net zero

Supermajor announces actions to achieve net-zero ambition and reshape business. It also noted that it will not seek to explore in countries where it does not already have upstream activities.

Despite the global downturn, the long-term transition to net zero presents a major opportunity to create new multibillion industries based around the North Sea. Cross-sector collaboration and major state/private sector intervention, together with strong leadership, will be key.

World energy is at a “pivotal moment,” says BP CEO in annual statistical review, which reveals contrasts, challenges in energy consumption, production, and emissions.

The UK’s offshore oil and gas industry has committed to halving operational emissions in the next decade, confirming its pathway to becoming a net-zero emissions basin by 2050.

Write-offs include billions for early-exploration-stage projects that the company will now cut.

Europe’s top oil and gas companies, which account for roughly 7% of global crude consumption, have committed themselves to greenhouse gas emission reduction targets that vary in scope and detail, making them hard for investors to compare.

BP, ENI, Equinor, Shell and Total to develop Net Zero Teesside Project. The project aims to capture 6 mtpa of CO2 emissions.

BP says it is firmly committed to achieving the ambitious target of net-zero greenhouse gas emissions over the next 30 years—even if that means producing less oil and gas.

Deirdre Michie, chief executive for OGUK, and David Clark, Lloyd’s Register’s energy director, discuss how OGUK’s Roadmap 2035 is being delivered to help achieve net zero greenhouse-gas emissions and what is required with regard to policy, people, and technology.

The company has launched new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway by 40% by 2030, 70% by 2040, and to near zero by 2050.