Estimated beatings profit and strong financial position were also signs for the Big Oil majors and their small rivals in the first half of the year. Energy recovery President Joe Biden had to go to OPEC + to ask for more oil, as a strong recovery due to oil demand has pushed up oil prices. According to Wood McKenzie, this is the best time to accelerate decommissioning efforts for Big Oil. “It is very rare for decades to be declared a business risk,” the consultant wrote Report Is entitled CO?mmit and CO?More – Multiplying the carbon circle for oil and gas. The authors of the report added: “Companies cannot ignore the inevitable. The only strategic challenge is time and speed. ”
It is clear to everyone that oil and gas has been around for years and probably for decades to come. However, according to most forecasts – and government plans – the demand for these fossil fuels is much lower than it is now and demand for coal will die. Recent demand for coal may have raised doubts over the years, but there is no doubt that demand for oil and gas will decrease when there is enough pressure on consumers. And Big Oil must be prepared for that moment.
The Wood Mac report, like other similar documents, acknowledges that oil companies are working towards a lower carbon futures under the combined pressure of stocks, environmental groups and governments. But, as with similar documents, the Wood Mac report concludes that this is not enough.
According to Wood Mack, analysts recently noted that the Dutch court has forced Super Marger to reduce its emissions significantly by 2030. But there are problems with large corridors, and Ben van Berden, CEO of LL, said in a statement following the ruling that the sale of oil and gas assets would not be lost. Everyone who owns it will continue to produce methane and carbon dioxide.
Related: Iran’s giant gas discovery is a geopolitical game Analysts, therefore, offer a more consistent approach to large-scale decommissioning: “There are two key components to any viable strategy for oil and gas companies: (1) faster de-carbonation and (2) faster across the industry, with the government and other stakeholders. They offer new solutions that stimulate decarbonation.
This sounds – and – very general. The report’s authors go into more detail, citing duplication of renewables, carbon offsets and storage, and, for example, the transfer of fuel to gas. The focus is on reducing the so-called limit 3 emissions. These are very abundant, they come from people who use Big Oil products, and they are very difficult to reduce. Explaining the wind and the sun as “rapid and rapid growth potential” and “wind and sun are now in moderation.”
In fact, Big Oil is building on its presence in all of these areas, especially in a new audience. While U.S. supermarkets are slow to act, Europe’s Big Oil is very active in wind and sun and is preparing itself for the 2050 zero target.
In fact, the oil industry is very active, a Argument Possibly the transition can be a big winner. With his technical skills, experience in identifying and seizing opportunities, and perhaps most of all – earning money to take advantage of these opportunities, Big Oil can truly be a master of energy transfer. Some are already there Snack Supermajors that spoil wind and solar producers because they have the cash to bid on new potential bids.
Today, it is a sport to blame for everything. While many of the allegations are well-founded, they alone do not do what the plaintiffs want them to do – forcing Big Oil to turn green. But the prospect of new revenue streams and the sustainability of their business may and may not work. This is the time when Big Oil is being accused of stealing the energy transfer. Related-semiconductor shortage threatens world’s largest automobile
Supermajors are pumping billions of wind and solar, hydrogen, and electric vehicles. They cover all the foundations, it seems. Just look at this Press release According to BAP executive VP for gas and low carbon, the company plans to spend $ 14 billion to make Aberdeen a global beach wind hub.
“We want to do more than just develop marine wind through our bid – we believe it will help stimulate Scotland’s massive energy transition,” said Dave Sennel. We want to use clean energy from the Scottish coast and use our capabilities as an integrated energy company to accelerate the country’s EV charging network, build its hydrogen supply and strengthen its supporting infrastructure, including ports and harbors.
So Big Oil is changing with the times, partly voluntarily, a big part is compulsory, but it’s happening. According to the authors of the Wood Mac report, real change must be made quickly. But maybe not everything is set in stone, and Big Oil does not want to move fast, despite many attempts to kill him.
By Irina Slav for Oilprice.com
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