Sustainability ///

BP stock hits 25-year low a week after its new climate strategy debuts

Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns.

California unilaterally bans sale of new gasoline cars after 2035

On September 23rd, Governor Gavin Newsom ordered regulators to phase out the internal combustion engine and ban the sale of all new gasoline-fueled cars after 2035. With that, California became the first state in America to impose such a prohibition and delivered the biggest jolt yet to automakers already under pressure to give up fossil fuels and deliver a new generation of electric vehicles.

Siemens Energy to help reduce emissions at NLNG plant

Nigeria LNG (NLNG) selected Siemens Energy to provide a cryogenic boil-off gas (BOG) compression train for its Bonny Island plant. The solution will play a key role in providing additional BOG handling capability and spares for the existing system.

Wood partners with SGN to create decarbonization roadmap in Scotland

The North East Network & Industrial Cluster development project will deliver a comprehensive and practical roadmap that enables existing and future gas networks to help meet national net-zero 2045 decarbonization targets, and the ultimate goal of providing 100% hydrogen from renewable sources.

Maersk Drilling targets 50% CO2 emissions reduction by 2030

Maersk Drilling has set an ambitious target of lowering the intensity of CO2 emissions from its drilling operations by 50% by 2030. The target is supported by Maersk Drilling’s strategic focus on efficiency gains, which also leads to reduced CO2 emissions.

Environmental groups warn Alaska drillers not to pursue ANWR leases

“Any company that bids on leases or expresses interest in destroying the Arctic Refuge for oil will face a major public backlash and long-lasting damage to their reputation,” warned the groups, including the Wilderness Society, Natural Resources Defense Council and Sierra Club.

BP’s annual energy outlook calls oil demand peaking by 2030

BP's 2020 Energy Outlook sees oil consumption topping out not much higher than it is now: around 100 million barrels of oil per day, the same level as last year. In scenarios involving dramatic action by governments to limit climate change, BP determines that demand has already peaked.

The pandemic and green energy leave oil’s supermajors at a crossroads

Legacy energy companies are for the first time sketching out new strategies that in the near future—as soon as 2030, in some cases—would eliminate hydrocarbons. The industry would like everyone to believe it’s turning its back on fossil fuels for the good of the planet; however, the reality is that Big Oil has been forced to change by green campaigners, local politicians, and pension funds.

More hydrogen, less meat: EU’s new climate plan targets every aspect of modern life

The European Union’s executive will unveil an ambitious emissions-cut plan this week that’ll leave no sector of the economy untouched, forcing wholesale lifestyle changes and stricter standards for industries.

BP enters offshore wind with $1.1 billion U.S. investment

BP will receive a 50% stake in the Empire Wind and Beacon Wind developments off New York and Massachusetts, respectively. Equinor will retain 50% in both, and continue to be the operator, the companies said in two separate statements on Thursday.

BP joins financiers in call for U.S. to tax greenhouse gas emissions

The U.S. government should start making businesses pay for their greenhouse gas emissions to help combat global warming, according to a powerful group of finance and energy titans including Morgan Stanley, JPMorgan Chase & Co. and BP.

Natural gas is losing its luster as a “bridge fuel” to renewable energy

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 way as coal, its dirtier sibling shunned by governments, utilities and investors.

Investment giants urge Texas to end most natural gas flaring

Investors managing more than $2 trillion are calling on Texas regulators to ban the routine burning of natural gas from shale fields, arguing that the energy industry hasn’t moved quickly enough to curb the controversial practice.

Total’s energy diversification efforts target South Korean wind farms

Total SE will team up with Macquarie Group’s green bank to develop more than 2 gigawatts of floating wind farms off South Korea, the latest push by the French oil and gas giant to diversify into clean energy.

Clariant’s O2 remover solution helps Johan Sverdrup team win Equinor’s prestigious “Hero Award”

The Johan Sverdrup is one of Norway’s largest oilfields and will, at peak production, supply 25% of the Norwegian oil supply. Production started in October 2019 where Clariant was awarded the production chemical supply contract in 2017 and has been part of the project phase supporting Equinor in the development of this giant new oil field.

Siemens Energy and Kineticor advance Canada’s decarbonization efforts

Siemens Energy has been selected to provide its highly efficient gas turbine technology and long-term services to the planned 900 MW Cascade Power Plant in Alberta, Canada. The project supports the decarbonization of Alberta's power supply by switching from coal to natural gas.

Ocean Installer and Vard team up to develop offshore wind installation vessels

“We will jointly be developing one of the world's most advanced vessels for installation of future offshore wind turbines, which are too large for the existing turbine installation fleet,” says Erik Haakonsholm, General Manager of Vard Group Offshore & Specialized Vessels.

Siemens to explore leveraging wind power for hydrogen production

The company, which earlier this year launched the world’s biggest wind turbine, plans to start a pilot project in Denmark to test how its machines could power production of the fuel seen as key to eliminating carbon emissions from transportation and heavy industries.

API signs MOU with Brazilian technological, certification and standardization group

API signed a Memorandum of Understanding (MOU) with the Brazilian technological, certification and standardization group, ABENDI, to collaborate on industry standardization with the goal of enhancing safety, environmental protection and sustainability.

Schlumberger New Energy and Thermal Energy Partners form geothermal development company STEP Energy

STEP Energy will combine Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in project development and risk mitigation to advance geothermal power projects.