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US oil producers live up to their promises on spending restraint | Hellenic Shipping News Worldwide


US oil producers live up to their promises on spending restraint
Mr Micawber’s well-known principle of financial management is set out in Charles Dickens’ David Copperfield: “Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness.” US independent oil producers are holding to a much more demanding standard of frugal conduct. Listed US E&P companies reinvested just 48% of their cash flow on average in the first quarter of 2021, and the rate is likely to have been even lower in the second quarter.
Their cautious approach to spending, largely sticking to budgets and drilling programmes set last year when prices were much weaker, will make it possible for E&P companies to pay down debt rapidly. It raises questions about the US industry’s longer-term strategy, at a time when many governments around the world are setting goals for greenhouse gas emissions that imply a significant decline in oil demand over the coming decades. ....

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The role of NOCs on the road to net zero


The role of NOCs on the road to net zero: WoodMac
NOCs dominate the global oil and gas space – producing 50% of liquids and 48% of gas in 2021. And as some IOCs diversify away from oil and gas as part of their energy transition strategies, this is only likely to increase.
But high levels of production result in high absolute greenhouse gas emissions from upstream activities. Of the almost 100 companies included in our Emissions Benchmarking Tool, NOCs account for nearly half of the top 20 upstream emitters (scope 1 and 2) in 2021, and take the top two spots.
NOCs must play a role in the global mission to decarbonise – could 2021 be a game-changing year? ....

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Why Are Oil Majors Investing In Offshore Wind? | Hellenic Shipping News Worldwide


Why Are Oil Majors Investing In Offshore Wind?
Offshore wind will play an important role in the Majors’ plans to transform against the backdrop of the global energy transition.
Some of the European Majors, such as Equinor and Shell, have been on that road for several years. However, other European major oil companies have recently adopted radical shifts in strategic direction that will transform them over the coming decades.
Why are oil Majors attracted to offshore wind?
It’s all about a change from big oil to big energy and expansion in renewable power, and offshore wind will be a huge part of that. Offshore wind is an obvious choice for the oil majors for several reasons. ....

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