The growing international move to lower greenhouse gas emissions is the backdrop for this week’s summit of hundreds of executives and government officials from oil-producing countries in Calgary.
From Monday through Thursday, one of the biggest worldwide oil and gas conferences, the 24th World Petroleum Congress, will be held in Calgary, Alberta.
Attendees include Exxon Mobil CEO Darren Woods, Repsol CEO Josu Jon Imaz, and the CEO of Saudi Aramco, the world’s biggest oil company, Amin Nasser. This is the first time the event will be hosted in Canada since 2000.
After Russia’s invasion of Ukraine, concerns about global energy security have remained high, making this a very fitting year for the gathering which takes place every three years.
The recent expansion of Saudi Arabia and Russia’s voluntary oil production restrictions through the end of this year has also contributed to the rise in commodity prices. U.S. crude benchmark West Texas Intermediate surpassed US$90 a barrel last week, the first time this occurred since late 2017.
Environmentalists have attacked many of the companies represented at the gathering for putting profits above protecting the environment.
This year’s conference will focus on the energy transition and the essential need for the oil and gas sector to reach zero greenhouse gas emissions in the next decades.