Letter on Carbon: Major commitment

The massive expansion of the Northern Lights project in Norway is the clearest sign yet that the European oil and gas companies mean business when it comes to CCS

Big European oil and gas companies have left investors in no doubt that the days of splurging cash on renewables and other transition businesses with low or uncertain returns are over. Shell and Norway's Equinor have both cut their spending on the transition, while BP is also aggressively pruning its green businesses. As part of a recent strategic reset in favour of oil and gas, it scrapped a major hydrogen project in the UK and decelerated its roll out of EV charging points. However, the majors remain firmly committed to one net-zero technology: CCS. TotalEnergies, Equinor and Shell have announced FID on phase two of the Northern Lights offshore carbon storage project on the Norwegian Conti