Two recent reports warned that oil and gas production needs to be significantly reduced if the world is to meet the Paris Agreement goals and curb the effects of climate change. They add to a growing body of research calling on Big Oil to stop pumping. But Big Oil seems to be doing the opposite.

At the beginning of September, Italy’s Eni—one of the most ambitious oil majors when it comes to emission reduction commitments—announced a new oil discovery offshore Ivory Coast. The company estimated the potential reserves of the new discovery at between .5 billion and 2 billion barrels of crude and 1.8-2.4 trillion cubic feet of natural gas.

Last week, Exxon reported yet another discovery off the coast of Guyana – its twentieth in the Stabroek block. It adds to reserves already estimated at 9 billion barrels of crude, which the Guyanese government plans to exploit to the best of its abilities…read more.