As big western oil giants like BP and Shell agonise over how to reinvent themselves in the face of a warming climate, some of the world’s other top producers are taking a very different approach. At BP’s headquarters in London, chief executive Bernard Looney is mapping out plans to cut oil and gas production over the coming decade. Three thousand miles away in the sweltering Saudi oil capital of Dhahran, the boss of Saudi Aramco, Saudi Arabia’s state-owned oil giant, is planning to ramp up production to meet demand when pandemic restrictions ease – and takes a far more relaxed view. “We expect oil demand growth to continue in the long term, driven by rising populations and economic growth,” the company said recently.
Telegraph 21st Oct 2020 read more »
Despite presenting itself to the world as a haven of environmentalism, Copenhagen was hiding a dirty secret when it hosted the UN’s climate change summit in 2009. One of Denmark’s largest state-owned companies at the time was Dong Energy (now Ørsted), which was responsible for one-third of the country’s carbon dioxide emissions. Dong, or Danish Oil and Natural Gas, has existed in different forms since 1972, formed as a company to extract and sell Denmark’s vast fossil fuel reserves. But by the time the UN conference rolled around in 2009, Dong had already made up its mind: it would begin a decades-long transition from dirty fuel to clean energy. Company executives have since said that the company decided on what it called an ‘85/15 vision’. “At the time, 85pc of our power and heat production was black and 15pc was green,” said Jakob Askou Bøss, a senior executive at the company in charge of strategy. “Our chief executive, Anders Eldrup, said that within a generation, Dong would flip that ratio around, so that 85pc would be green and 15pc black.” Many scoffed at the idea, questioning whether the company would ever be profitable again. But a decade later, Ørsted – as the company is now known – has a market capitalisation approaching that of oil titan BP’s.
Telegraph 20th Oct 2020 read more »
SHELL have come under fire after denying union claims of huge job cuts at two of its plants raising ‘critical’ safety concerns – that were later confirmed. Details seen by the Herald confirm Unite concerns that proposals affecting the energy giant’s Northern Systems and Plants (NSP) operations in Fife and Aberdeenshire would result in 63 out of 77 Kaefer jobs being axed at the Mossmorran plant with a further 46 out of 52 jobs being proposed for redundancy at St Fergus.
Herald 21st Oct 2020 read more »