Oil & gas in pursuit of the energy transition, part 2: IOCs and climate change
European oil and gas firms are taking a different approach to the transition when compared with their American cousins. The second part of the fifth chapter of our history of oil and gas examines the ocean separating IOCs
Like any transition, the energy transition will be volatile for the market and all its participants. The first companies to feel the pressure of shareholders are the large IOCs. In a study, Peter Linquiti and Nathan Cogswell of George Washington University pointed out: “In a world with a strong climate policy, the value of these [fossil fuel] resources drop to about $110t, a decrease of $185t, or 63%.” The strategies of the oil majors in terms of focus are an ocean apart. US firms ExxonMobil and Chevron are both doubling down on oil and gas resources, while their European counterparts began a transformation towards cleaner sources some time ago, with the goal of becoming ‘energy majors’. Th
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