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Oil majors still fall short on absolute emission cuts

- Companies continue to plan for increases in production in a world of falling oil and gas demand, new report finds

home > Oil, Upstream 24.06.2020 13:22 Nuran Erkul

Oil majors still fall short on absolute emission cuts

The emission reduction targets of most oil majors leave them free to increase production or ignore the full impact of burning their future oil and gas without creating a net reduction in the emissions, a report by Carbon Tracker finds Wednesday.

According to UK-based think-tank Carbon Tracker's Absolute Impact report in which emission reduction targets of Shell, Total, ExxonMobil, ConocoPhilips, Chevron, BP, Eni, Repsol and Equinor were analyzed, companies that set out 'net zero' ambitions do not have absolute reduction impacts on emissions.

The report pointed to Shell and Total that announced 'net zero' ambitions but did not commit to the absolute reductions needed to link to finite climate limits. US companies ExxonMobil, Chevron and ConocoPhilips were also in the firing line as the report noted they ignore carbon released when their oil and gas is burned.

"Companies need to recognize the impact that reduced demand for oil and gas will have on their business model,” Mike Coffin, oil and gas analyst and author of the report told Anadolu Agency.

He said the use of these fuels needs to fall dramatically for the world to limit warming in line with the Paris climate goals.

"Whether companies see that they 'own' the end-use emissions or not, the impact of this reduced demand for their product should see a change in company strategies accordingly, with emissions targets to support this," he noted.

According to the International Energy Agency's data, global energy demand could fall by 6% this year - more than seven times the impact of the 2008 financial crisis, while bucking the trend for growing energy demand over the last five years with oil demand the biggest damage from the COVID-19 pandemic.

Coffin said that companies cannot be aligned with the Paris climate goals unless they commit to only sanctioning Paris-aligned projects, which will have the knock-on effect of absolute cuts to their oil and gas production and resulting emissions.

"On their own, net-zero targets are insufficient to link to Paris goals. To do that, climate targets need to recognize the absolute limits of a global carbon budget and incorporate interim emissions reductions.

“Policies which fall short will fail to satisfy both environmental and financial concerns from investors, and risk being perceived as greenwashing," Coffin warned.

The Carbon Tracker found that corporate policies fell broadly into three levels of ambition with a major gulf between the US and European companies.

Eni, Repsol and BP have the most impactful policies, which all set absolute targets for cutting emissions by 80% to 100% across their oil and gas production by 2050. Eni leads the field with a strong interim target of cutting emissions by 30% on an absolute basis by 2035.

Shell, Total and Equinor set targets of reducing the carbon intensity of the oil and gas they sell by 50% to 65% by 2050, but the report found that this is not a commitment to an absolute cut in their emissions.

The Carbon Tracker report revealed that Chevron and ConocoPhilips only commit to small cuts in operational carbon intensity by 2050, equivalent to a maximum 3% cut in overall emissions while ExxonMobil ranks bottom because its targets only cover operational emissions.

- Ignoring climate change could cost $792 trillion

A previous report of Carbon Tracker found that to meet the Paris Agreement targets, oil majors would need to cut combined production by 35% from 2019 to 2040. However, these companies continue increasing their gas and oil production despite falling demand.

According to an article published on Nature Communications, following current emissions reduction efforts, the whole world would experience a washout of benefit, amounting to almost $126.68 - 616.12 trillion until 2100 compared to 1.5 °C or well below 2 °C commensurate action.

The article asserts that if countries are unable to implement their current National Determined Contributions under the Paris Climate Agreement, the whole world would lose more benefit, almost $149.78 - 791.98 trillion until 2100.

With falling oil and gas demand, the report says only the most cost-competitive projects will generate value, and even they will potentially deliver lower than expected returns.

Coffin stressed that capital invested in projects that exceed climate limits will risk becoming stranded and destroying shareholder value.

He suggested that companies do not have to transition but could adopt a “harvest” model instead where production declines from existing assets without being replaced and capital is returned to shareholders.

He underscored that for a company to be 'Paris Aligned,' it needs to commit to not sanctioning projects that fall outside Paris limits.

“Companies that do so risk the planet exceeding the carbon budget, and destroying significant shareholder value," he concluded.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr


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-Conformity levels to OPEC+’s voluntary production adjustments and global market conditions will be discussed during meeting
31.03.2021 Oil , International Organization , World , Turkey , Europe , Eurasia , Asia , Americas , Middle East-Africa

Traffic in Suez Canal back to normal: Official

-Announcement follows reports that strong winds drove ship stranded in Suez Canal back to previous position
30.03.2021 Oil , Turkey

Oil down as Suez Canal re-opens after six-day blockade

- Further declines were limited as investors are hopeful of reasonable market management by OPEC+
30.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Suez closure shows Asia’s reliance on Eastward oil flow

- Reason for increasing oil imports into East of Suez is region's growing refining activity, International Energy Agency says
29.03.2021 Oil , International Organization , World , Middle East-Africa

Indonesia's Balongan refinery rocked by massive blast

- At least 20 injured, serious material damage reported
29.03.2021 Oil , Upstream , Asia

Libya says oil spill brought under control

- Oil production operations in northern Dahra oilfield not affected, according to National Oil Corporation
29.03.2021 Oil , Middle East-Africa

Turkey's oil imports down 24.7% in January 2021

- Output of oil refinery products decreases by 8% to 1.96 million tonnes in January this year
29.03.2021 Oil , World , Turkey

US oil rig count rises by 6 for week ending March 26

- This marks drop of 340 in number of US oil rigs compared to one year ago
28.03.2021 Oil , Americas , General

Brent oil price down 0.91% for week ending March 26

- Prices in downward trajectory with third Covid wave concerns and more-than-expected build in US crude inventories
27.03.2021 Oil , World

Oil up as Suez Canal blockage fuels supply worries

- Efforts to free container ship, Ever Given, are expected to take weeks, says Suez Canal authorities
26.03.2021 Oil , World

Revenues of oil giants decline 35.4% in 2020

- Royal Dutch Shell records highest year-over-year decline in revenue
27.03.2021 Oil , World

Oil, gas still relevant alongside renewables: S. Aramco

- Cleaner gas, including Blue Hydrogen and Blue Ammonia, will be area of growth for company, says head of upstream business
26.03.2021 Natural Gas , Oil , Renewable , World

US thanks Yemen for easing oil blockade on Hudeydah

- Secretary of State Antony Blinken thanks Yemeni premier for 'efforts to ease the suffering of Yemenis'
26.03.2021 Oil , Energy Security , Middle East-Africa

OPEC+ caution likely with recent oil price losses

- OPEC+ boost needed at end of month to curtail oil price losses in March, expert says
26.03.2021 Oil , World

Oil down with US oil stocks rise, demand fears in Europe

-Weighing on prices, US crude inventories surge by 1.9 million barrels relative to market expectation of 900,000-barrel build
26.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US crude oil inventories rise for week ending March 19

- Commercial crude oil stocks increase by 1.9 million barrels, higher than market expectation of 900,000-barrel rise
25.03.2021 Oil , Americas

Suez Canal route opening assures crude tankers safety

- Rescue efforts continue to float Panamanian container ship that is blocking traffic in one of world's busiest trade routes
25.03.2021 Oil , Energy Security , Middle East-Africa

Iraq awards drilling of 96 oil wells to Schlumberger

- Schlumberger bid for drilling work accepted at 14.4% less than forecast price of $561 million
25.03.2021 Oil , Energy Security , Energy Projects , Middle East-Africa

Oil prices rise after sharp declines over demand fears

- Rising coronavirus cases in European countries followed by mitigation measures dampen hopes of oil demand recovery
25.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down over fears of stalled demand from lockdowns

- Several European countries raise containment measures amid third wave of virus surging across continent
23.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down as rising virus cases caps demand rebound hopes

- EU countries, including Germany and Belgium, plan to further increase restrictions against virus
23.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Saudi oil giant Aramco reports 44% profit slump in 2020

- Aramco's 2020 profits hit $49B compared to $88.2B in 2019
23.03.2021 Oil , Middle East-Africa

Kenya feels betrayed by Somalia over maritime dispute

- Maritime delimitation case between East African countries has already started at ICJ without Kenya’s participation
20.03.2021 Natural Gas , Oil , Middle East-Africa

Saudi Arabia contains fire at oil facility after attack

- Yemen's Houthi rebel group says earlier Aramco oil company targeted with 6 drones
21.03.2021 Oil , Middle East-Africa

US oil rig count rises by 9 for week ending March 19

- This marks drop of 346 in number of US oil rigs compared to one year ago
21.03.2021 Oil , Americas

Oil prices down over 8% for week ending March 19

- Having hovered between $68-70 a barrel, oil prices post sharp declines on the last day of week
20.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil posts sharp decline over rising demand concerns

- Increasing virus cases and uncertainties around safety of vaccines put pressure on oil prices
20.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

EU halts sanctions for more Turkish oil firm officials

- EU has frozen expansion of list of sanctions on officials of Turkish Petroleum Corporation, say EU diplomats
19.03.2021 Oil , Refining/Petro Chemistry , Energy Diplomacy , Energy Projects , Europe

Oil majors accelerate energy transition policies: Fitch

- European firms plan at least large emission reductions, while US peers focus on reducing emissions in upstream operations
20.03.2021 Oil , Transportation/Fuel Oil , Stock Market , Eurasia , Americas

Fitch raises oil price forecast due to stronger demand

- Brent oil price for 2021 is revised up to average $58 a barrel from $45 a barrel
19.03.2021 Oil , Stock Market , Energy Diplomacy , Energy Projects , Americas

21 US states sue Biden for revoking oil pipeline permit

- Revoking permit can 'only' be accomplished through bicameralism, lawsuit argues
18.03.2021 Oil , Americas

Oil prices down over rise in US crude oil inventories

- Probable disruptions in vaccine programs and prospects of new restrictions prove bearish for prices
18.03.2021 Oil , World

US crude oil inventories rise for week ending March 12

- Commercial crude oil stocks increase by 2.4 million barrels, slightly lower than market expectation of 2.7 million-barrel rise
18.03.2021 Oil , World , Americas

Global oil demand to surge 6% in 2021: IEA

- Stronger economy, vaccine deployment will support growth in second half of year, energy agency says
18.03.2021 Oil , International Organization , World

No return to ‘normal’ for post-Covid oil markets: IEA

- Global oil demand expected to incur irreversible damage due to ‘shifting policies, behavior changes, Energy Agency warns
18.03.2021 Oil , International Organization , World

Oil prices rise over unexpected fall in US stocks

- Delayed oil demand recovery fears weigh on prices as safety of COVID-19 vaccines is brought into question
18.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices down over negative vaccine reports

- Several European countries halt use of AstaZeneca’s vaccine over reports of blood clotting cases
17.03.2021 Oil , World

Oil prices up over better economic data from China

-China's daily refinery output increased 15% in January and February, data from National Bureau of Statistics shows
16.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count falls by 1 for week ending March 12

- This marks drop of 374 in number of US oil rigs compared to one year ago
15.03.2021 Oil , Finance , Americas , General

Oil prices down over 1% for week ending March 12

- Despite limited fluctuations, oil prices hover between $66-69 a barrel during week supported by tighter supply
15.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil posts limited drop over vaccine uncertainties

- Some European countries halt use of AstraZeneca and Oxford University vaccines over reports of blood clotting issues
13.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Global oil demand to increase 6.5% in 2021: OPEC

- Crude output rises mainly in Nigeria, Iraq, Iran, Venezuela and Libya but decreases in Saudi Arabia and Angola, says OPEC
13.03.2021 Oil , International Organization , World

Oil prices up as US economy shows positive signs

- Country’s consumer prices show 0.4% increase in February in line with economists’ expectations
12.03.2021 Oil , World

Eni, Var Energi announces oil discovery offshore Norway

- Preliminary estimates place size of discovery between 65 and 100 million barrels of oil equivalent
11.03.2021 Oil , Finance , Europe , General

US crude oil inventories rise for week ending March 8

- Commercial crude oil stocks increased by 13.8 million barrels, more than market expectation of 833,000-barrel draw
11.03.2021 Oil , Americas

Russia, Saudi Arabia to develop ties within OPEC+

- Foreign ministers of both major oil-producing countries show unified stance on cooperation at Wednesday's news conference
11.03.2021 Oil , International Organization , Europe , Asia , Middle East-Africa

US energy agency revises up its oil price forecast

- Brent to average $63 per barrel in first half of 2021 before declining to $58 per barrel for rest of year: EIA outlook
11.03.2021 Oil , International Organization , World

Oil down over expected rise in US stocks, rising dollar

- US crude oil inventories are forecast to rise by over 12.8 million barrels, API figures show
10.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up on projected economic recovery, inventory draw

- Oil prices retreat from $71 threshold on Tuesday after attacks on Aramco's oil facilities had no immediate impact on output
10.03.2021 Oil , World

Oil prices soar over attack on Saudi oil facilities

- Bullish oil prices also fueled more after Senate approval of much-awaited US relief bill
09.03.2021 Oil , World , Turkey , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count rises by 1 for week ending March 5

- This marks drop of 372 in number of US oil rigs compared to one year ago
09.03.2021 Oil , Americas

Brent hits $69 over OPEC+ supply cut decision

- Positive outlooks over oil demand recovery with easing concerns for oversupply main drivers of oil prices
07.03.2021 Oil , World

Oil prices up over 4% for week ending March 5

- Prices rise on back of OPEC+ decision to maintain rather than raise output cuts for April
06.03.2021 Oil , World

Oil prices to rise to $75 per barrel in April: WoodMac

- Saudi Arabia's adamant stance not to raise production before seeing actual recovery helps prices, says consultancy
06.03.2021 Oil , World

OPEC+ meeting highlights Saudi's leadership

- Group, except for Russia and Kazakhstan, will continue production cuts for April
08.03.2021 Oil , International Organization , World

Oil up as OPEC agrees roll over of output cuts in April

- Rising value of dollar also exerts downward pressure on oil prices which are indexed to US dollar
05.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

OPEC+ agrees to extend output cuts for another month

- New production scheme again includes output rise exemption for Russia and Kazakhstan
07.03.2021 Oil , International Organization , World

OPEC+ meets to discuss production quota after March

- Group is currently imposing 8.05 million bpd output cuts, including 1 million bpd of additional cuts from Saudi Arabia
05.03.2021 Oil , World
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