Despite growing pressure to transition to renewable energy, major oil and gas companies like Shell, Equinor, and BP are continuing to invest in fossil fuel projects, particularly in the North Sea.
Several European oil and gas majors appear to be doubling down on their investments in fossil fuels , despite reports from earlier in the year warning that strict North Sea regulations could dampen interest in oil and gas . Shell and Equinor have just announced a new joint venture for their North Sea activities, while BP's deal with Japan's Jera will allow it to focus on continuing to exploit its oil and gas assets.
It also includes several exploration licenses pending government approval, a decision over which is expected by the end of 2025. Each company will retain independent ownership of its other energy business, such as hydrogen and wind. The integrated gas and upstream director at Shell, Zo Yujnovich, stated 'Domestically produced oil and gas is expected to have a significant role to play in the future of the U.K.'s energy system.
North Sea Renewable Energy Fossil Fuels Climate Change Energy Transition Shell Equinor BP Carbon Emissions
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