I would posit the following: BP=BS
They are reducing production to increase oil prices. Other companies will follow–the goal is, as always, to get the highest profit for every barrel they pump. Do not see this as a victory for green forces.
Yep. Exactly what I was going to say.
Did BP ever fix that Ieak—I thought it was stiII going—and unfixable. : (
Just telling us what peak oil theory already did. All of the remaining major oil fields in the world are already in decline, some rapidly so. By 2030 the oil plateau created by a balls to the wall investment in risky and expensive drilling methods will be over. Of course, in ten more years renewables will have taken another 30-40% of the energy market away from companies like BP anyway. So what to do? In ten years BP, Exxon, Aramco, and the like, will be the major investors of wind and solar around the world. What do you think they’ll do with all their money, just quit the game and go home? Of course not.
Nice green wash by BP. And not nearly enough. It won’t save this corporation.
They cut the dividend in half, so the rush for the exits should begin soon. The Great Divestment by John Q. Public can’t be far behind.
Higher price or not, every less drop of oil is a good thing. Weaning us off has to be done carefully. Just like reducing troop strength in a war zone.
Yes and No; Although the broken wellhead was capped and filled with concrete, there appears to still be some leakage from the subsurface, but so far it isn’t of a magnitude that poses a threat any more than other naturally occurring leaks.
“reduce its oil and gas production by 40 percent”
BP will continue to refine, market, retail sell, pump, etc.
They will not themselves be drilling, investing in equipment, manpower, engineering to extract oil and gas from the ground on land or at sea. They will purchase the crude from those who do at a contract price - which is not the trader price you see daily on cable business news. For example, BP Whiting, Indiana refinery processes Tarsands crude from Alberta. Diesel and aircraft fuels. They pay about $13 per barrel last time I looked about 7 months ago.
In Chicago, they are bringing back 'Amaco" whom they purchased along with Sohio and Arco.
Last week they purchased the wind generators north of Purdue University in Indiana. This is second largest in USA.
Me, I would nationalize these London … in a minute.
Corporations are zombies. They don’t “wake up.”
So, no, BP has not just “woken up.” It is merely devising new ways to prey upon Earth and her peoples.
Here is the common dreams write up from mid June 2020.
Profit increasing measure. No one really thought they’re doing it to save the planet, eh?
The market’s flooded with oil right now, a few weeks ago a barrel of oil dropped to below $-0-.
Profits already made, damage already done.
BP are the masters of oil company “greenwashing”. Remember their “Beyond Petroleum” campaign - It was all spin. This is a Covid dividend, not a change in consciousness at BP.