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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    BP abandons goal of reducing oil and gas production.. What is Iraq's role?

    Rocky
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    BP abandons goal of reducing oil and gas production.. What is Iraq's role? Empty BP abandons goal of reducing oil and gas production.. What is Iraq's role?

    Post by Rocky Mon 07 Oct 2024, 5:04 am

    BP abandons goal of reducing oil and gas production.. What is Iraq's role?

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    Economy News - Follow-up
    [rtl]BP has joined the list of global oil companies abandoning targets to cut oil and gas production, in a move that contradicts the International Energy Agency's forecasts of peak demand for fossil fuels.[/rtl]
    [rtl]The British company's chief executive, Murray Auchincloss, has scaled back the company's energy transition strategy to restore investor confidence, abandoning a goal of cutting oil and gas production by 2030.[/rtl]
    [rtl]BP's strategy, when unveiled in 2020, was the most ambitious in the sector, with a pledge to cut production by 40% as renewables grow rapidly by 2030.[/rtl]
    [rtl]BP cut its target in February last year to a 25% cut, which would leave it producing 2 million barrels a day by the end of the decade, as investors focus on near-term returns rather than the energy transition.[/rtl]
    [rtl]New plans[/rtl]
    [rtl]BP, now listed in London, is targeting several new investments in the Middle East and Gulf of Mexico to boost its oil and gas production.[/rtl]
    [rtl]Auchincloss took over in January but has struggled to halt a slide in BP's share price, which has underperformed rivals so far this year as investors question the company's ability to deliver profits under its current strategy.[/rtl]
    [rtl]The 54-year-old Canadian, who was previously BP's chief financial officer, has sought to distance himself from the approach of his predecessor Bernard Looney, who was sacked for lying about relationships with colleagues, and has pledged to focus on returns and invest in the most profitable businesses, first and foremost in oil and gas.[/rtl]
    [rtl]The company continues to target carbon neutrality by 2050, as part of an update to its strategy to abandon oil and gas production cuts, Reuters reported.[/rtl]
    [rtl]“As Murray said at the beginning of the year, the direction is the same, but we will deliver services as a simpler, more focused and higher value company,” a company spokesperson said.[/rtl]
    [rtl]Oceancloss is due to present its updated strategy, including the removal of the 2030 production target, in February, although BP has already dropped it and it is unclear whether the company will provide new production guidance.[/rtl]
    [rtl]BP's plans follow similar announcements from global oil companies, led by Shell, which has scaled back its energy transition strategy since CEO Wael Sawan took over in January, selling off power and renewables businesses and cancelling projects including offshore wind, biofuels and hydrogen.[/rtl]
    [rtl]The shift by the two companies comes on the heels of a renewed focus on European energy security after the price shock triggered by Russia’s invasion of Ukraine in early 2022.[/rtl]
    [rtl]Oil and gas production[/rtl]
    [rtl]BP has invested billions in new low-carbon businesses and sharply reduced its oil and gas exploration team since 2020.[/rtl]
    [rtl]But supply chain issues and sharp increases in costs and interest rates have put further pressure on the profitability of many renewable energy companies.[/rtl]
    [rtl]While rivals have invested in oil and gas, BP has neglected exploration for a few years, Reuters reported.[/rtl]
    [rtl]BP is currently in talks to invest in three new projects in Iraq, including one in the Majnoon field, where the British oil company has a 50% stake in a joint venture that operates the giant Rumaila oil field in the south of the country, where it has been operating for a century.[/rtl]
    [rtl]In August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oil field in the north of the country, which will also include the construction of solar power plants.[/rtl]
    [rtl]Unlike historical contracts that offered foreign companies very low margins, the new agreements with Iraq are expected to include a more generous profit-sharing model.[/rtl]
    [rtl]BP is also considering investing in the redevelopment of oil fields in Kuwait.[/rtl]
    [rtl]In the Gulf of Mexico, the British company announced that it will move forward with the development of the Cascada field, a large and complex reservoir, and the company also plans to give the green light to the development of the Tiber field.[/rtl]
    [rtl]The British oil giant is also considering acquiring assets in the Permian Basin shale oil basin to expand its existing US onshore operations, which have expanded their reserves by more than 2 billion barrels since acquiring the business in 2019.[/rtl]
    [rtl]Auchincloss, which in May announced a $2 billion cost-savings drive by the end of 2026, has in recent months paused investment in new offshore wind and biofuels projects and cut the number of low-carbon hydrogen projects to 10 from 30.[/rtl]




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