Gas and Oil majors focus on Renewables and Carbon capture

Energy

Although you will often meet an expert who believes that gas and oil companies will abandon energy exploration soon, many gas and oil majors are set on exploring the renewable energy sector and in a big way. Many of these companies have set out plans to produce clean energy and support the globe’s target to a net-zero emission target. Additionally, Hydrogen and carbon capture techniques will play a massive role in the renewable energy sector.

Sustainability is one of the priorities that many companies have set as the globe works on decarbonizing the planet. The oil and gas industry has laid out its plans on the subject as they shift from fossil fuels to clean energy due to climate fluctuations concerns. Many big names in the oil and gas business like BP, Royal, Total, Dutch Shell, Repsol, Eni, and Equinor are ready to explore renewable energy resources.

David Linden, Westwood Global Energy Firm head, commented on the renewable energy sector and the future of oil and gas companies stating that in Europe, oil and gas companies are ready to make a name for themselves in the renewable energy sector. He explained that oil and gas companies are working on sustainable goals but with different strategies. For example, Dutch Shell and Total are reducing their emissions which is a different path compared to other companies.

An O&G company, Total, has already laid out plans in its attempt to become a leading renewable supplier across the globe as part of its plan to transit to become a more prominent energy company by the end of this decade. Currently, the company has an $8 billion investment in renewables and targets amounting to 7GW in renewable energy capacity this year. The Total company has set a 2025 target to achieve 35GW renewable energy where most of the plants are under construction. Additionally, the company stated that they plan on attaining 100GW capacity by 2030.

Linden explained that Shell is yet to announce its plans in the renewable energy sector, but reliable sources claim that it has plans to invest in the renewable energy sector. Also, we have many O&G companies in Europe exploring the world of renewables. When people think of BP, Shell, or Total, they tend to think of oil and gas production, but the companies have a record of being top traders. As they expand their businesses in the Geothermal, offshore wind, and hydrogen sectors, they aim for excellence. As O&G companies venture into renewable and carbon capture technologies, they aim to become the leading clean energy suppliers.

BloombergNEF clean energy investments suggest that the oil and gas companies will demonstrate their commitment to clean energy, with companies like Total, Lisbon, Shell, and Repsol indicating considerable investments in renewables. People hope to continue receiving services from these giant companies as they expand their business.

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