil-fuel expansion. The UAE, the seventh-largest oil producer, is investing $150 billion to boost its own oil and gas production through 2027. Global Witness' investigation also sheds light on how the country is securing new markets overseas.Galey said he was concerned that another petrostate, Azerbaijan, which is hosting this year's UN climate summit, could follow the UAE's lead. COP29 is set to be led by Azerbaijan's ecology minister, Mukhtar Babayev, who spent nearly two decades in senior positions at the country's state-owned energy company until leaving in 2018.Azerbaijan is an emerging economy that relies on oil and gas for nearly half of its GDP and more than 92% of its export revenue.COP29 organizers didn't return a request for comment from BI. They told Global Witness that they "reject in the strongest terms the suggestion that Azerbaijan has a hidden agenda" in hosting the climate summit.

The United Arab Emirates pursued nearly $100 billion worth of oil and gas deals the same year it led the global climate summit, analysis finds 

<ul class="summary-list"><li>The narrative of the oil market will soon be flipped on its head, according to Occidental CEO Vicki Hollub.</li><li>Oversupply will soon ease and the market will be undersupplies, sending prices upward. </li></ul>The oil market is about to do a 180, according to Occidental Petroleum's CEO, Vicki Hollub.The chief executive of <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-oxy-stock-portfolio-crownrock-oil-price-berkshire-wti-2023-12#:~:text=Warren%20Buffett%20plowed%20almost%20%24600,stake%20worth%20about%20%2414%20billion.">the energy giant beloved by Warren Buffett</a> pointed to the oversupply in the oil market as the main factor keeping a lid on prices. Global oil demand growth is expected to ease in 2024, according to the <a href="https://www.iea.org/reports/oil-market-report-january-2024" target="_blank" rel="noopener">International Energy Agency</a>. Meanwhile, the world's oil supply is expected to rise to a record 103.5 million barrels a day this year.That kind of supply-demand mismatch has helped push prices lower in recent months, but the dynamic is about to be flipped on its head, Hollub warned, with undersupply set to be the dominant theme over the coming years. Though crude demand has eased in the short term, energy markets are slammed with long-term supply issues, Hollub said, given that producers haven't been able to replace the oil they're currently producing. She estimated that over the past 10 years, the world has replaced less than half of the oil that was produced."All the big fields have been found. So, if you take the 20 largest fields in the world, 97% of the volume from those was discovered before 2000. So we're in a situation now where in a couple years' time, we're going to be very short on supply, so the situation is going to flip," Hollub warned.Other oil market forecasters have warned of a similar outcome, where the undersupply of crude puts upwards pressure on oil prices. Chronic underinvestment in the industry also means oil and other commodities are in a "<a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-brent-wti-rally-supply-shortage-goldman-sachs-2023-9">supercycle</a>," which could push <a href="https://www.goldmansachs.com/intelligence/pages/oil-prices-may-be-soft-in-2024-amid-surprisingly-ample-supply.html#:~:text=The%20price%20of%20a%20barrel,(ISG)%20at%20Goldman%20Sachs.">crude as high as $100 a barrel</a>, Goldman Sachs previously estimated.OPEC+ has been trying to boost prices via supply cuts, and recently, Saudi Arabia's energy minister brushed off falling oil prices as a <a href="https://markets.businessinsider.com/news/commodities/oil-prices-brent-wti-crude-supply-demand-production-saudi-arabia-2023-11">"ploy" driven by market speculators</a>, who are merely pretending demand is weaker than supply.The oil cartel has <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-2024-opec-cuts-us-production-boom-saudi-arabia-2023-12#:~:text=OPEC%20production%20cuts,to%20prop%20up%20oil%20prices">slashed its output repeatedly</a> to get control of global crude prices, and has vowed to slash its production by 2.2 million barrels a day this quarter. Top members have said those cuts could be extended deeper into the year."What OPEC has tried to do is balance the markets," Hollub said. "They try to balance the markets in the near terms so we don't have all this volatility." But the effects of OPEC cuts have been muted so far. That's partly due to <a href="https://markets.businessinsider.com/news/commodities/us-oil-production-outlook-opec-cuts-saudi-arabia-flood-market-2023-12?utm_medium=ingest&amp;utm_source=markets">booming production</a> elsewhere, particularly in the US, which churned out a record volume of oil in 2023, with new records also being eyed for 2024 and 2025, the <a href="https://www.eia.gov/outlooks/steo/" target="_blank" rel="noopener">Energy Information Agency</a> estimated.

Oil oversupply is keeping prices low, but the situation is about to flip, Occidental CEO says

<ul class="summary-list"><li>OPEC+ scaled back production by more than 400,000 barrels a day last month to boost prices</li><li>Half of the reduction in output came from Iraq and Kuwait, with a quarter from Libya, per Bloomberg.</li></ul>OPEC and its allies began to pare back oil production last month, following through with plans to curtail output in order to boost slumping global crude prices. <a href="https://www.bloomberg.com/news/articles/2024-02-01/opec-cuts-oil-production-as-coalition-begins-new-supply-pact?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg reported on Thursday</a> that a survey of shipping data, estimates from officials, and information from energy consulting firms showed that OPEC+ scaled back output by 490,000 barrels a day last month, to 26.57 million barrels, with half of that coming from Iraq and Kuwait.While Iraq cut its daily output by 130,000 barrels, to reach 4.2 million barrels per day, the country remains about 200,000 barrels a day above its agreed upon production level. Planned cuts by OPEC member states weren't the only factor that drove down output, however.Bloomberg notes that approximately 25% of the decline can be attributed to the chaos over the shutdown of Libya's biggest oil field. Cuts from OPEC ally Russia are also unclear, and the country has been shipping less oil but much larger quantities of other fuel exports. <a href="https://www.iea.org/reports/oil-market-report-january-2024" target="_blank" rel="noopener">The International Energy Agency forecasts</a> that global oil supply will rise by 1.5 million barrels a day this year, reaching a record 103.5 million barrels a day. That's in part thanks to previously unseen levels of production in the United States, Brazil, Guyana, and Canada, and supply growth this year will be dominated by output from non-OPEC+ countries. Mounting geopolitical tensions in the Middle East are unsettling markets as 2024 begins. Houthi militants have struck cargo ships carrying energy commodities and other goods in recent months in retaliation for Israel's bombing campaign against Hamas in Gaza. <a href="https://www.businessinsider.com/us-uk-warships-thwarted-houthis-largest-attack-red-sea-2024-1">Military airstrikes by the US and UK</a> on Houthi targets in Yemen have not stopped the missile and drone strikes on commercial vessels, and many large companies are opting for much longer routes rather than risk sailing through the Red Sea to get to the Suez Canal. The disruptions have diverted so much cargo and energy supply that experts fear the increased shipping costs will ultimately lead to another bout of global inflation sometime in 2024. On Thursday, Brent crude, the international oil benchmark, was down 2% to $78.89 per barrel. West Texas Intermediate crude fell 2.4% to $74.03 a barrel.

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