Ekta Chourasia, Business Fundamentals Analyst at GlobalData, comments: “Oil and Gas companies are carving out their own energy transition paths by investing in technologies, initiatives, and partnerships to accelerate the shift towards green and renewable energy. Companies across other sectors, including the financial services sector, are also discussing investments in infrastructures as well as potentially collaborating with energy companies to support the energy transition.”
Oil and gas companies are developing renewable energy solutions
Oil and gas companies are discussing investing in technologies, developing renewable energy solutions, and shifting towards low-carbon options like green hydrogen and renewable naphtha. Oil-producing companies such as Woodside Energy Group are looking at investing in lower carbon products and services. The Oil and Gas Methane Partnership 2.0 initiative from ConocoPhillips and the hydrogen-producing electrolyser for wind power from Shell were some of the references for the energy transition. California Resources, a hydrocarbon exploring company, discussed its partnership with Brookfield, an investment management company, which supports decarbonisation initiatives. Midstream companies such as Enbridge discussed investment in Smartpipe technology.
Equipment and Service companies such as John Wood Group discussed securing a project with Total Eren, a renewable energy producing company to develop a large-scale green hydrogen production facility. Air Products and Chemicals mentioned increasing its total CAPEX for projects promoting energy transition. SBM Offshore, a provider of floating production solutions to the offshore oil and gas industry, mentioned the decarbonisation of fossil fuel production and the development of renewable energy solutions.
