Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase. And only 20 have taken initial steps to disclose how they plan to lower emissions produced by both their operations and electricity use, known respectively as Scope 1 and Scope 2.
Two years ago, a group of the world’s largest oil companies announced a major commitment to fight climate change, promising to reduce methane emissions from their operations by 20 percent within seven years.
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
European oil majors have made great strides in setting out plans to reduce greenhouse gases, but they aren’t enough to meet the goals of the Paris climate agreement, according to a report by money managers overseeing more than $19 trillion.
Industry leaders privately warned the Trump administration that the U.S. will struggle to produce the oil, gas and other energy products that China has committed to buy in a new trade deal, raising additional questions about one of the president’s signature economic achievements.
BP Plc’s outgoing Chief Executive Officer Bob Dudley warned Big Oil of moving too fast on investing in new technologies to counter climate change, because their failure could lead to financial ruin.
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
Leaders of the world’s largest oil companies want everyone to know it won’t do anyone any good to make them pay for the damages of climate change.
The global oil industry’s backlog of big drilling projects is starting to shrink as prices improve.
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.
For oil companies, the second quarter might be as good as it gets.
Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.
Big Oil is suddenly Big Chemical.