….then it must be true!
Hidden behind their ‘Premium' designation, the Daily Telegraph announced the other day that “Big Oil embraces carbon capture with the zeal of the converted” noting that “"We can't just keep our heads in the sand," said Bob Dudley from BP”.
I would comment that this gives a new meaning to the word Premium as what I observe is that the Telegraph has simply caught up at last with what BP for example has been saying on its website for a while.
Still, credit and benefit of the doubt where it is due, better than the BBC's re-cycling of old news!
So we can observe that BP and some of its pals have been talking the talk for a while, amongst other things, almost pleading for a carbon tax.
What's trickier is figuring out what “Big Oil” (aka the Majors plus the big NOCs) is actually doing today, right now, to reduce CO2 and CH4 emissions. And whether such targeted reductions make an appearance in the performance contracts, and therefore impact the remuneration outcomes, of those who really control production and drilling operations, refineries, LNG plants and sell us all petrol and diesel?
Who can tell? But the upcoming AGM ‘season' gives investors and employees a great opportunity to ask!
Meanwhile, the E&Ps remain with their “heads in the sand”.
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