Why Big Oil is paying top dollar to dump its fossil fuel – and what that means for renewables

Why Big Oil is paying top dollar to dump its fossil fuel – and what that means for renewables

“It’s like trying to explain something that is unprecedented and seemingly unreal!,” said Rystad Energy oil markets analyst Louise Dickson in comments on Tuesday.“The most simple explanation for negative oil prices is that midstream players are now paying ‘buyers’ to take oil volumes away as the physical storage limit will be reached.

Equinor ditches plan to drill for oil in Great Australian Bight

Equinor ditches plan to drill for oil in Great Australian Bight

Newly appointed federal resources minister Keith Pitt, meanwhile, described the decision as “extremely disappointing,” and particularly hard for South Australia, but stressed that the Coalition would continue to encourage the development of Australia’s offshore fossil fuel resources – and that the Bight was still open for business.“The Bight remains one of Australia’s frontier basins and any proposals for new oil and gas fields in this area will be assessed daily and independently,” Pitt said in a statement on Tuesday.

The Frontier decision is symbolic, but not in the way you’ve been led to believe

The Frontier decision is symbolic, but not in the way you’ve been led to believe

Yet ironically it’s the “mammal stories” that offer Teck the ability to evolve and benefit from the transition to clean energy.It’s symbolic of a much bigger choice thrust upon the oil patch, Alberta and Canada alike:Are we mammals and birds, or are we dinosaurs?.

Outgoing BP CEO warns of moving too fast on climate change

Outgoing BP CEO warns of moving too fast on climate change

BP Plc’s outgoing Chief Executive Officer Bob Dudley warned Big Oil of moving too fast on investing in new technologies to counter climate change, because their failure could lead to financial ruin.Oil companies must retain a strong financial footing to be able to invest when game-changing technologies are developed, he said.

IEA spells it out - Big Oil must make the Great Transition

IEA spells it out - Big Oil must make the Great Transition

The IEA points out that there are “ample, cost-effective opportunities to bring down the emissions intensity of delivered oil and gas” by minimising flaring of associated gas and venting of CO2, tackling methane emissions, and integrating renewables and low-carbon electricity into new upstream and liquefied natural gas (LNG) developments.

Woodmac exploration outlook: Move from ‘Big Oil to Big Energy’ under way

Woodmac exploration outlook: Move from ‘Big Oil to Big Energy’ under way

Companies are expected to drill in hope of finding better resources than those already in their portfolios, going after lower cost barrels with a higher margin.Globally, Woodmac expects 500-600 wildcats to be completed during 2020, adding around 15 billion barrels of oil equivalent resources, in line with industry performance since 2014.

Big Oil is not the problem, it’s the solution

Big Oil is not the problem, it’s the solution

We need to reflect and re-educate ourselves on what oil and gas companies bring to the world and encourage a willingness to move towards cleaner and more efficient energy.

Evaluating Saudi Aramco’s Green Investments Ahead of Its IPO

Evaluating Saudi Aramco’s Green Investments Ahead of Its IPO

Despite Saudi Arabia’s big plans for solar and Aramco’s own impressive spend on renewables, the state-owned petrochemical behemoth largely views clean energy as a means to improve the efficiency of extraction, said Bloomberg New Energy Finance oil specialist David Doherty.

Size of floating wind prize ‘immense’ and should involve oil majors, Equinor chief says

Size of floating wind prize ‘immense’ and should involve oil majors, Equinor chief says

The size of the prize in floating offshore wind is “immense” and should involve the big oil and gas majors, according to the renewables boss of Norwegian energy giant Equinor.

World’s 8th largest bank says Big Oil’s days are numbered thanks to electric cars and solar

World’s 8th largest bank says Big Oil’s days are numbered thanks to electric cars and solar

But one of the most startling findings is that because the cost of running EVs on solar or wind power is dropping so rapidly, the only way gasoline cars can compete with these renewable energy-powered EVs in the 2020s is if the price of oil were to drop to $11 to $12 per barrel.

The Pope, big oil and bankers are talking carbon taxes

The Pope, big oil and bankers are talking carbon taxes

It was noted by many in the climate science field that oil majors have many times proclaimed support for a carbon tax publicly, while in back channels have clearly funded climate denialism.

Big firms join new task force looking to ‘make best use’ of UK wind power

Big firms join new task force looking to ‘make best use’ of UK wind power

Big firms from oil and gas and the renewable energy sector have signed up to new task force aimed at exploiting the large amounts of offshore wind power generated in the UK.

The Tesla effect: Oil is slowly losing its best customer

The Tesla effect: Oil is slowly losing its best customer

New York (CNN Business) Between global warming, Elon Musk, and a worldwide crackdown on carbon, the future looks treacherous for Big Oil. The rise of Tesla ( TSLA ) and electric vehicles broadly pose an existential threat to the oil industry.

With Renewables so Competitive, Big Plans for Oil and Gas Investments Look Risky

With Renewables so Competitive, Big Plans for Oil and Gas Investments Look Risky

Another example of how quickly the economics of power generation are changing can be found in the recent decision by Southern California Edison to cancel plans to build a new natural-gas peaker plant in Oxnard, California, in favor of massive battery storage instead.

Amazon Is Aggressively Pursuing Big Oil as It Stalls Out on Clean Energy

Amazon Is Aggressively Pursuing Big Oil as It Stalls Out on Clean Energy

Yet Amazon’s actual renewable energy deployment has plateaued at the halfway mark—the last milestone the company lists on its Sustainability Timeline is “AWS achieved 50% renewable energy usage,” in January of 2018—and now even risks decreasing as a total share of the company’s energy supply, as research from Greenpeace energy analysts indicates that Amazon is continuing to rapidly build new data centers without adding clean sources of power to run them with.

Energy Insiders Podcast: Coalition’s coal reality check, and Shell’s big electric plans

Energy Insiders Podcast: Coalition’s coal reality check, and Shell’s big electric plans

Finally, Brian Davis, the head of Shell’s new Energy Solutions business, joins Energy Insiders to explain how one Big Oil company plans to turn Big Electric, and the thinking behind the purchases of the Sonnen battery storage business, two electric vehicle charging companies, and the UK-based First Utility.

Chinese electric buses making biggest dent in worldwide oil demand

Chinese electric buses making biggest dent in worldwide oil demand

While electric cars are displacing global oil demand at increasing rates, new research shows electric buses are making a much bigger mark overall thus far. Bloomberg estimates that gas and diesel displacement will increase 96,000 barrels a day this year due to EVs, making the lost cumulative demand 352,000 barrels a day since 2011.

Get out now: Norway’s fossil fuel epiphany

Get out now: Norway’s fossil fuel epiphany

They have announced plans to divest from 134 oil and gas exploration and production companies held in its US$1 trillion investment fund. Further, the country’s big-picture economic and fiscal situation does not fully explain why the fund should divest from the oil and gas exploration and production sector.

Energy Voice  -  Equinor crank out record renewable energy output in 2018

Energy Voice - Equinor crank out record renewable energy output in 2018

A number of big North Sea oil and gas production assets are owned by the firm, including the Rosebank field which it purchased from Chevron last year.Equinor’s share of offshore wind production was only around 290 megawatt (MW) in production and around 190 MW under development in 2017.

Norway is starting the world's biggest divestment in oil and gas

Norway is starting the world's biggest divestment in oil and gas

The Government Pension Fund Global, which was built off Norway’s oil revenues, should begin phasing out $8 billion held in 134 firms to reduce the fund’s risk from volatile oil prices, the country’s finance ministry said in a statement on 8 March.

Scotland to fund UK's biggest CCS study with six-figure investment

Scotland to fund UK's biggest CCS study with six-figure investment

Led by energy consultants Pale Blue Dot Energy, the Acorn project is working to develop the UK’s first operational carbon capture and storage (CCS) project at the St Fergus Gas Terminal in Aberdeenshire.

Big wind keeps on churning Vattenfall profits

Big wind keeps on churning Vattenfall profits

The wind developer tipped £13 billion in sales last year, up from £11.3 billion in 2017.

Tidal erosion technology could save big wind millions, ORE claim

Tidal erosion technology could save big wind millions, ORE claim

“By being able to deploy SSCS Frond Mats at the same time as the wind turbine foundation installation, the associated installation costs may be significantly reduced.”

SSE in 'biggest cash injection' from Highland windfarm cash

SSE in 'biggest cash injection' from Highland windfarm cash

SSE Renewables also confirmed it will pledge an additional £50m to a Highland Sustainable Development Fund, which will look to support other renewables projects over the next 25 years.

Record year for UK wind bolstered by big north-east projects

Record year for UK wind bolstered by big north-east projects

A record-breaking year for UK offshore wind has been bolstered by big north-east projects. “Offshore wind has brought the UK jobs, lower bills and renewable energy. UK annual offshore wind deployment (in MW)

Fossil nations sideline science at Katowice, even as emissions rise and warming accelerates

Fossil nations sideline science at Katowice, even as emissions rise and warming accelerates

Just as four big oil and gas producers block the UN climate policymaking conference in Katowice, Poland from welcoming a report on the science of the 1.5 degree Celsius (°C) target which it had commissioned three years earlier in Paris, new evidence has emerged of the striking contradiction between word and deed at the 24th meeting of the Conference of the Parties (COP24).

Highland renewables firms win big at Scottish Green Energy Awards

Highland renewables firms win big at Scottish Green Energy Awards

Orbital Marine Power reported an industry benchmark in August as its SR2000 tidal turbine generated more power in the past year than the entire Scottish marine energy sector had managed in the 12 years prior to its launch.

Simec Atlantis wins big in tidal energy grant funding

Simec Atlantis wins big in tidal energy grant funding

Adding to Simec Atlantis Energy’s 1000 MW portfolio, the firm said the funding will focus on “focus on the turbine upgrades needed to utilise the subsea hub and shared export cable”.

Big Oil spent 1 percent on green energy in 2018

Big Oil spent 1 percent on green energy in 2018

Investors in recent years ratcheted up pressure on boards of fossil fuel companies including Exxon Mobil, the world’s largest publicly-traded oil company, to reduce emissions, spend more on low-carbon energy and increase disclosure on climate change.

From Google to Facebook, big data is driving green energy shift

From Google to Facebook, big data is driving green energy shift

By signing a long-term power purchase agreement, known as a PPA, Google and companies like it are able to lock in a predictable price for their electricity and guarantee to investors and environmental groups that they’re not increasing coal use.