Big Oil hits brakes on search for new fossil fuels
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Big Oil hits brakes on search for new fossil fuels
By Ron Bousso: JANUARY 25, 2021
Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based consultancy Rystad Energy showed.
The number of exploration licensing rounds dropped last year due to the epidemic while companies including Exxon Mobil, Royal Dutch Shell and France’s Total also reduced spending, Rystad Energy analyst Palzor Shenga said.
“Acquiring additional leases comes with a cost and it demands some work commitments to be fulfilled. Hence, companies would not want to pile up on additional acreages in their non-core areas of operations,” Shenga said.
(GRAPHIC: Slowing exploration – here)
Of the five companies, BP saw by far the largest drop in new acreage acquisition in 2020. Bernard Looney, who became BP’s CEO in February, outlined a strategy to reduce oil output by 40% or 1 million barrels per day by 2030. BP has rapidly scaled back its exploration team in recent months.
Exxon, the largest U.S. energy company, acquired the largest acreage in 2020 in the group, with 63% in three blocks in Angola, according to Rystad Energy.
Total was second with two large blocks acquired in Angola and Oman.
Acquiring exploration acreage means companies can search for oil and gas. If new resources are discovered in sufficient volumes, the companies need to decide whether to develop them, a costly process that can take years.
As a result, the drop in exploration activity could lead to a supply gap in the second half of the decade, analysts said.
(Graphic: Oil majors’ spending – here)
Reporting by Ron Bousso; Editing by Alexander Smith
SOURCE
Posted in: BP, Chevron, Climate Change, Environment, Exxon Mobil, Fossil Fuels, Gas, Oil, Royal Dutch Shell, Royal Dutch Shell Plc, Shell, Sin Stocks, Total.
Tagged: Alternative Energy · BP · Chevron · ExxonMobil · Gas · Oil · Oil Prices · Royal Dutch Shell Plc · Shell · Total
Bereavement rip off: Bereavement rip off
Shell Broadband charged me £108 to cancel when my mum died because the account was in my name. Then they kept adding more charges even though their email said no extra fees would be added. 1hr 32mins to cancel the service & passed to 4 different departments - it was as if no one had ever been bereaved before. Then no reply to my email via their online help, followed by over 1 hr on their online chat. I would avoid Shell Broadband.
Stay away!!!!: Stay away!!!!
So after 7 months I still haven’t got my account sorted with shell, I have rang so many times to try and get it sorted and just get fobbed off every time!! Finally got a settlement figure off them of £900 odd and said I will contact another energy company to get swapped over, check our account today and my settlement figure has gone from £900 to now £1900 with in a week!!!
Iv asked to speak to a manager a number of time and get told they are in a meeting they will call you back, guess what not once have they rang me back!!
How they government allow companies like this to treat there customers they way iv been treated is a joke.
Do not sign up with these clowns you will regret it I promise, iv had nothing but sleepless night over the last month worrying about the price increase and they clearly don’t give a dam about how this is effecting me.
Is it to much to ask for a company to do the right thing and get an issue resolved as soon as possible not 7 month down the line, although this still isn’t sorted
Words cannot describe how bad their "service" is!: Words cannot describe how bad their "service" is!
Have spent nearly 3 hours today trying to get an overpayment issue resolved. Long waiting times (30 to 40 mins) then have spoken to 4 different people who have 1. cut me off, 2. put me on to another person who knows nothing about what I have just spent 10 minutes discussing, 3. put me on hold while reading the file (gave up waiting after 30 mins) and 4. said he would put me through to the right person within 3 minutes but didn't. I despair!
This firm run by a complete incompetent…: This firm run by a complete incompetent have 0 customer care Jodie Eaton hides like a frightened mouse behind automated phone lines that ur on forever so she doesn't have to be held for her mass company incompetence another grossly overpaid corporate Head miss charging customers. Contact me if you got the guts Jodie
Awful Customer Service: Awful Customer Service
Took them over three months to correct an error in my bill. Ignored my emails throughout and only corrected it after many phone calls. I'm now trying to get a refund from them in the form of a cheque. They keep sending the cheque to the wrong address despite my phoning them up 4 times and giving them the right address. Genuinely the worst company I've ever dealt with in terms of customer service. What makes it worse is I never chose to use them and was transferred to them after Green Energy collapsed. Will never use them again once I receive my refund.
HATE SHELL: Hate Shell
Not only are they ripping me off with illegal energy price rises covered up by accounting for them as near doubling of the standing charge. But they are now antagonizing me further with pathetic customer service. I can download my latest bill but its corrupted so I can't read it. So I have to contact customer services. Firstly I tried the online chat and was connected to an idiot bot then left hanging for ages and gave up and decided to call. Their phone system must have been designed by a moron who wants to antagonize me as much as possible with menu after menu after menu before not connecting me to a human but leaving just hanging on until I finally gave up. Why don't Shell try spending some of their obscene earnings on looking after their customers?
I have just tried emailing them from their website, its another total disaster area where it blocks my trying to send an email by forcing me to pick a totally unconnected topic from a drop down menu, which then starts me off on another totally unconnected route. Morons!!!!
Avoid: Avoid.
Passed to shell energy from pure planet. Didn't transfer over credit, unhelpful call centre staff, horrible call centre waiting times blamed on covid but obviously understaffed.
Price Cap: price cap.
If I could give minus 5 stars i really would. I didnt ask to join shell energy, sadly i was transferred over from green energy. The new rate for electricity set by ofgem is 28p
per kwh, shell have decided for what ever reason to charge me 31.5 pence per KWH. Goodbye Shell energy.
Hopeless: Absolutely hopeless
Was moved to Shell energy kept getting estimated bills despite assurances that they could read my meters even complaints team misled me by saying we can read both your meters, then another overestimated bill today. When I called them was told can't read your meter. This has been going on for ages. Appalling service
Still Waiting: gave shell a reading on 27/0-4/22, still…
gave shell a reading on 27/0-4/22, still have not recived a bill, tried to contact them cant get through, a complete waste of time,
Hush now: With all this negative sentiment about Shell I was just wondering how this page is sustained. I presume it is backed financially by groups like Greenpeace etc or some other radical anti fossil fuel group. Must take a full time job to do all this.
REPLY BY JOHN DONOVAN
Shell first complained about our use of online activities by my late father and me in March 1995 No other party has ever funded any of our websites. We have never solicited or accepted donations. There are no subscription charges. The only income is from advertising which does not cover costs. Shell is welcome to sue for libel if it ever believes it has grounds to do so. So far the libel actions have always been by us against Shell and settled by Shell in our favour. Shell also settled four high court claims we brought for breach of contract and breach of confidence. Those are some of the claims mentioned in Shell's rabid press release which led to the first libel action.
AVOID SHELL AT ALL COSTS!!: AVOID SHELL AT ALL COSTS!!!
You don't deserve any stars, as a previous Post office customer for my landline, which has since been taken over by shell energy, you have cut my mum off who is 73 year old for no reason. numerous phone calls haven't resolved the issue, nobody know what they are doing, GET MY MUMS PHONE LINE BACK you bunch of XXXX!!!
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