Oil Company Bonuses Linked to Increases in Extraction Spending

According to the Guardian, Bosses at the world’s big five oil companies have been showered with bonus payouts linked to a $1 trillion increase in spending on fossil fuel exploration and extraction over nine years.
The unprecedented push to bring untapped reserves into production, and to exploit new and undiscovered fields, involves some of the most complex feats of engineering ever attempted. It also reflects how confident ExxonMobil, Shell, Chevron, Total and BP are that demand will remain high for decades to come.
The big oil groups are pressing ahead with investments even though the International Energy Agency suggested limits on fossil fuel extraction in order to prevent further global warming. Scientists warn that if the earth warms 2 celsius above pre-industrial levels it could lead to permanent climate change.



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