News Formal

BUSINESS MAVERICK: Pandemic plunge: Shell to write off up to $22bn in assets

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 84%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Global oil major Royal Dutch Shell is writing off up to $22-billion worth of assets in the face of the Covid-19 pandemic, which has gutted oil and gas demand, and prices. A day of reckoning may be in the offing for the fossil fuel industry that built the world economy and brought us the climate crisis at the same time.

Shell said in April 2020 that it planned to shift from fossil fuel production to reduce its greenhouse gas emissions to net zero by 2050. The impairments are certainly a move in that direction, but they also point to job losses, and falling profits and investments on the immediate horizon. BP has already announced a $17.5-billion asset write-down.

“Just a few years ago, few within the oil and gas industry would even countenance ideas of climate risk, peak demand, stranded assets, liquidation business models and so on. Today, companies are building strategies around these ideas,” he said. There must still be stranded assets galore out there in the tanking oil and gas sector. And for South Africa and the region, there must now be a question mark over a host of projects and pipe dreams.stringent measures including job cuts

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 3. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

BUSINESS MAVERICK: Gold price near eight-year highs as pandemic boosts safe-haven appealThe Covid-19 pandemic, the lockdown measures to contain it and the policies taken to stimulate reeling economies have boosted the fortunes of gold. The precious metal may hold its newfound glitter for the remainder of the year, but a collapse in demand from jewellers, industry and central banks could contain gains.
Källa: dailymaverick - 🏆 3. / 84 Läs mer »

BUSINESS MAVERICK: SA’s first-quarter GDP contracted 2% ahead of pandemic lockdown meltdownSouth Africa’s gross domestic product shrank 2% in the first three months of 2020, Statistics South Africa said on Tuesday, 30 June. It was the third straight quarter of economic decline and the only question now is how much bigger the second-quarter contraction will be. Will the current recession become a depression?
Källa: dailymaverick - 🏆 3. / 84 Läs mer »

Pandemic hammers all parts of Shell’s businessEnergy company’s dire second quarter threatens to have a long-lasting effect
Källa: BDliveSA - 🏆 12. / 63 Läs mer »

Pandemic hammers all parts of Shell’s businessEnergy company’s dire second quarter threatens to have a long-lasting effect
Källa: BDliveSA - 🏆 12. / 63 Läs mer »