Financial review of the global oil and natural gas industry

But about a quarter is refined domestically, at places such as Ruwais, where crude is distilled into products that have become vital to our modern existence: petrol for cars, diesel for trucks and jet fuel that propels aircraft. What emerging trends are on the horizon? The industry impacts national security, elections, geo-politics, and international conflicts. Fullwidth SCC. Governments are beginning to take some action, from incentivising the purchase of low emissions vehicles to funding cleaner energy research. In the UK, petrol and diesel already contain up to 7 per cent biofuels but, given growing concerns about climate change and air pollution, governments are expected to enact stricter fuel standards.

Publication Date: February 24, Add to myFT Digest. Must-see movies for car enthusiasts. Figueres is encouraged by the signs that investors and corporations are beginning to act. In world gas reserves went up slightly by 0. This website uses cookies to show you adverts and offer you services customised according to the preferences you have shown while browsing online.

Nick Mabey leads a London-based climate think-tank called E3G, which is pushing to accelerate the green transition. By Frank V. As the world wakes up to the catastrophic impact of climate change, from rising sea levels and drought to wildfires and crop failure, scientists have warned of a need to rapidly shift away from fossil fuels. Priority status as grid suppliers helps Orsted and Iberdrola weather drop in demand. The blame game, she argues, is not helpful; countries that are dependent on the use of, or income from, fossil fuels are in a tougher place. Yet few could say how exactly the transition away from oil and other fossil fuels would take place. Please enable JavaScript to view the site.

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Buying for your team? Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. While coal and gas are starting to be displaced by lower-cost renewables in electricity generation, oil has a stranglehold over the transport sector, and the petrochemicals industry is a fast-growing consumer of refined products. They are real people. As she speaks, her eyes scan the cars parked in the showroom. Accessibility help Skip to navigation Skip to content Skip to footer Cookies on FT Sites We use cookies for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. Priority status as grid suppliers helps Orsted and Iberdrola weather drop in demand.
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Total keeps dividend and sets climate goal despite profit plunge. ExxonMobil and Chevron deploy plans for cutbacks but preserve dividends. United Arab Emirates. Global energy scenarios. Explainer Oil.
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So we all have a responsibility to act. Wesfarmers eyes friendly takeover targets. Climate change is disrupting seasonal cycles — first bringing heatwaves and droughts, then floods and landslides. Add to myFT Digest. Copyright Permissions If you'd like to share this PDF, you can purchase copyright permissions by increasing the quantity.
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While pressure has largely been on the producers of fossil fuels, difficult-to-decarbonise industries, their financiers and auditors are also under scrutiny. BP is not alone in pursuing new oil consumers in developing countries as demand begins to stagnate elsewhere. Wednesday, 29 April, The earth has warmed by 1C since pre-industrial times and is likely to heat up by a further 2C by the turn of the century — overshooting the targets of the Paris climate agreement. Displacing the roughly 4 per cent of demand used for power generation is seen as low-hanging fruit given more cost-effective — although not necessarily emissions-free — alternatives already exist, such as gas and renewable electricity. When you add in aircraft, ships and trains, transport accounts for about 60 per cent. Although the climate talks in Madrid ended in disarray, she believes the prospect of cleaner air, better health outcomes, more liveable cities and energy security will be enough to encourage governments to keep the deal alive.
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It would be difficult for us to give up fossil fuels completely at this stage of our developmental cycle — our per capita carbon emissions is low compared to the world average. Source: Thunderbird School of Global Management. Yet when it comes to oil demand, there is little sign of this happening. The industry touches everyone's lives with products such as transportation, heating and electricity fuels, asphalt, lubricants, propane, and thousands of petrochemical products from carpets to eyeglasses to clothing. As she speaks, her eyes scan the cars parked in the showroom. But about a quarter is refined domestically, at places such as Ruwais, where crude is distilled into products that have become vital to our modern existence: petrol for cars, diesel for trucks and jet fuel that propels aircraft.
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Financial review of the global oil and natural gas industry:

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