Opinion

The Wooden Spoon!

Posted by David Bamford

23-Mar-2017

petromall.org/contact


https://en.wikipedia.org/wiki/Wooden_spoon_(award)

Yet another article from the Daily Telegraph, this time reporting on the IEA's warning that “$1.3 trillion of oil and gas could be left stranded”.

Now this is interesting as they are seeing that the Majors are recognising the risk and securing their future…..”Oil majors including BP and Shell are already adjusting the balance of future investment with a bias towards gas rather oil.”

They further suggest that “the share of fossil fuels used to create energy to halve between 2014 and 2050 while the share of low-carbon sources - such as renewables, nuclear and carbon capture - would more than triple worldwide to make up 70pc of energy demand in 2050.”

A slightly odd way of putting it as the ‘carbon capture' low-carbon source would almost certainly be fossil fuels, especially gas.

However, the question then emerges – whose oil and gas would be “left stranded”?

I think the answer is simple.

If all the Majors (and some of the NOCs) are responding, the folk left without a seat when the music stops will be those E&Ps who do not recognise the risk now and do nothing. They will collect the Wooden Spoon and we will have found that analysts who recommend them are blowing smoke!

Maybe you should ask what your company is doing?

All in my humble opinion, of course!



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Stranded ResourcesCarbon CaptureE&PsMajors

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