Four energy majors in a huge North Sea investment

17/10/2011 13:00 Oil Market


The UK oil giant, BP, alongside its partners Chevron, ConocoPhillips and Shell have won the British government approval to invest US$15.7 billion (GBP10 billion) in the development of a huge oil field in the North Sea over the next five years.

The oil majors are looking to the Arctic basin as they want to replace production from declining fields and discover new sources of oil to meet the world’s growing demand for energy. According to BP declarations, the production from the new platforms is likely to begin in 2016 and continue for 40 years. BP is confident that the production in the North Sea can be maintained at around 200,000 to 250,000 barrels of oil equivalent a day until 2030 and the company's largest fields may produce until 2050. BP holds a 28.6 percent interest in the joint venture, while Shell has 28 percent, ConocoPhillips-24 percent and Chevron 19.4 percent.

20 Fossil Fuel Companies Generate One Third Of All Global Emissions

10/10/2019 16:26:00

New data compiled by the United States-based Climate Accountability Institute and revealed by the Guardian confirms what many already know: at the core of the climate crisis is the fossil fuel industry. The crucial finding from the analysis is that 20 oil, gas and coal companies can be directly linked to over one third of all energy industry greenhouse gases in modern history. Despite knowing the destruction and dangers their activities pose to our planet and people, fossil fuel companies have been driving climate change and hold the key to avoiding impending disaster. What this points to is the urgent need for divestment, in spite of skepticism amongst some leaders.


BP, Shell among bidders in $800 million Brazilian oil auction

10/10/2019 16:18:00

BP Plc, Chevron Corp and Royal Dutch Shell Plc are among the companies that will compete for exploration and production rights off the Brazilian coast on Thursday, in the first of three oil bidding rounds scheduled for coming weeks.


Poland plans to triple solar energy capacity this year

10/10/2019 13:03:00

Poland, which generates most of its electricity from coal, is planning to triple its solar energy capacity this year, Prime Minister Mateusz Morawiecki told Polish radio on Wednesday.