Our Exploration and Production operations: Oil and Gas
According to the Net Zero scenario put forward by the International Energy Agency (IEA), hydrocarbons are set to account for half of the world’s energy needs in 2030, and will decrease below 20 percent in 2050. Natural gas is genuinely a transition energy that allows for the ramp up of renewables and provides sustainable fuels in the mobility sector (natural gas for vehicles, marine LNG, etc.). Hence, it plays its full role in our strategy to meet global energy needs. As a multi-energy company present across the entire oil and gas value chain, we aim to provide hydrocarbons that are more affordable, more reliable, cleaner and accessible to as many people as possible. In an industry with an ever-growing number of constraints, we are harnessing our expertise and innovation capabilities to prepare the future of energy for our planet.
Worldwide dairy demand is outpacing supply
Global dairy demand is expanding faster than global production can keep up with, United States-based Rabobank dairy analyst Lucas Fuess says.
The European Union is seeing production declines, Australia is declining, and New Zealand production is stagnating.
In the US, milk production growth is looking marginal rather than overwhelming for this year, but it is back to growth, Fuess told rural and banking industry professionals at a breakfast event at the bank’s headquarters in Hamilton.
The US has had three consecutive years of production stagnation due to profitability issues and low cow numbers.
“We’ve finally overcome that, seeing milk grow this year and supplies are plentiful.”
For the first quarter of this year, that growth was up around 1 percent compared to 2024.
He expects that to lift to around 1.2 percent over the course of this year and 1.5 percent per year over the next decade.
“With a 1.1-1.5 percent milk production growth rate off of a very large milk production base, our milk growth is outpacing our domestic demand growth, so we are looking at the export markets to absorb some of that excess production.”
Around 15-20 percent of US production is exported, with Mexico and China being key markets, he said.
Report: India’s steel industry expansion plans threaten national and global emissions goals
Steel production is one of the most carbon-intensive industries, responsible for nearly 9 percent of global greenhouse gas emissions.
India’s plans to double steel production by the end of the decade could jeopardise its national climate goals and a key global target to reduce planet-heating gas emissions from the steel industry, according to a report released Tuesday.
The report by Global Energy Monitor, an organisation that tracks energy projects around the globe, said efforts to decarbonise steelmaking are gaining traction around the world.
However, in India, the world’s second-largest steel-producing nation, overwhelming reliance on coal-based technologies presents a big challenge.
“India is now the bellwether of global steel decarbonisation,” said Astrid Grigsby-Schulte, project manager of the Global Iron and Steel Tracker at GEM and report co-author.
“If the country does not increase its plans for green steel production, the entire sector will miss an important milestone. So goes India, so goes the world.”
Coal-powered production rises
As much as 303 million metric tons per year of new high-emitting blast furnace capacity is under development, especially in major steel producers India and China, new research showed, suggesting it will still make up the vast majority of production by 2030.
Steel production is responsible for about 11 percent of total climate warming greenhouse gas emissions, with global steel demand set to exceed 2 billion tons by 2030, the U.S.-based Global Energy Monitor think tank said.
While cleaner electric arc furnace technology is expected to rise 24 percent by then, blast furnace capacity is set to rise 7 percent and account for 64 percent of total global output, GEM said.
The think tank warned that the steps taken by India, which accounts for 57 percent of all new coal-based blast furnace capacity under development, will be pivotal in “greening one of the world’s most polluting industries”.
“India is now the bellwether of global steel decarbonisation,” Astrid Grigsby-Schulte, one of the report’s authors, said in a statement.
The actions of its steel industry will determine how close the sector gets to the International Energy Agency’s target of switching 38 percent of furnaces to electric arc by 2030.
Worldwide cotton production projected at 117.8 mn bales in 2024-25: WASDE
For 2024–25, the United States Department of Agriculture (USDA) has projected a decrease in global cotton production by 3.08 million bales, bringing the total to 117.81 million bales (each weighing 480 pounds), according to its May 2025 World Supply and Demand Estimates (WASDE) report. Global cotton production for 2025–26 is expected to increase by nearly 1.5 percent from 2024–25, as higher beginning stocks offset the decline in production.
Global consumption is projected to rise by 1.2 percent to 118.08 million bales, as increases in Bangladesh, India, Turkiye, and Vietnam (collectively a 1.40 million bale increase) more than offset a 500,000-bale decline in China, with smaller changes elsewhere. Global trade is expected to rise by over 5 percent to 44.83 million bales, as both the United States and Brazil are projected to increase exports by over 1 million bales each. Ending stocks are essentially unchanged from 2024–25 at 78.38 million bales.
In the 2024–25 world balance sheet, production, consumption, and trade have been revised upward from the April forecasts, with beginning stocks virtually unchanged and ending stocks revised downward. Due to excellent early harvest yields, Australia’s projected crop has been raised by 200,000 bales, accounting for much of the increase in production.