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Tessa Khan

@tessakhan

Feb 7

Lots of headlines about BP this morning, but worth focusing on the fact that BP has dropped its 2030 goal of cutting oil & gas production from 40% to just 25%, 10% of which will come from its divestment from Rosneft. BP also decreased its 'low carbon spend' from 2021 to 2022.
/1

@PriceofOil

Despite loopholes in the 40% target that @PriceofOil pointed out, it was celebrated at the time as evidence that the industry can be trusted to drive the energy transition. Today is an unequivocal reminder that this is an industry driven by profit & clinging to incumbency.
/2

It's also unsurprising given BP's shareholders overwhelmingly voted last year against Paris-aligned climate targets; and who can blame them when BP's just announced £13 bn in dividends and share buybacks?
/3

Read 6 tweets

Tessa Khan

@tessakhan

Oct 4, 2022

Not content with an embarrassingly weak windfall tax (the Shell CEO is the latest to suggest taxing them more in a social crisis might be a good idea), the UK govt is now hell-bent on rolling over completely for the O&G industry. THREAD
theguardian.com/politics/2022/…
/1

This isn't just about trying to evade scrutiny of new fracking projects (bad enough) but about ditching regulation of the whole North Sea basin. These regulations are there to protect our interests incl. the public purse, oil & gas workers, the marine environment, the climate.
/2

The idea of streamlining requirements from the Health & Safety Executive is quite literally playing with fire. Given the world's worst ever offshore disaster, Piper Alpha, was here in the UK, the stakes could not be higher.
/3

Read 10 tweets

Tessa Khan

@tessakhan

Aug 30, 2022

Wondering what to make of Liz Truss' announcement that she'll approve a new North Sea oil & gas licensing round when she's PM?
Here's a thread on why this is yet another egregious example of the UK Govt siding with oil & gas giants over the public.
thetimes.co.uk/article/tories…

1/ The UK is heading into a catastrophe caused by the price of gas. Soaring gas prices mean millions won't be able to heat their homes now & in the future given projections the gas price will stay high for years. NHS leaders have described what's coming as a humanitarian crisis.

2/ More domestic oil & gas production, whether in the North Sea or via fracking, will not affect the price we pay for it, which is determined by an international market. This has been accepted and acknowledged by both the UK Govt and industry.

Read 14 tweets

Tessa Khan

@tessakhan

Jun 24, 2022

Need more proof that the UK Gov is beholden to the oil & gas industry?
It's just announced a 1 WEEK public consultation on a deeply flawed windfall tax law that is a centrepiece of its response to a historic cost of living crisis. Here's why that's unacceptable & unlawful:
/1

There are well-established legal principles that apply to public consultations that require that "adequate time" be given for the public to consider and respond to a proposal. Official Cabinet Office guidance also reiterates this.
/2

1 week (5 working days) is manifestly inadequate given the significant public interest at stake in getting this law right, not to mention the complexity of the proposed legislation.
/3

Read 7 tweets

Tessa Khan

@tessakhan

Mar 24, 2022

@RishiSunak

The #SpringStatement is a shocking betrayal of millions of households in the UK who need urgent support.
@RishiSunak had an opportunity to help families via a windfall tax on extraordinary oil & gas profits, & failing to seize that is morally and intellectually indefensible.
/1

UK oil & gas cos are awash with cash. They're expected to enjoy the highest cash flows this year *since North Sea drilling began in the 70s*. They're also benefiting from a fiscal regime that has the lowest govt tax take in the world & the highest rate of return for investors.
/2

Sunak says he’s choosing not to impose a windfall tax because he wants to encourage investment in new UK production. But even with the incredibly generous fiscal regime we've had in place, inc 100% tax relief for new projects, there's little appetite for boosting production.
/3

Read 8 tweets

Tessa Khan

@tessakhan

Feb 8, 2022

First Shell, now BP reveals the profits it's made from soaring gas prices. BP raked in £9.5 billion in profits last year, while people in the UK are forgoing meals to heat their homes.

BP says it needs all of this money to "accelerate the greening" of BP. Really?
THREAD 🧵
/1

BP has promised for years that it's ‘greening’ its operations. In reality, its investment in renewables (as a share of capital expenditure) declined from 5.6% in 2018 to 2.6% in 2019, according to the industry lobby group OGUK.
/2

And while BP will point to recent investment in UK wind, its big prospect in the North Sea is a huge oil field, Clair South, from which it plans to extract nearly 300m barrels of oil. This isn’t oil to meet local energy demand. 80% of North Sea oil is exported.
/3

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