Big Oil Getting Greener
|Source: North Sea Oil Platform|
Petition Norway for Green Electricity
There's yet another sign that big oil is making an effort to go green and use renewable energy. BP, Shell and Total have petitioned the government of Norway to connect some of their oil platforms in the North Sea to Norway's power grid. The oil companies want to reduce their carbon emissions by electrifying the platforms with energy generated by wind and hydro power.
Underwater Cable Connections
The offshore platforms in the North Sea could be connected to the grid by a 300 kilometer underwater cable. BP says electrifying the platforms would significantly reduce carbon emissions. Norway generates electricity primarily from wind and hydro power. Electrifying the oil platforms would replace fossil fuel energy with carbon free energy.
This week, the new CEO of BP Bernard Looney said that BP will radically cut carbon emissions and refocus its business lines on renewable energy. He has promised to eliminate carbon emissions by BP and use of its products globally by 2050. Meanwhile, French energy giant Total said it's considering stopping the sale of fuel oil to power markets. Total is trying to reduce its carbon footprint and build its renewable energy business. Big oil is under growing pressure from shareholders and consumers over concerns about climate change.
The request by BP, Shell and Total to tie their oil platforms into Norway's electric grid is unprecedented. Norway has connected its own oil platforms but never platforms that are foreign owned. If Norway agrees to the request, the electricity would start flowing in 2025.