David Bamford writes:
In a previous article I highlighted what I will refer to as the “Tillerson Paradox” – namely the recognition that oil & gas are likely to remain a dominant component of energy supply for decades to come and yet accepting that carbon emissions (CO2 and CH4) are almost certainly impacting our planet.
I noted that the European Majors (and a few allies) say that they are dealing with this Paradox though questions remain as to what exactly they are doing (as opposed to saying) and whether any of it is reflected in executives' (and others') performance contracts.
But what are the European E&Ps doing – Premier Oil, Ithaca Energy, Enquest, Tullow Oil et al?
Very little it seems! Despite the fact that the Paradox, and the Majors' response to it, presents an existential to them? IMHO of course!
I am calling on these companies to be explicit about what they are doing about CO2 and CH4 emissions and to show how their actions are promoted in performance contracts from the top to the bottom of their organisations.
Here's a dubious analogue….NATO, in which Mr Tillerson is also involved It seems like 5 countries, the USA and the UK being two of them, are fulfilling their commitments to NATO whilst others, such as Germany and Italy, are not doing their bit. Sort of reminiscent of the 1930's!! See “While England Slept”.
Maybe in 5 years or so, I will get to write “While the E&Ps slept”!
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