Oil giants raise stakes in bid to curb emissions: Shell considers selling US oil field as BP looks to build new wind farms
Oil giants Royal Dutch Shell and BP are making further strides in the battle against climate change.
Shell is considering a blockbuster £7billion sale of 260,000 acres in the Permian Basin, mostly in Texas, the US’s largest oil field.
And BP has teamed up with two Norwegian groups to bid for rights to build wind farms off the coast of Norway in the North Sea.
‘Nodding donkey’ oil pumps in the Permian Basin oil fields in the US. Shell is considering a blockbuster £7bn sale of its holdings in the region
It comes days after the energy major was reported to be mulling a plan to spin off its operations in Iraq, where it has worked since the 1920s, into a separate company.
The latest moves away from fossil fuels come as Shell and BP are under pressure to drastically curb their carbon emissions and transform into green energy companies.
But the pandemic has sent both firms plunging to some of the largest losses in corporate history.Huge overhauls have followed.
Shell chief Ben van Beurden has vowed to ‘rise to the challenge’ of hitting climate targets and a Dutch court ruled that by 2030 it must reduce its net carbon emissions by more.
BP’s investments and an enthusiastic strategy means it is seen to be ahead of Shell.
Oil prices hit their highest levels in more than two years as the rollout of Covid vaccines across the developed world boosted the outlook for the global economy.
Brent crude rose as high as $73.64 a barrel – a level last seen in May 2019 – while US WTI was trading at $71.78. That was its highest level since October 2018.