Oil majors are adopting various strategies for the energy transition
Outlook 2022: The future of oil majors in the energy transition
The big oil and gas companies are faced with the prospect of losing a large part of their market as the world transitions away from fossil fuels. Can they carve out a positive role for themselves?
Oil supply will increase by 6pc by 2030 under stated government policies, but decline by 27pc in a scenario leading to net zero by 2050, according to the IEA. For gas, the figures are plus 10pc and minus 9pc. That is a wide range of uncertainty. And stated government policies would require an investment of nearly $700bn/yr in upstream oil from 2030—well above current levels—whereas on the net-zero-by-2050 trajectory there will be no need for investment in new fields. With reasonable optimism about global progress in converting to clean energy, a tipping point will eventually occur when prices will decline closer to the production costs of the lowest-cost fields, mainly in Opec countries. Tha
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
