11 Matching Annotations
- Nov 2023
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For producers that choose to diversify and are looking to align with the aims of the Paris Agreement, our bottom-up analysis of cash flows in a 1.5 °C scenario suggests that a reasonable ambition is for 50% of capital expenditures to go towards clean energy projects by 2030, on top of the investment needed to reduce scope 1 and 2 emissions.
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for: stats - oil and gas industry - required investments in clean energy
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stats: oil and gas industry - required investments in clean energy
- 50 % of capital expenditure by 2030 and reduction in scope 1 and 2 emissions
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comment
- Wow, is it really possible for the industry to spend 50 % of their budget on clean energy in 7 years? This would be unprecedented, given that greenwashing is all we've ever seen in the past.
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Some 30% of the energy consumed in a net zero energy system in 2050 comes from low-emissions fuels and technologies that could benefit from the skills and resources of the oil and gas industry.
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for: stats - oil and gas industry - repurposing for clean energy
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stats: oil and gas industry - repurposing for clean energy
- only 30 % of the energy consumed in a clean energy future within 1.5 Deg C comes from low emission fuels and technologies that benefit from oil and gas industry resources
- this leaves a huge deficit of 70 %.
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question
- How will the transition account for these human and technological resources?
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Many producers say they will be the ones to keep producing throughout transitions and beyond. They cannot all be right.
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for: stats - oil and gas industry - fight for survival
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stats: oil and gas industry - fight for survival
- competing oil producers will have to reach an agreement on who has the right to produce the remaining carbon budget
- 24 million barrels a day are still produced in a 1.5 Deg C scenario but are largely uncombusted
- 75 % of that will be used in petrochemical and other industry
- 920 billion cubic meters of natural gas
- 50% of this for hydrogen production
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In a scenario that hits global net zero emissions by 2050, declines in demand are sufficiently steep that no new long lead-time conventional oil and gas projects are required. Some existing production would even need to be shut in. In 2040, more than 7 million barrels per day of oil production is pushed out of operation before the end of its technical lifetime in a 1.5 °C scenario.
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for: stats - oil and gas industry - steep drop in production
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stats - oil and gas industry - steep drop in production
- no new fields can be developed to meet a 1.5 Deg C scenario
- any new developments face the certain risk of being a stranded asset
- by 2040, 7 million less barrels of oil are produced each day to meet a 1.5 Deg C scenario
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The production, transport and processing of oil and gas results in just under 15% of global energy-related greenhouse gas emissions. This is a huge amount, equivalent to all energy-related greenhouse gas emissions from the United States.
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for: stats - oil and gas industry operational emissions
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stats: oil and gas industry - operational emissions
- 15% of all global emissions are from the production, transport and processing of fossil fuels
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Oil and gas producers account for only 1% of total clean energy investment globally.
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for: stats - oil and gas industry - clean energy investments
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comment
- Inclusive transformation
- Clearly, transforming the dirty fossil fuel industry into clean energy industry requires migrating as much of those 12 million dirty energy jobs as possible. We can't alienate the fossil fuel industry.
- the barometer to measure this paradigm shift in fossil fuel industry narrative is their investment into clean energy. Over the years, majors have acted like politicians, promising significant clean energy investment, then backsliding. There is no more time for that.
- Inclusive transformation
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This new IEA report explores what oil and gas companies can do to accelerate net zero transitions and what this might mean for an industry which currently provides more than half of global energy supply and employs nearly 12 million workers worldwide.
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for: stats - oil and gas industry - profit split, stats - oil and gas industry - reserves split
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stats: oil and gas industry profit split
- 50 % to governments
- 40 % to investments
- 10% to shareholders and debt
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stats: oil and gas reserve splits
- majors: 13 % production, 13 % reserves
- National Oil Companies: 50% production, 60 % reserves
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To align with a 1.5 °C scenario, these emissions need to be cut by more than 60% by 2030 from today’s levels and the emissions intensity of global oil and gas operations must near zero by the early 2040s.
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The production, transport and processing of oil and gas results in just under 15% of global energy-related greenhouse gas emissions.
for: stats - oil and gas industry, stats - fossil fuel industry
- stats: oil and gas industry
- stats: fossil fuel industry
- The fossil fuel industry's production, transport and processing operations accounts for 15% of global energy-related greenhouse gas emissions.
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Oil and gas producers account for only 1% of total clean energy investment globally.
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for: stats - oil and gas industry, stats - fossil fuel industry
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stats - oil and gas industry
- stats - fossil fuel industry
- Oil and gas producers account for approximately 1% of total clean energy investment
- 60 % of that comes from 4 companies
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industry which currently provides more than half of global energy supply and employs nearly 12 million workers worldwide.
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for: stats - oil and gas industry, stats - fossil fuel industry
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stats - oil and gas industry
- stats - fossil fuel industry
- supplies approximately 50% of all total global energy
- employs 12 million people directly
- Since 2018, annual revenues average 13 trillion USD
- revenue split
- 50 % to governments
- 40% to investment
- 10% to shareholders and debt
- Major oil companies account for 13 % of all reserves
- National Oil Companies (NOC) account for
- over 50% of all production
- close to 60% of all reserves
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Tags
- stats - oil and gas industry - steep drop in production to meet 1.5 Deg C
- stats - fossil fuel industry
- stats - oil and gas industry - clean energy investment
- stats - oil and gas industry - reserves and production split
- stats - oil and gas industry
- stats - oil and gas industry - repurposing for clean energy
- migration - fossil fuel to clean energy
- stats - oil and gas industry - no new fields to meet 1.5 Deg C
- stats - oil and gas industry - operational emissions
- fossil fuel to clean energy migration shortfall
- stats - oil and gas industry - required investments in clean energy
- stats - oil and gas industry - competition for producing the remaining carbon budget
- stats - oil and gas industry - profit split
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