Oil: BP reduces exploration – says something utterly strange about Attenborough
The oil price is recovering – but the industry’s woes don’t appear to have stopped just yet. As Reuters reports that the rally seems to have petered out the same wire notes that budget cuts at BP are curtailing its long term hunt for the black stuff.
In a frankly bizarre statement the company said:
“Exploration doesn’t necessarily have to look like (nature broadcaster) David Attenborough standing on a brand new frontier,” a BP source told Reuters.
And BP isn’t the only one facing the squeeze. The Telegraph reports that with cash flowing out of Saudi Arabia the kingdom could keep pumping oil – forcing prices down to a randomly made up number of $25.
How about gas? See Nick Butler in the FT arguing that Europe’s gas demand may have peaked. bad news for Gazprom already reeling from plunge in the gas price and – like BP – likely forced to cut spending.
And in other silly oil news…
Days after The Guardian reported Shell’s new push towards renewables the company has perhaps inadvertently found itself blocking a small scale hydro-electric plant on the river Thames.
Shell is involved in blocking the development of the project in a legal battle between a private club owned by the company and a community hydropower scheme at Teddington Lock.
And some silly solar news…..
A Google-backed solar plant has set itself on fire. Or as The Register put it:
“A troubled heliostatic power station is set to hit the anti-renewables meme-factories, after misaligned mirrors set the tower on fire.”
The huge project hasn’t been doing well and earlier this year was given 12 months to up production or face been shut down entirely. With two of it’s three towers now offline its efforts to “optimize” output don’t seem to be going well.
And to make the circle perfect another of the world’s biggest solar plants, in Oman will mostly be used… to produce more oil, cutting the cost of production in a low oil-price world.
In other news
Coal: Norwegian wealth fund may implement wider ban on coal investments – current ban only applies to company’s who’s primary business is coal
Trump: Energy adviser thinks world is cooling, Paris climate accord should be ditched and doesn’t actually back a carbon tax