Big Oil hits brakes on search for new fossil fuels
News and information on Royal Dutch Shell Plc
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
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
Bonus Group: It is not clear why the once upon a time VP Developments, Brazil is now VP Subsurface Excellence, given that the Brazil Asset under her stewardship spent at least five years down a giant rabbit hole using a corrupt workflow that resulted in a significant overbooking of reserves.
Bonus Group: On this day in 2016 the fate of BG Group, an Internet Cafe and Cappuccino Lifestyle company was sealed. See: https://www.shell.com/about-us/what-we-do/combining-shell-and-bg-a-simpler-and-more-profitable-company.html https://www.theguardian.com/business/2016/jan/28/35bn-shell-takeover-approved-bg-shareholders
Bonus Group: John,
Re:Links between Samuel Iskander and corruption
Dave Freeman currently Chief Operating Officer at privately owned Tailwind Energy and previously Upstream Technical Director (COO Office) at BG Group should be able to answer your question.
REPLY BY JOHN:
Many thanks, I will pass that information on to the investigative contact.
John Donovan: POSTED ON BEHALF OF AN INVESTIGATIVE CONTACT:
Newly former Shell executive Sami Iskander has been appointed CEO to London-traded energy company Petrofac, which is facing corruption allegations in Italy and from the U.K.'s SFO. The question is whether Iskander, who was one of only four executives from British Gas retained by Shell when the two merged in 2015, brings any baggage with him?
In general, what kind of a reputation does this man have in the London energy business community?
Bonus Group: Further to Bogus Group's post below, see: https://amp.theguardian.com/politics/2021/feb/02/sir-simon-robey-the-accidental-banker-adding-george-osborne-to-the-fold
Bogus Group: https://www.dailymail.co.uk/news/article-9211393/George-Osborne-lands-new-job-quits-roles-Evening-Standard-BlackRock.html The revolving door is still in motion. Links to Robey Warshaw, BG Group advisor on Shell deal, links to the “Notting Hill Set”, links to politicians, links to the authoress of “The Gatekeeper”, links to Brunswick, Shell/BG Group PR company, links to BlackRock….and others.
Bonus Group: https://www.aljazeera.com/amp/news/2021/1/29/dutch-court-orders-shell-to-pay-nigerian-farmers-over-oil-spills
Bonus Group: The long overdue structural reorganisation at Shell is rapidly approaching. No better place to start than within the Brazil Asset which has been propped-up for over ten years now by the same BG Group sycophants who have a proven track record of overbooking reserves on the basis of flawed functionall approved technical workflows. These individuals are still clinging desperately to their positions five years after the takeover of BG Group by Shell. Can it be that Shell cannot afford to move them on lest their poor work and lies be revealed? Get rid of them, truth and transparency are now required if not demanded in the Brasil Asset!
Bogus Group: More BG Group (Shell) executive 'turmoil'. Just love the "stepping down with immediate effect for personal reasons" euphemism.
Bogus Group: 330 job cuts in Aberdeen, with the new rhetoric by a Shell 'spokesperson', "this intends to ensure we are set up to thrive throughout the energy transition and be a simpler organisation". https://www.upstreamonline.com/exploration/330-job-cuts-oil-giant-shell-lays-out-losses-to-uk-team/2-1-942991
PRELUDE WHITE ELEPHANT: Shell has not revealed the cost of Prelude but analysts estimate the price tag has ballooned to as much as A$17bn ($13bn). The Anglo-Dutch company reported $9bn in impairment charges on its Australian gas assets in the second and third quarters of 2020. https://www.ft.com/content/6ba54787-6d21-48d2-93b2-273cdcf48455
© 2021 Royal Dutch Shell Plc .com | Powered by WordPress
PrimePress theme by Ravi Varma
0 Comments on “Big Oil hits brakes on search for new fossil fuels”
Leave a Comment