Energy giants BP and Shell are making changes as they seek to navigate the energy transition.
ADVERTISEMENT
BP and Shell are making changes to their energy outlook and operations in response to a rapidly shifting global energy landscape. BP’s 2023 Energy Outlook report projects that the Russia-Ukraine conflict will accelerate the transition to renewables and energy security, resulting in a 5% reduction in oil demand and 6% drop in natural gas demand in 2035. The energy giant also raised its 2035 demand outlook for renewables by 5% and for nuclear by 2%, with the greatest impact expected in Asia and the EU.
Separately, Shell announced a major restructuring of its business units, merging its oil and gas production and liquefied natural gas business into one entity and combining its renewables unit with its oil refining and marketing operations. The company has also reduced its executive committee to seven members.
It is expected to be a good year for oil and gas producers, but is unlikely to match 2022’s record results, as prices decline from current highs.
ADVERTISEMENT
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
BP and Shell are making changes to their energy outlook and operations in response to a rapidly shifting global energy landscape. BP’s 2023 Energy Outlook report projects that the Russia-Ukraine conflict will accelerate the transition to renewables and energy security, resulting in a 5% reduction in oil demand and 6% drop in natural gas demand in 2035. The energy giant also raised its 2035 demand outlook for renewables by 5% and for nuclear by 2%, with the greatest impact expected in Asia and the EU.
Separately, Shell announced a major restructuring of its business units, merging its oil and gas production and liquefied natural gas business into one entity and combining its renewables unit with its oil refining and marketing operations. The company has also reduced its executive committee to seven members.
It is expected to be a good year for oil and gas producers, but is unlikely to match 2022’s record results, as prices decline from current highs.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS