Why I don’t believe BP is getting off oil and into renewables. BP’s decision to cut oil production by 40 per cent and shift to renewables big time by 2030 is likely to last about as long as oil prices stay fairly low, which might not be as long as people think. BP’s green programme announcement is obviously a good move to reverse the slide in its share prices. Indeed BP’s previous ‘green’ rebranding as ‘Beyond Petroleum‘ in 1998 produced good trading results and put it in a position to scrap a lot of its investments in renewables a few years later and continue to invest in new oilfields. The same is likely to happen again.
100% Renewables 5th Aug 2020 read more »
The offshore energy sector could underpin 60 per cent of the emissions reductions needed to hit the UK’s 2050 net zero target, a government-backed report has suggested. The combination of carbon capture and storage, or CCS, hydrogen fuel and the electrification of offshore oil and gas platforms together could deliver 30 per cent of the necessary emissions reductions, according to the Oil and Gas Authority. A further 30 per cent of the emissions savings could be made using power generated by offshore renewable energy sources such as wave, wind and tidal installations, it says. The authority was set up in 2015 to regulate, influence and promote the British oil and gas industry. It is funded by an industry levy and is owned by the business department. Its original mission was to maximise the recovery of oil and gas from the North Sea as old fields decline. Reflecting the growing impetus to act on climate change, it is now carrying out increasing work on decarbonisation. The report looks at the potential for “offshore energy integration”, to co-ordinate different offshore energy systems, including oil and gas, renewables, hydrogen and carbon capture and storage. “Energy integration can help reduce production emissions, as well as accelerate the progress of CCS and hydrogen,” it says.
Times 6th Aug 2020 read more »