Posted on 07/03/2023 4:20:08 AM PDT by Oldeconomybuyer
LONDON, July 3 (Reuters) - Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The exploration revival - on the part of European majors in particular - reflects a renewed commitment to oil and gas after Shell and BP went back on pledges to reduce output and invest in renewables as part of the energy transition.
It responds to pressure from a majority of investors to maximise their oil and gas profits rather than invest in lower margin renewable energy businesses.
It also defies protests from a minority of activist investors who want oil companies to be more closely aligned with global efforts to mitigate climate change.
The renewed appetite for oil and gas reserves and production is an especially big turnaround for BP, which got rid of most staff from its exploration unit three years ago.
(Excerpt) Read more at reuters.com ...
The purpose of a corporation is to make a profit. Any other use of the corporation’s assets is a breach of fiduciary duty. Period. The more profit the corporation makes the more it can invest in making itself more efficient. The more efficient the less impact it makes on the planet and the more profit it makes. For example, it increases the energy efficiency of its extraction, movement and refining, it makes more profit, and the corporation uses less energy...helping the environment. Corporations making a profit have led to better lives for billions of people.
clever writing.....as profits “trump”
>>Wood Mackenzie meanwhile predicts the commitment of up to $185 billion to develop 27 billion barrels of oil reserves, with international oil companies focused on the higher-cost, higher-return deepwater developments.
27 billion barrels is about 270 days of global supply at the current consumption rate of 100 million barrels per day.
Capitalism bad.
Communism good.
Dead bodies are to be ignored.
Drill, baby...drill. Then frack, baby...frack.
Oil Companies do far more to protect the environment than wind and solar companies do. We have not honestly evaluated the consequences of billions of pounds of discarded windmills and solar arrays, plus the leaching exotic minerals that are deposited in the landfills with them. ON the other hand, Oil Companies voluntarily clean up their sites, and also are forced to do so as well by various local, state, and federal governmental controls. How much oil and gas will be used to clean up the ‘clean energy’ industry’s waste?
BTTT
Their pumping is what brings prosperity to people all over the world. Nothing has done equal to or more than oil for bringing prosperity to mankind. The globalist want to lessen supply and make us more dependent on them so they can rule unhindered by law, culture, faith.
BTT
.
Communists are very good at solving imaginary problems.
LOL!
That came out when Sarah Palin was the VP candidate...:)
There are no climate concerns.
Once the greenies are exterminated, the climate problem will be gone
Drill Baby Drill!
Frac...there is no k in fracture
Thanks. I never knew it was short for fracturing.
However, welcome to the English language. There seem to be more than a few accepted spellings.
https://www.britannica.com/technology/fracking
Don’t feel bad. Most people don’t have a clue about what the oil and gas business really does to put fuel in your life. They would rather remain blissfully ignorant of one of the most important industries in the world.
There still is no K in Frac no matter how many britinnacias there are. There is also no K in fracture. I don’t even know of a word spelled frack. Do you? What does it mean if there is such a word?
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