Open Translation

BERLIN, Germany: Urgewald, a non-profit coal research group, and more than 50 NGO partners has published the second update of the Global Oil & Gas Exit List

The public database provides a breakdown of the activities of 1,623 companies active in the upstream, midstream or gas-fired power sector accounting for 95 percent of global oil and gas production.

Despite the climate emergency, 96 percent of the 700 upstream companies on GOGEL are still exploring or developing new oil and gas fields while 1,023 companies are planning new LNG terminals, pipelines or gas-fired power plants.

“The magnitude of the industry’s expansion plans is truly frightening. To keep 1.5 °C alive, a speedy, managed decline in both oil and gas production is vital. Instead, oil and gas companies are building a bridge to climate chaos,” comments Nils Bartsch, Urgewald head of Oil & Gas Research.

According to the 1.5 °C roadmap issued by the International Energy Agency (IEA) in 2021, exploration for new oil and gas reserves is no longer required. However over the past three years, oil and gas companies increased oil and gas exploration in 129 countries by 30 percent to US$ 170.4 billion.

Of the 384 companies that spent more than US$10 million annually during the COVID pandemic, the top seven exploration companies were China National Petroleum Corporation – CNPC (US$ 5.9 billion), CNOOC (US$ 3.2 billion), Saudi Aramco (US$ 2.8 billion), Pemex (US$ 2.6 billion), Sinopec Group (US$ 2.4 billion), Pioneer Natural Resources (US$ 2.1 billion) and Shell (US$ 2.0 billion).

Urgewald says 539 companies are preparing to bring 230 billion barrels of oil equivalent (bboe) of untapped oil and gas resources into production.

The seven companies with the largest short-term expansion plans while responsible for one-third of global short-term oil and gas expansion are Saudi Aramco (16.8 bboe), QatarEnergy (16.5 bboe), Gazprom (10.7 bboe), Petrobras (9.6 bboe), ADNOC (9.0 bboe), TotalEnergies (8.0 bboe) and ExxonMobil (7.9 bboe).

TotalEnergies tops the list of companies expanding in the highest number of countries (53), followed by Shell (41), Eni (40), ExxonMobil (39), BP (29), Petronas (27) and Chevron and Repsol (25 each).

Almost one-third of the countries where TotalEnergies is exploring and developing new oil and gas resources include South Africa, Namibia, Mozambique and Papua New Guinea.

These countries currently have little or no oil and gas production. Instead of transitioning, oil and gas majors are driving new countries into fossil fuel dependency.

“Oil and gas companies like TotalEnergies, Shell, and their local partners are spending billions of dollars to lock African countries into a fossil gas future,” says Leanne Govindsamy from the South African NGO Centre for Environmental Rights. “Gas is not a viable energy option for Africa. It is dirty, expensive and most new projects will take five to seven years to build before they can make any contribution to energy security. What we need is a just transition to affordable and renewable energy for all.”

The U.S. government’s Fifth National Climate Assessment report, mandated by Congress to determine climate change impacts, risks and responses, says present day levels of greenhouse gases in the atmosphere are higher than at any time in at least the past 800,000 years, with most of these emissions occurring since 1970.

Global temperature has increased faster in the past 50 years than at any time in at least the past 2,000 years.

The rate of sea level rise in the 20th century was faster than in any other century in over 3,000 years.

By 2050, the U.S. coastal sea level is forecast to rise 0.92 feet (0.28 metre), and 3.28 feet (1.0 metre) by 2100 based on an intermediate forecast. A high level forecast over the same time frames is 1.41 feet (0.43 metre) and 6.56 feet (2.0 metres).

The current drought in the western U.S. is now the most severe drought in at least 1,200 years and has persisted for decades.

Meanwhile in October and November 2023 five oil majors reported Q3 profits in the billions:

Shell reported profits of £5 billion ($6 billion) and since Russia’s full-scale invasion of Ukraine has paid dividends of £9.5 billion ($11.6 billion) and repurchased shares worth £21 billion ($25.6 billion) - giving shareholders a total of £30.5 billion ($37.3 billion)

BP reported profits of £2.7 billion ($3.3 billion). Since January 2022 it has paid dividends of £6.5 billion ($7.9 billion) and repurchased shares worth £13.6 billion ($16.6 billion) for a total giveback of £20.1 billion ($24.5 billion) to shareholders.

ExxonMobil reported profits of $9.1 billion and since January 2022, when the energy crisis inflated Exxon’s profits, paid dividends of $26 billion and repurchased shares worth $28 billion, giving shareholders a total of $54 billion.

Chevron reported profits of $6.5 billion. Since January 2022 it paid dividends of $19.5 billion and repurchased shares worth $23 billion, giving shareholders a total of $42 billion.

Total Energies reported profits of €6 billion ($6.45 billion). Since April 2022, a month after Russia’s invasion of Ukraine, it has paid dividends of €13 billion ($13.7 billion) and repurchased shares worth €12 billion ($12.7 billion), giving shareholders a total of €25 billion ($26.4 billion).

In 2023 alone, Total paid shareholders €11 billion ($11.9 billion). This could had covered over 90 percent of the €12 billion in financial aid the EU has paid Ukraine this year up to August, according to Global Witness.

Total and its peers gave shareholders US$184 billion between January 2022 and October 2023 from fossil fuel profits: US$50 million a day.
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left

January 16, 2024
Energy Editor

COP28 goal of tripling renewables closer says IEA

PARIS, France: The International Energy Agency (IEA) says the world added 50 percent more renewable capacity in 2023 than 2022 and forecasts the next five years will see even fastest growth. Almost 510 gigawatts (GW) were added to the global grid with solar…
January 10, 2024
Energy Editor

Eight percent rise in maritime orders for alternative-fuels

HØVIK, Norway: Classification society DNV says 298 ships with a power alternative to fossil fuel were ordered in 2023 – an 8.0 percent increase year-on-year. They included 138 orders for methanol, up from 38 in 2022, 130 for LNG and 11 powered by ammonia.…
December 08, 2023
Energy Editor

Ørsted begins construction of carbon capture project

COPENHAGEN: Ørsted has begun construction of two carbon capture (CCS) facilities designed to remove and store 430,000 tonnes of CO2 emissions annually from two biomass-sourced power stations. The woodchip-fired Asnæs power station in Kalundborg and a…
December 05, 2023
Energy Editor

ADNOC second largest oil producer by 2050

LONDON: According to Global Witness, the Abu Dhabi National Oil Company (ADNOC) - headed by COP28 president Sultan Al-Jaber - is on course to become the second largest oil producer in the world by 2050. Using industry data sourced from business intelligence…
November 27, 2023
Energy Editor

Maersk sources ‘green’ fuel from China

COPENHAGEN: Chinese energy developer Goldwind is to supply A.P. Moller - Maersk with 500,000 tonnes annually of ‘green’ bio-methanol and e-methanol. First volumes are expected in 2026 utilising wind energy to produce the new fuel from a facility in Hinggan…
November 13, 2023
Energy Editor

Cambridge University develops sustainable energy alternative to fossil fuels

CAMBRIDGE, UK: Cambridge University researchers have developed floating ‘artificial leaves’ that can generate clean fuels from sunlight and water as efficiently as plant leaves. Published in the journal Nature, the study shows it is possible to develop…
September 21, 2023
Energy Editor

DHL invests in Irish bio-methane production

CORK: DHL Supply Chain is investing €80 million in a local bio-methane production plant to supply enough green fuel for a fleet of 150 trucks and cut CO2 emissions by 15,000 tonnes per annum. The project includes partnering with grocery retailer Tesco Ireland…
September 20, 2023
Energy Editor

A.P. Moller Holding funds green methanol start-up

COPENHAGEN: A.P. Moller Holding and A.P. Moller Maersk (Maersk) have provided the capital for energy start-up C2X to produce three million tonnes of green methanol by 2030. Methanol, a fundamental building block in plastics, glues and textiles is almost…
September 19, 2023
Energy Editor

Logistics giants cooperate to save the planet

COPENHAGEN/MARSEILLE: A.P. Moller – Maersk A/S (Maersk) and CMA CGM are to advocate and develop the use of greener fuels in a bid to accelerate the decarbonisation of the maritime shipping industry. Both companies say they want to work with other shipping…
September 14, 2023
Energy Editor

Maersk’s ‘Laura’ returns with renewed energy

COPENHAGEN: European Commission president Ursula von der Leyen has named Maersk’s first methanol-powered container ship “Laura Maersk” at a ceremony in Copenhagen this week. Called after the company’s first steamship in 1886, von der Leyen said the new vessel…
September 05, 2023
Energy Editor

Bio-LNG now available in 70 ports worldwide

GENEVA: The Mediterranean Shipping Company (MSC) has joined SEA-LNG, the multi-sector industry lobby group for low-carbon alternatives to bunker fuel. Last year the world’s largest container shipping line introduced five dual-use LNG-powered vessels and has…
September 05, 2023
Energy Editor

Ammonia a cost-effective alternative to bunker fuel by 2026

COPENHAGEN: An analysis from the non-profit Global Maritime Forum on behalf of the Nordic Green Ammonia Powered Ships (NoGAPS) project, says the cost gap between operating ships on zero-emission ammonia and conventional fuel could be eliminated before 2030…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand