The biggest North Sea majors are set to invest more in the region’s wind power in the coming years than in its oil and gas.
The energy transition will require an incredible amount of capital, creating high-risk, high-reward opportunities for those participating.
Chevron has announced the launch of its $300 million Future Energy Fund II focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for all, it said.
The largest listed oil and gas producers are moving in the wrong direction, according to a new report from Redburn, “Lost in Transition”.
As one oil major after the other considers leaving Norway, the alarm bells are sounding at the country’s Petroleum and Energy Ministry.
Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.
Norway’s Labor Party, the country’s biggest opposition group, is worried about oil majors, such as Exxon Mobil Corp. and Total SA, selling off assets in the North Sea, potentially reducing competition.
Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth. From Chevron Corp. to Royal Dutch Shell Plc, producers are firing thousands of workers and canceling investments to defend their dividends. Cutbacks across the industry total $180 billion so far this year, the most since the oil crash of 1986, according to Rystad Energy AS, an Oslo-based energy consultant. BP Plc Chief Executive Officer Bob Dudley said last week his “first priority” was payouts to shareholders. Chevron CFO Patricia Yarrington said her company was committed to continuing its 27-year record of annual dividend increases. While the dividend payouts please investors, the producers risk repeating the patterns of 1986 and 1999, when prices slumped and they slashed spending. It took years for them to rebuild their pipelines of production growth.