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
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
