Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

US oil and gas majors lagging behind in energy transition according to Carbon Tracker

ExxonMobil's Nigeria subsidiary MPN has lifted force majeure on its Qua Iboe crude stream, following an accident in mid-December.
Photographer: Andrew Harrer/Bloomberg

US oil and gas majors are lagging significantly behind their European counterparts in adapting to the energy transition, according to a new report.

The Carbon Tracker initiative has compared the 65 largest oil and gas companies, analysing emissions ambitions, scale of CAPEX and oil price expectations.

It found that most European companies are beginning to take a “holistic view” of the energy transition by cutting their assumptions about the future oil price and adopting more stringent emissions targets.

The report, entitled Fault Lines, shows Italian multinational Eni leads the way with just 40% to 50% of its CAPEX at odds with plans to limit climate change to 1.6°C.

It’s closely followed by BP, which tops the table for emissions ambition and is second for its portfolio with 50% to 60% in contradiction with the Paris Agreement.

At the other end of the scale is ExxonMobil as 80% to 90% of its business as usual project portfolio is deemed to not be competitive if climate change is limited to 1.6°C, while it also has the weakest emissions targets.

US multinationals ConocoPhillips and Chevron are also found towards the bottom of the table.

The report also found that, despite growing concern about climate change, most oil majors continue to approve investments in projects that are inconsistent with the Paris Agreement.

The report identifies 15 projects, including ExxonMobil’s $10 billion Golden Pass liquefied natural gas development and Chevron and Total’s $6.3 billion ultra-deep water Anchor oil venture, approved in 2019 worth $60 billion that risk becoming stranded assets in a low-carbon world.

Register for free to join Energy Voice’s virtual Energy Transition Idea Exchange (ETIDEX) summit on November 19 at www.etidex.co.uk

Recommended for you

More from Energy Voice

Latest Posts