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When the International Energy Agency released its landmark net-zero emissions roadmap in 2021, it made no mention of shale oil as it signaled the demise of the drilling industry as we had come to know it. In an updated version last month, it hedged: The IEA said that “no new conventional long-lead time” projects were needed, but “some” shale drilling would be required “to avoid a sudden near-term drop in supply.”
Unsurprisingly, that’s where ExxonMobil Corp. is looking to expand, in a move that is all about future-proofing its business. For several months, the American oil giant has been in talks to buy US shale giant Pioneer Natural Resources Co.; a deal with a reported price tag of as much as $60 billion now looks closer than ever.
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