• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News
    Groundbreaking new app details every energy resource in the North Sea

    Alliance Takes Tough Stand On New Upstream Oil-Gas Projects

    Saudi Arabia sets its sights on hydrogen export leadership

    Quest For LNG By Europe May Not Be All That Flourishing

    Total-Eni partnership in offshore gas drilling

    Gulf of Mexico Drilling Rights Bids Fetch $263.8 mln To US

    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

    Sempra, ConocoPhillips partner to launch Port Arthur LNG Project in South Texas

    LR green lights Rotoboost's pre-combustion carbon capture system

    LR green lights Rotoboost’s pre-combustion carbon capture system

    German Energy Regulator Does Not Dwarf Tough Road Ahead

    German Energy Regulator Does Not Dwarf Tough Road Ahead

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
    Groundbreaking new app details every energy resource in the North Sea

    Alliance Takes Tough Stand On New Upstream Oil-Gas Projects

    Saudi Arabia sets its sights on hydrogen export leadership

    Quest For LNG By Europe May Not Be All That Flourishing

    Total-Eni partnership in offshore gas drilling

    Gulf of Mexico Drilling Rights Bids Fetch $263.8 mln To US

    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

    Sempra, ConocoPhillips partner to launch Port Arthur LNG Project in South Texas

    LR green lights Rotoboost's pre-combustion carbon capture system

    LR green lights Rotoboost’s pre-combustion carbon capture system

    German Energy Regulator Does Not Dwarf Tough Road Ahead

    German Energy Regulator Does Not Dwarf Tough Road Ahead

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home News

Oil And Gas Projects No More To Be Funded By UOB Singapore

venkat by venkat
November 5, 2022
in News, Upstream
0
Oil Firms In UK Seem More Focused On Investors Than Net Zero

In line with an increasing number of European lenders, Singapore’s United Overseas Bank (UOB) will not offer any new project funding for upstream oil and gas projects cleared for development after 2022.

This week, UOB announced bold plans to achieve net zero emissions by 2050, highlighting the bank’s desire to aid in an equitable transition that promotes sustainable socioeconomic development and decarbonization throughout Southeast Asia.

According to reports, UOB is the first prominent bank in Asia to stop funding oil and gas projects, while financing for ongoing projects would still be provided.

Six carbon-intensive industries, which together make up around 60% of the Singapore bank’s corporate loan portfolio, are covered by its obligations. These six industries are oil and gas, power, steel, automobiles, construction, and real estate.

UOB claimed that it had established its sectoral aims on regional paths that were in line with overall net-zero goals using models based on internationally recognised climate science. This approach to achieving net zero represents UOB’s steadfast conviction that a just shift in Southeast Asia is required in order to promote ongoing economic growth and enhance energy access across the region’s different economies.

In Southeast Asia, their net zero aspirations must coexist with a smooth and equitable transition that takes socioeconomic difficulties into account. They must make sure that people’s lives and means of livelihood continue to improve even as they reduce their carbon footprint, according to UOB CEO Wee Ee Cheong.

As companies work toward net zero, it’s critical to strike a balance between responsibility and growth. These aims are both challenging and doable, and they align with the global objective of net zero for Asean.

According to Singapore daily The Straits Times, the six businesses were chosen based on three criteria: the highest level of greenhouse gas emissions, the largest predicted decrease in GHG emissions in the future years, and those in which UOB believes it has the highest ability to affect change.

In order to account for the essential short-term progress on the path to net zero, UOB’s pledges for the other five sectors contain intermediate 2030 targets. The objective for the steel industry is to decrease emissions levels by 20% by 2030 and by 92% by 2050, whereas the goal for the power sector is to reduce emissions intensity (relative to the baseline of 2021) by 61% by the end of the decade and by 98% by 2050.

Current coal financing will end in 2039

In addition to the bank’s current restrictions on new project funding for greenfield or extension of coal-fired power facilities and thermal coal mines, UOB has pledged to stop financing the thermal coal sector by 2039.

UOB further stated that it is incorporating its net zero ambitions into its business objectives and would increase its efforts to collaborate closely with clients and other parties in order to achieve decarbonization. The bank will report on its net zero pledges annually, and when new data and climate projections become accessible, it plans to broaden the scope of its goals to cover more industries.

UOB is entering the Net-Zero Banking Alliance, which consists of 121 banks from 41 countries and has US$70 trillion in global banking assets, to further demonstrate its dedication to regional and international decarbonization efforts.

A decarbonization plan for nine businesses, including the oil and gas industry, was launched by Singapore’s top bank, DBS, in September. According to the Japanese-English news source Nikkei Asia, OCBC Bank, another significant Singaporean lender, has stated that it will publicise carbon reduction targets for several sectors by the first half of 2023.

Previous Post

Booming Guyana Auctions Offshore Oil Under New Fiscal Terms

Next Post

Sakhalin 2 From Russia Expects A Decline In LNG Shipments

Related Posts

Groundbreaking new app details every energy resource in the North Sea
News

Alliance Takes Tough Stand On New Upstream Oil-Gas Projects

March 30, 2023
Saudi Arabia sets its sights on hydrogen export leadership
News

Quest For LNG By Europe May Not Be All That Flourishing

March 30, 2023
Total-Eni partnership in offshore gas drilling
News

Gulf of Mexico Drilling Rights Bids Fetch $263.8 mln To US

March 30, 2023
Exploration Development

Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

March 24, 2023
DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets
Downstream

DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

March 23, 2023
Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships
Downstream

MicroSeismic wins second Department of Energy grant for carbon capture and storage services

March 23, 2023
Next Post
Saudi Arabia sets its sights on hydrogen export leadership

Sakhalin 2 From Russia Expects A Decline In LNG Shipments

Latest Post

Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships
Downstream

MicroSeismic wins second Department of Energy grant for carbon capture and storage services

March 23, 2023
Exploration Development

Sempra, ConocoPhillips partner to launch Port Arthur LNG Project in South Texas

March 23, 2023
LR green lights Rotoboost's pre-combustion carbon capture system
News

LR green lights Rotoboost’s pre-combustion carbon capture system

March 23, 2023
German Energy Regulator Does Not Dwarf Tough Road Ahead
Downstream

German Energy Regulator Does Not Dwarf Tough Road Ahead

March 22, 2023
North Sea Hydrogen Pipelines Have A Huge Potential- Study
News

North Sea Hydrogen Pipelines Have A Huge Potential- Study

March 18, 2023
Downstream

Study States European Natural Gas Rates To Multiply By 2024

March 1, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.