Anti fossil-fuel protesters led by Greta Thunberg are blocking oil executives from entering the annual Energy Intelligence Forum in London. Police have surrounded the venue and are making arrests.
The energy transition will be a topic of discussion at the conference, which used to go by the name of Oil and Money. Climate change is a topic that carries extra urgency after several months that shattered temperature records and just a few weeks before crucial climate talks in Dubai.
The conference also comes at a turbulent time for global energy markets, with the conflict between Israel and Hamas renewing fears about Europe’s winter gas supply, while also boosting prices and raising oil majors’ share prices.
All times London:
Protests to Continue All Week (12:38 p.m.)
Further protests are planned throughout the three day conference, Greenpeace said by email.
“Oil bosses are toasting each other in a luxury hotel and plotting how to make even larger profits, while millions struggle to rebuild after a summer of extreme weather,” Maja Darlington, campaigner at Greenpeace UK said in a statement.
Shell CEO to Deliver Speech Remotely (12:36 p.m.)
Shell Plc Chief Executive Officer Wael Sawan will deliver his speech to the conference remotely because he can’t access the hotel.
Vitol Expects Some Gas Demand to Be Lost Forever (12:30 p.m.)
European industrial demand has not recovered from last year’s energy crisis, according to Vitol chief executive Russell Hardy. “We can expect some of that lost demand to stay lost forever,” he said.
Further cuts to gas production in Israel could lead to lower LNG exports to Europe from Egypt. “The European market will get nervous on the back of that,” he said.
CEOs Stuck Outside as Police Await Reinforcements (12:17 p.m.)
The CEOs of trading houses Gunvor and Trafigura missed their appearances at the conference because they were stuck outside the venue. The organizers told anyone attempting to enter the Intercontinental Hotel to wait until more police officers arrived to disperse the protesters. Inside the building, Russell Hardy, the CEO of Vitol SA, the largest independent oil trader, told attendees that about half his company’s annual capital expenditure of $1 billion is going into renewables and power.
Disruption Worsens as Protests Continue (10:36 a.m)
The conference continues, but some scheduled speakers have been unable to make it inside. Police on the scene estimate that 200 to 250 protesters are blocking access to the venue.
Aramco is Looking at Further LNG Investments (10:14 a.m.)
As protests continued outside, the world’s largest company was inside the venue talking about its plans for natural gas. Saudi Aramco Chief Executive Officer Amin Nasser said his company is looking at making more investments in liquefied natural gas as it seeks to diversify its energy mix. The company last month entered the LNG market by purchasing a stake in MidOcean Energy for $500 million. “LNG is important,” Nasser said. “We want to be a player in LNG so we’re looking at investment.”
Entrances to the Conference Blocked by Protests (9:50 a.m.)
Hundreds of delegates are waiting outside to be let in to the Intercontinental hotel in London as protesters block the entrances. The head of the hotel’s security said there are about a thousand guests staying at the hotel. It’s not clear when people will be let in but the program has started inside with Saudi Aramco speaking.
--With assistance from Priscila Azevedo Rocha and Elena Mazneva.
(A previous version of this story corrected the host city for the climate talks in the second paragraph.)
