Tag "BP"
Oil And Gas Set To Remain A Vital Part Of The Future Energy Mix
In this age of energy transition with the world moving towards a reduced carbon future, the role of oil and gas companies has come increasingly under the spotlight.
In terms of what the future holds for the industry, Dudley referred heavily to the scenarios from the latest edition of the BP Energy Outlook that was published earlier this month.
If that happens, global energy demand is likely to grow by around a third by 2040.
Nonetheless, that ET scenario also sees carbon emissions rising by around 7% by 2040 – when we know that meeting the goals of the 2015 Paris Agreement requires emissions to fall rapidly.
“And this year’s Energy Outlook goes into both of those themes in some detail.” Preparing for the future While talking about the vagaries of forecasts, Dudley highlighted one that he was confident of making, that we are moving into a future that the industry is already preparing for.
Part of this is future is the Oil and Gas Climate Initiative (OGCI).
“It’s called the Clean Gas Project in Teesside, and the plan is for it to provide a hub for capturing and sequestering multiple sources of carbon emissions.
“We are doing a lot in the industry, and we urge governments to play their part too, as we see from the UK government.
We see the resolution as a good step – one that’s supportive of our progressive approach.” A digital tomorrow One of the priorities for BP making itself fit for the future is digital.
“Ten years ago, digital technology was what we used in the office,” Dudley explained.
Global Carbon Emissions on the Rise Again Due to Coal Comeback
Global carbon dioxide emissions from energy use increased 1.6 percent in 2017 following three years of stagnation, according to a new report from British oil giant BP.
The analysis, published Wednesday, further emphasizes worldwide failure to meet the goals struck by the Paris agreement to avoid the worst impacts of climate change. “It suggests to me we are not on a path to the Paris climate goals,” he added.
The report, called the BP Statistical Review of World Energy, also pointed out that the world’s fuel mix has “strikingly” not changed in the last 20 years. “I am more worried by the lack of progress in the power sector over the past 20 years, than by the pickup in carbon emissions last year,” Dale noted to the Guardian.
The report revealed that the increase in greenhouse gas emissions was driven by a 2.2 percent increase in global energy demand last year, as well as increased coal consumption for the first time in four years, led by growing demand in India and China.
The UK and Denmark reported the lowest carbon emissions in their history.
While renewable power generation grew by 17 percent, with wind and solar driving much of that growth, the success of clean energy was clouded by the world’s increased appetite for fossil fuels. “We continue to believe that gains in the power sector are the most efficient way to drive down carbon emissions in coming decades.”
2017 was a record-breaking year for #renewables, but more needs to be done to meet #ParisAgreement goals… https://t.co/TitHKDKkX8 — DiCaprio Foundation (@dicapriofdn) 1528133445.0
Climate Litigation Against Big Oil Heats Up
That was the central question argued in federal court on Thursday as attorneys representing San Francisco and Oakland tried to beat back efforts by ExxonMobil, BP, Chevron, ConocoPhillips and Royal Dutch Shell to have a judge throw out a potentially groundbreaking climate change related lawsuit.
The nearly three-hour hearing was the latest round in a burgeoning effort by cities and counties nationwide to hold major fossil fuel producers accountable for climate change-related damages.
Last year, seven California cities and counties sued the oil majors, claiming that their production and sale of fossil fuels—even as they were aware of the risks of CO2 emissions—constitute a public nuisance.
Thursday’s hearing represented the first major test of such lawsuits as Judge William Alsup considered whether the Oakland and San Francisco complaint should move forward.
The defendants’ arguments for dismissing the suit centered on two main questions: whether the Federal District Court for Northern California is an appropriate jurisdiction to decide the case, and, of larger concern, whether the lawsuits might be displaced by existing federal laws and policies. “They cannot attribute any of the harm they are alleging to the company’s activities in California.”
That left Chevron, the only defendant headquartered in California, to argue for dismissal based on the merits of the case.
And Congress, Boutrous argued, has again and again passed laws in favor of fossil fuel production.
Two weeks ago the U.S. Department of Justice filed a brief supporting the five oil companies, and on Thursday, Eric Grant, a deputy assistant attorney general, was given time to express the federal government’s opposition to the San Francisco and Oakland suits.
To which Berman, the plaintiff’s attorney, responded, “That’s what the trial is for.
BP, RIL Sanction Second Phase of KG D6 Development
BP plc and Reliance Industries Limited (RIL) announced Thursday the sanctioning of the ‘Satellite cluster’ project in Block KG D6, located offshore India.
The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development, BP confirmed.
The first of the projects, the development of the ‘R-Series’ deep-water gas fields, was sanctioned in June 2017.
Together the three projects will develop a total of around 3 trillion cubic feet of discovered gas resources with a total investment of around $6 billion, BP stated.
Mukesh Ambani, chairman and managing director of RIL, said the company was delighted to announce the on-schedule progress of the Satellite cluster in the east coast of India.
“This development supports the country’s imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy,” Ambani said in a company statement.
RIL is the operator of Block KG D6 with a 60 percent participating interest.
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Climate chaos claims continue causing consternation
(They’ll be far more severely impacted by climate policies that drive up energy and food prices.)
They particularly emphasize rising seas and the resulting “imminent threat of catastrophic storm surges” that are “projected” by computer models that assume carbon dioxide from fossil fuels is now the primary or sole driver of climate change, replacing the sun, cosmic rays, ocean currents and other powerful natural forces that did so “previously.” In suing the five major oil companies, they ignore the fact that the companies burn very few of the hydrocarbon fuels they produce.
In the process, it is they who have generated the plant-fertilizing CO2 that is allegedly causing the unprecedented global warming, melting ice caps and rising seas.
The oil companies decided not to present much climate science in the courtroom.
Oakland’s claim that the oil companies “conspired” to hide and misrepresent “the science” on global warming and climate change is on thin ice.
Meanwhile, climate chaos claims continue causing consternation in some circles.
As to the numerous articles and studies published on WattsUpWithThat.com, DrRoySpencer.com, ClimateDepot.com, ClimateChangeReconsidered.org and other sites that focus on evidence-based climate studies and research, and challenge assertions like those relied on in the Oakland complaint – the increasingly preferred strategy is to employ algorithms and other tactics that relegate their work to the bottom of search engine results.
: +0.20 C (about 0.36 degrees Fahrenheit) above 30-year average for February.
Tropics:… Guest essay by Eric Worrall The Conversation has noticed that climate taxes on energy used for home heating hurts poor people.
At the end of winter term in 2014, Lotfi Belkhir was approached by a student taking his Total Sustainability and Management course who asked, “What… From the UNIVERSITY OF BIRMINGHAM and the “thinnest of evidence” department comes this claim.
BP: Oil Demand to Peak by 2040, With 5x Growth in Renewables
BP predicted that global oil consumption is likely to peak in the 2030s partly due to the rise in renewable energy, electric vehicles and increasing regulations on single-use plastics.
Consumption is currently around 97 million barrels per day.
For one, BP predicts consumers will start shifting to electric vehicles, from 2 million EVs on the road in 2016 to more than 300 million by 2040. “Even in the scenario where we see an ICE [internal combustion engines] ban and very high efficiency standards, oil demand is still higher in 2040 than it is today.”
Furthermore, the report’s Evolving Transition scenario does predict that carbon emissions will continue to rise, as seen in the graph below: Bob Dudley, BP’s CEO, noted that while there has been political and technological progress in slowing the growth of carbon emissions, “this slowing falls well short of the sharp drop in carbon emissions thought necessary to achieve the Paris climate goals.”
On a positive note, BP recognizes that renewable energy is the fastest-growing fuel source and will increase five-fold by 2040 to meet about 14 percent of the world’s primary energy consumption.
That would explain why BP is betting some of its chips in this sector.
Bloomberg reported that BP recently bought a $200 million stake in British solar developer Lightsource Renewable Energy Ltd. and is considering a bid for Terra Firma’s Rete Rinnovabile Srl, a solar company based in Italy.
Other measures are also putting a dent in oil demand.
Dale told the Guardian that increasing regulations on plastics, such as bans on plastic bags, could mean 2 million barrels per day lower oil demand growth by 2040.
BP Invests $5 Mln In Freewire In Electric Vehicle Move
Jan 30 (Reuters) – BP Plc said it had invested $5 million in U.S. mobile electric vehicle charging company FreeWire, helping it provide rapid charging at its retail sites in Britain and Europe, as demand for cleaner vehicles is expected to soar.
BP joins rival Royal Dutch Shell, which last year agreed to buy Dutch-based NewMotion, the owner of one of Europe’s largest electric vehicle charging networks, marking the company’s first deal in electric mobility.
The expected rapid growth in the use of electric vehicles in the coming decades is threatening oil companies’ business model as demand for some road fuels could plateau as early as the late 2020s.
BP, whose venturing business invested in FreeWire, said it plans to roll out the San Francisco- based technology firm’s Mobi Charger units at selected retail sites in the United Kingdom and Europe this year.
http://on.bp.com/2nquzkl “Mobility is changing and BP is committed to remaining the fuel retailer of choice into the future.
EV charging will undoubtedly become an important part of our business, but customer demand and the technologies available are still evolving,” BP’s Downstream CEO, Tufan Erginbilgic, said.
(Reporting by Noor Zainab Hussain in Bengaluru and Ron Bousso in London; Editing by Keith Weir) Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.
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BP, Kosmos Win Rights To Two Oil Blocks In Sao Tome And Principe
SAO TOME, Jan 23 (Reuters) – A consortium of BP and Kosmos Energy has won exploration rights to two offshore oil blocks in Sao Tome and Principe’s exclusive economic zone (EEZ), the national oil agency said.
The two companies won blocks 10 and 13 in a restricted tender, the agency’s director Orlando Pontes said in a statement late on Monday.
They beat a second consortium of Portugal’s Galp Energia and Total, he said.
Sao Tome and Principe, a tiny island nation in Africa’s Gulf of Guinea, is surrounded by oil-rich neighbours Nigeria, Cameroon, Equatorial Guinea and Angola.
Despite a lack of significant discoveries after several years of prospecting, the industry sees its waters as likely to yield oil eventually, and several firms are currently exploring.
Its 129,000-square km EEZ is divided into 19 blocks.
New York-listed Kosmos Energy, which is active in other parts of West and Central Africa, acquired licenses to blocks 5, 6, 11 and 12 in 2015 and 2016.
(Reporting by Ricardo Neto; Writing by Joe Bavier; Editing by Louise Heavens and Edmund Blair) Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.
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Trump Moves to Open 90 Percent of Our Coastal Waters to Oil Drilling
President Trump has launched the most sweeping industrial assault in history on our oceans, marine life, coasts and all they support, proposing to expose nearly all U.S. waters to the risk of another BP oil spill–style disaster.
In a move that would put every American coastal community at risk, Trump proposed Thursday to hand over vast reaches of waters currently protected from drilling—in the eastern Gulf of Mexico and the Atlantic, Pacific and Arctic oceans—to the oil and gas industry.
Over the holidays, the Trump administration proposed weakening offshore drilling and production safeguards that grew directly from lessons learned from the BP disaster.
If Trump gets his way, we’ll know less about the dangers of offshore drilling, we’ll have fewer tools to reduce those risks, and we’ll have more waters and coasts exposed to hazard and harm.
The U.S. will produce more crude oil today—9.2 million barrels—than at any other time since the early 1970s.
To those who think oil is a national security commodity, we now export 6.2 million barrels of crude oil and refined petroleum products each day—up 343 percent since 2008.
It’s about putting fossil fuel profits first—and putting the rest of us at risk.
Burning oil and gas creates carbon pollution that drives climate change—warming our oceans, raising sea levels, and threatening our coastal communities.
Trump is trying to take us in exactly the wrong direction.
Nobody voted for this reckless assault on our oceans.
Amazon Reef: BP Drilling Plans Dealt Another Blow by Brazilian Regulator
BP’s plans to drill for oil near a huge coral reef in the mouth of Amazon river have been dealt a further blow after a regulator questioned the company’s environmental risk assessment.
Ibama, Brazil’s federal environmental agency, rejected an environmental study from the British oil giant, further delaying the company’s plans to drill in the region.
The news comes just a few weeks after Unearthed revealed that the British oil giant discussed concerns over environmental licensing in Brazil with a UK government minister.
In order to drill for oil in the region, companies have to submit environmental impact assessments (EIA) to Ibama.
Ibama said the methodology in BP’s EIA for the FZA-M-59 block was “very limited” and the regulator needed more information about what the impact of a oil spill might be in the region. “As part of the licensing process for drilling a well on the FZA-M-59 block, BP has received the first technical opinion requesting clarifications to the environmental impact study that was presented. “Under Brazilian legislation and the licensing process managed by IBAMA, requests for clarifications related to the environmental study typically can and do occur several times before the issuance of an environmental permit.”
30 percent chance of a spill hitting the reef Previous assessments filed by the oil majors have caused controversy.
Earlier this year, Unearthed reported that documents filed by Total and BP to Ibama showed that there was a 30 percent chance that a prospective spill from the company’s shared blocks could reach the reef.
Just a few weeks later, Unearthed found a document showing that BP intended to use a chemical known as Corexit in the event of an oil spill in the region.
