HOUSTON : Top energy executives and officials from around the world will descend on Houston next week just as the political fallout from Russia's invasion of Ukraine a year ago continues to distort global oil supply lines and put long-term energy security front of mind for governments.
The war in Ukraine sparked a rally in crude oil and fuel prices that led to record industry profits, prompting the U.S. government and others to accuse Big Oil of profiteering and for Britain and some other governments to impose windfall taxes on energy companies. Instead, Shell's newly-appointed Chief Executive Wael Sawan will join BP's Bernard Looney, Exxon Mobil Corp's Darren Woods, Chevron's Michael Wirth and TotalEnergies' Patrick Pouyanne in prominent roles.
"The industry is on board with the energy transition, ESG and decarbonization, but there is a recognition that we are going to need hydrocarbons from an energy reliability and security standpoint," Pat Jelinek, EY Americas oil and gas leader, said of the return to prominence of Big Oil executives.Speakers include oil ministers from Africa and Asia, where balancing energy security and the threat of climate change are paramount.
Executives from shale bigs Hess Corp, EQT Corp and Pioneer Natural Resources last year dined with the late OPEC Secretary General Mohammad Barkindo. Barkindo received a gift bottle of"Genuine Barnett Shale," the oilfield that launched the shale revolution. "There's never been such a focus on innovation of technologies across the energy industries," said S&P's Yergin.
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