An expert from Shell says that oil companies, with their deep knowledge of geophysics, are well-suited to pioneer carbon capture and storage technology.
O.K. It might be good news. They are denying climate change because it hurts their business. It has nothing to do with the validity of the theory. Now there is a business model, so they will stop funding the deniers?
And while it might seem like an odd reversal for oil companies to get into the business of reducing emissions, Smit believes oil companies could play an important role. He said their expertise in geophysics and in managing extremely large-scale operations could be key to both addressing water scarcity and helping to capture and store carbon dioxide to limit climate change.
Earlier this month in a speech for the Oil & Money Conference in London, Shell’s CEO Peter Voser pointed to CCS—along with biofuels and natural gas for transportation—as a promising area for Shell. He said, “I’m not suggesting these opportunities will be easy, but they could be the bedrock of our future competitiveness.”Let's hope other major oils will come out speaking the same. Once BP's slogan is "Beyond Petroleum". It did not work well for BP. Maybe the strategy is not wrong, is just ahead its time. Is it time to get back to the "Beyond Petroleum"?