BP Eyes Smaller Renewable Investments
BP is targeting smaller and wider-ranging investments in renewable energy to avoid large losses in the sector like those it suffered earlier in the decade, Chief Executive Bob Dudley said on Wednesday. BP and peers including Royal Dutch Shell and Total have recognised the need to reduce carbon emissions in the fight against global warming, but their investment in renewables remains tiny compared to oil and gas. "We're making smarter, in many cases, smaller bets, and making more of them across a wider range of technologies and business models," Dudley said in a speech at the Oil & Money conference.
Shell, Petrobras Expand Deep Water Partnership
Two of the world’s largest energy companies, Royal Dutch Shell and Petrobras, signed last week in The Hague, Netherlands, a Memorandum of Understanding (MoU) to establish a long-term mutual collaboration in developing pre-salt fields in Brazil. Shell said the partnership will allow it to benefit from technical solutions, contract management expertise and cost efficient initiatives Petrobras applies to Brazil’s pre and post-salt projects. Shell will share with Petrobras its global deep water experience, especially on cost efficiency efforts and use of technology.
Airlines Fly Slower to Cut Fuel Bill
Higher oil prices have had a traumatic effect on U.S. airlines, forcing carriers to re-examine every aspect of the way they do business in a bid to control costs. Between 2002 and 2012, the price of jet fuel quadruped from 70 cents per gallon to over $3. Fuel bills rose from 15 percent to more than 40 percent of the total operating costs of U.S. airlines to become their single largest operating expense. The airlines have responded by changing almost every element of their operations - from restricting capacity growth…
