Key Players in Supplying Future Oil
- Created by: Amy Brown
- Created on: 04-06-14 12:16
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- Key Players in supplying future oil
- TNCs e.g. Shell
- Historically the energy industries have been dominated by large TNCs such as Shell but the power of the TNCs has been challenged by OPEC and recently national energy companies
- Due to the fact that TNCS have come under attack from environmental groups
- Companies like BP have worked hard to establish a positive public image through investments in renewable energies
- Shell
- Consists of a global group of energy and petrochemicals companies with a startegy to reinforce their position as a leader in the oil and gas industry in order
- One of the focuses has been to explore for new oil and gas reserves
- Produce 2% amount of world's oil
- Produce 3% amount of world's gas
- 3.1 million barrels of gas and oil everyday
- $2 billion spent on CO2 and renewable energy technologies over the last 5 years
- In 09 greenhouse gas emissions were approximately 35% below 1990 levels
- Consists of a global group of energy and petrochemicals companies with a startegy to reinforce their position as a leader in the oil and gas industry in order
- OPEC
- Organization of the Petroleum Exporting Countires is a permanent intergovernmental organization of 12 oil-exporting developing nations
- Formed in 1960 to protect the interests of oil producing companies and have formed what some view as a cartel
- Sets oil production quotas for its members in response to economic growth rates and demand and supply conditions -ensure fair and stable prices
- End of 2006, OPEC members had over 78% of the worlds total oil reserves and produce 45% of the worlds crude oil and 18% of natural gas
- Criticized that it controls the price of oil as it is worried that increasing the supply of oil would mean investors would stop investing causing a collapse in price
- TNCs e.g. Shell
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