Was Shell’s response to Cambo reasonable?
SOME THOUGHTS FROM A LONG-TERM CONTRIBUTOR TO THIS WEBSITE, A RETIRED SENIOR SHELL OFFICIAL, BILL CAMPBELL
Given that US and China dominate the world’s CO2 emissions you have to ask the question was the Shell response to Cambo reasonable?
UK with its total CO2 emissions just under 3% of the World with the oil and gas sector in the UK contributing circa 25% of UK emissions, but with transport and electricity generation accounting for just over 52%, it makes you wonder since the UK may have to import more oil in the near to medium future (increasing transport emissions) in so doing.
Makes you wonder, was the Shell decision more political or PR driven, was it more to do with the Chairman’s discomfort during hostile questioning by a young audience during the time of COP in Glasgow.
China continues post COP in plans that will significantly increase its emissions and 4 days after COP the US granted a record number of hydrocarbon extraction licence’s covering 80 million acres of the Gulf of Mexico. Not aware what proportion of these if any, Shell Oil purchased in this auction.
Is the UK just the patsy, the fall guy, in all of this, ignoring its future balance of payments problems and in so doing placing more reliance on others for its energy needs in uncertain times?
PS
Bla, Bla, Bla!
Not a great fan of young Greta but she has a point has she not!
The Scottish Government supported by the Greens were very pleased with the outcome of COP26 and certainly basked in the reflected glory of thinking they influenced somewhat the Shell decision to opt-out of Cambo. Nicola Sturgeon is on record as saying she did not support the Cambo development although it was not the Scottish governments’ decision to make on whether it proceeds or not.
But on a global scale was all this meaningful as far as global warming is concerned? Make up your mind.
On 17 November, the US, historically the Worlds greatest polluter put up for sale at auction 80 million acres for prospective drilling in the Gulf, an area of 125,000 sq miles which is for those who like statistics an area 30% larger than the total land area of the UK.
Fair enough, in this round, only 1.7 million acres were sold with 317 bids covering 308 offshore tracks. An area of 2656 sq miles, 1.5 times larger than the Cairngorm’s, the largest National park in the UK. But the remaining tracks will no doubt be auctioned in some quantity in later auctions, there being no sign or willingness by the US to embargo such future sales.
The acquisitions were bought by Exxon, Chevron, Occidental, BP and RDS.
According to the media, Biden did not have to go ahead with this Auction, the US government were not legally bound to do so but they did, a decision enacted only 4 days after the US entourage in Glasgow had flown home. By the time Shell announced their decision on Cambo on 2nd of December these acquisitions were already firmly on their books.
Shell has already shown reference its planned headquarters move to London that if it meets what it thinks is an unreasonable interference with its business in one area of the World it will simply go elsewhere.
Understand the argument that all nations must play their part in reducing global warming, but Cambo whilst significant to the UK economy both for its energy (but also for the estimated 1000 jobs in its development project) is by the example discussed above insignificant on a Global scale.
Bill
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