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Energy: It is not peak oil, we just want green energy
  • The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050 and prepares for a world that uses much less oil.

    The company expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees celsius, or by 50% if warming is less than 2 degrees, BP head of strategy Giulia Chierchia told investors. BP said its oil and gas production will fall by at least one million barrels a day by 2030, a 40% reduction on 2019 levels.

    The coronavirus pandemic has hammered demand for oil, gas and coal, with factories shut, planes grounded and motorists ordered to stay at home.

    Ruling class want you to live in misery, cold and not much food (surprise - all present food low prices are due extreme amount of cheap fertilisers that are all made from oil or gaz).

    Also, all the area required and resources for new solar panels will come from your present consumption and from the lands that are now used for agriculture.

    Ruling class already authored deadly virus to keep energy usage and life level much lower and they won't stop, as they are now in desperate attempt to not being eliminated. We should help them to go ASAP where they belong - to the hell.

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  • Denmark will stop extracting oil from the North Sea in 2050, the Danish government has said, adding it would cancel its eighth licensing round, announced earlier this year.

    Denmark is not a particularly large producer of oil and gas, with its average daily output this year estimated at 83,000 bpd of oil and 21,000 of oil equivalent. Yet it is the largest in the European Union, which excludes Norway and, from next year, the UK.

    The small Scandinavian country is also one of the most ambitious climate goal-setters. Copenhagen plans to reduce emissions by 70% from 1990 levels by 2030 and become carbon-neutral by 2050.

    Ruling class always present their most horrible failures as their biggest achievements.

  • OPEC, Russia and other oil major producers reached an unusual agreement on production quotas on Tuesday, with Saudi Arabia committing to reducing its oil production by one million barrels a day and Russia and Kazakhstan winning relatively modest production increases.

    To prop up the market, the Saudis volunteered to cut production by one million barrels a day — the equivalent of about 1 percent of world supply — to about 8.1 million barrels a day. That pledge came late and was not reflected in quota numbers published by OPEC after the meeting. The Saudis had been producing more than 11 million barrels a day at the peak of a price war with Russia last spring.

    SA passed peak oil, just can't make it now.

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    The downturn brought by the Covid-19 pandemic and the accelerating energy transition has created a new reality for the world’s oil and gas industry, whose production will peak lower and earlier than expected before the 2020 market crisis, a Rystad Energy analysis shows. The five integrated supermajors – ExxonMobil, BP, Shell, Chevron and Total – posted a combined record loss of $76 billion in 2020.

    The major chunk of this loss, $69 billion, can be attributed to asset impairments and write-offs as the supermajors re-evaluated their strategy to focus on energy transition and become less dependent on petroleum. Their combined oil and gas output dropped by nearly 5%, or 0.9 million barrels of oil equivalent per day, in 2020 from the year before.

    Lower emission targets and demand for cleaner energy have significantly impacted the long-term production outlook for the majors. Rystad Energy forecasts that the majors’ net production will be around 17.5 million boepd in 2025 and peak at around 18 million boepd in 2028, based on our latest revisions. For context, our internal forecast in February 2020 – before the shockwaves from Covid-19 – stood at 19 million boepd for 2025 and 20 million boepd in 2028.

    “Last year has certainly tested oil and gas majors like never before. Some recovery can be expected in the near future as demand rebounds and oil prices cross the $60 mark. However, the key to success for the five majors over the next decade will be to strengthen their business in more resilient regions, restructure and resize to match the market needs, and pay back their high debt levels,“ says Rahul Choudhary, upstream analyst at Rystad Energy.

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