BLOOMBERG, SEPTEMBER 10, 2020 By Vanessa Dezem, Stephen Stapczynski and Naureen S. Malik for Bloomberg Even the cleanest fossil fuel is losing its appeal to rich nations. Just a few years ago, natural gas was hailed as vital for the transition toward an economy that runs on renewable energy. But sentiment is changing and the fuel is going the same …
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BP expects 40% drop in oil production. Accelerates move to greener energy
BLOOMBERG, AUGUST 4, 2020 U.K. oil major reduces its payout for first time in a decade | Company targeting a 40% decline in hydrocarbon production By Laura Hurst for Bloomberg – BP Plc slashed its dividend for the first time in a decade and set out new targets to accelerate its shift to greener energy after the coronavirus pandemic upended the oil …
Read More »End game for oil? OPEC prepares for an age of dwindling demand
REUTERS, JULY 28, 2020 “This is permanent demand destruction.” LONDON (Reuters) – The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift …
Read More »Chevron Is Installing Solar Panels — To Produce Oil More Cheaply
BLOOMBERG, JULY 23, 2020 By Robert Tuttle for Bloomberg – In California’s sun-drenched Kern Valley, Chevron Corp. has found a way to use one of the state’s clean-energy programs to cut the cost of pumping oil, to the chagrin of some environmentalists. Since April, solar panels have been powering oil pumps at Chevron’s Lost Hills 7,981 barrel-a-day oil field, according to the company. …
Read More »Exclusive: Oil major BP to cut 15% of the workforce. Hastens shift to renewables
REUTERS, JUNE 8, 2020 LONDON – BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from …
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