Tag Archives: Shift to renewables

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 …

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 …

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 …

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. …

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 …