Fossil Fuel Companies’ Tough Sell: Oil and Gas Sites With Costly Environmental Clean-up
The total cost of decommission offshore oil wells around the world is expected to be over $100 billion by 2030.
Analysis
Image: The Birds! Platform Holly, offshore from Goleta. Credit: Glenn Beltz (CC BY 2.0)
Last year was rough for major oil companies. BP, Chevron, ExxonMobil, Shell, and Total suffered a combined $77 billion in losses for 2020. And now, as Reuters reports, many are trying to sell-off “dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.”
Typically, when major oil companies decide to sell off assets, they like to make a “clean-break”. Meaning the new buyers are the ones to not only take on the management of these assets but also all associated decommissioning costs and environmental liabilities when the assets reach the end of their economic life.
Fed s decision removes second-largest potential NY wind farm from consideration
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NYSERDA chief to feds: No wind farms off Hamptons
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Vineyard Wind Moves One Step Closer to First Offshore Wind Farm in the U S
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By Nichola Groom
March 31 (Reuters) – The Biden administration aims to transform the United States into the world’s leading producer of energy from offshore wind after years of lagging behind Europe, a senior official said on Wednesday.
President Joe Biden’s cabinet earlier this week unveiled a plan to boost the industry that promised new acreage, faster permitting, and billions of dollars in financing – part of his sweeping plan to fight climate change by decarbonizing the economy.
“The distinction now is that we have a president and an administration that is really harnessing this opportunity to fight climate change and to create good paying union jobs,” Amanda Lefton, director of the U.S. Bureau of Ocean Energy Management, said in an interview. “We will soon be leading in this industry.”