Big oil must adapt to new era of lower prices, says Lord Browne

Lord Browne has said that oil companies will have to adapt their business models to a new era of lower prices and a greater emphasis on reducing carbon dioxide emissions in order to survive. His remarks come after Britain’s top two international oil companies, Shell and BP, announced spending cuts over the next three years as they adapt to oil prices that are expected to remain at levels around $60 per barrel. Earlier this week BP warned that carbon dioxide levels from fuels are unsustainable unless the international community unilaterally introduces tougher binding regulations on atmospheric pollution.