Big Oil hit by record losses from pandemic and clean fuel. The pandemic’s devastating impact on Big Oil was illustrated on Tuesday when some of the world’s biggest energy groups reported record annual losses, marking a brutal 12 months for an industry under mounting pressure to speed up a transition to cleaner fuels.
FT 2nd Feb 2021 read more »
To have any climate credibility, Britain must cancel its new coal mine. The UK is still failing to demonstrate the environmental leadership needed ahead of this year’s COP summit.
New Statesman 1st Feb 2021 read more »
ExxonMobil has pledged to invest $3bn into carbon capture and other ‘lower emission’ energy projects over the next five years, confirming that it is already “advancing plans” for more than 20 projects around the world.
Business Green 2nd Feb 2021 read more »
ExxonMobil in discussions to support Aberdeenshire CCS project.
Energy Voice 3rd Feb 2021 read more »
Bernard Looney is doubling down on his drive to make BP greener despite posting a record $18bn (£13.2bn) loss following a “brutal” year of turmoil on oil markets. The chief executive said he is increasingly comfortable with a bold plan to cut oil and gas production by 40pc this decade and push BP further into renewable energy, amid growing public clamour to tackle global warming.
Telegraph 2nd Feb 2021 read more »
BP, one of the world’s biggest oil companies, is undergoing a big strategic shift under Looney, who has committed to cut its emissions to net zero by 2050 and is increasing investment in renewable energy. It is also grappling with the collapse in prices triggered by the pandemic that drove Brent crude down from more than $65 a barrel at the start of last year to less than $20 a barrel in April and prompted BP to cut its dividend.
Times 3rd Feb 2021 read more »