In the middle of COP28, Occidental Petroleum buys CrownRock for $12 billion
While negotiations continue at COP28 in Dubai to negotiate the contours of a possible exit from fossil fuels, oil companies continue to invest in hydrocarbons. After two huge takeovers by Exxon Mobil and Chevron in October, another U.S. company has just closed a $12 billion acquisition.
Oil wells in Texas, USA. REUTERS/Nick Oxford
By: RFI Follow
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It is the highly polluting shale oil and gas of Texas and New Mexico that are particularly coveted by American companies in the sector. Occidental Petroleum has bought its compatriot Crown Rock, which operates deposits in this region of the southern United States, for nearly $12 billion.
The takeover is reminiscent of mega-acquisitions made by Chevron and Exxon Mobil in October, which also bought up competitors for $50 billion and $60 billion each.
Read alsoCOP28: cold shower on fossil fuels in the new draft agreement, considered very "vague"
The rise in oil prices, linked to the war in Ukraine, has filled the wallets of the giants of the sector. And even if the IPCC (the UN's climate experts), but also the International Energy Agency, assure that we must not exploit new fossil fuel deposits in order to hope to limit global warming to one and a half degrees, this does not seem to change the investment plans of oil companies. On the contrary, these mega acquisitions show that they have confidence in the future, despite the ongoing discussions at COP28 at the moment.
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