BP's oil exploration team swept aside in climate revolution

[ancianita]

By Ron Bousso

LONDON (Reuters) - Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.

Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.

The exodus is the starkest sign yet from inside the company of its rapid shift away from oil and gas, which will nevertheless be its main source of cash to finance a switch to renewables for at least the next decade.

BP is cutting some 10,000 jobs, around 15% of its workforce, under Looney's restructuring, the most aggressive among Europe's oil giants including Royal Dutch Shell and Total.

The 50-year-old, a veteran oil engineer who previously headed the oil and gas exploration and production division, aims to cut output by 1 million barrels per day, or 40%, over the next decade while growing renewable energy output 20 fold.

Despite the changes, oil and gas will remain BP's main source of revenue until at least 2030.

Due to the pandemic, acquisitions of new onshore and offshore exploration licences for the top five Western energy companies "dropped to the lowest in at least five years," citing data from Oslo-based consultancy Rystad Energy.

Biosphere death is bad for these humans, too. May the rest of Big Fossil follow.
https://finance.yahoo.com/news/bps-oil-exploration-team-swept-001324854.html

[Dustlawyer]

1. I have a shirt I bought somewhere on the Gulf Coast while working the BP oil spill.

It says, “FU BP”. It is still appropriate today! They are a greedy, evil company with a long terrible history. They were the ones that started the ball rolling that lead to the overthrow of Iran’s democratically elected government by our CIA in the early 1950’s.

I do not trust them.

[ancianita]

2. Nice.

Thanks for the history re Iran. Most people have no idea they were behind that move, thinking it was only the CIA. I understand it was planned by Eisenhower and Churchill, then carried out in Truman years.

Totally agree with you. Big Fossil bosses wouldn't do anything for humans, since their attitude has always been "nothing personal, just business," anyway. So it has to be that they're probably seeing the future with the help of an AI and making business decisions accordingly.

[Dustlawyer]

4. BP developed the Iranian oil fields and was not paying much for it. Iran's Prime Minister

wanted the country to be paid what it was worth and threatened to nationalize the oil fields. BP went to their government for help. The British approached the U.S. with this as we were the end user of a lot of this oil.

The CIA had just been created and have admitted it was their 1st government overthrow. We set up the Shah of Iran as a dictator and had their Prime Minister hung after a brief show trial.

The rest is history that greatly impacts us today!

[lagomorph777]

3. Fossil fuel firms face frightening future.

Smart to transform from oil company to energy company.