The plunging oil price is likely to put pressure on energy transition efforts to switch to renewables.
U.S.-based Exxon Mobil and Chevron this week focused their investor outlooks on sharp growth in oil and gas output, a stark contrast from their European rivals.
Declines suggest the end of the fossil fuel era could be on the horizon, said Tomas Kaberger, an energy professor at Chalmers University of Technology in Sweden, who provided the data to Reuters.
From renewable power projects to cutting emissions from oil and gas operations, supermajors on both sides of the Atlantic are taking different approaches to going greener.
BP’s ambitious climate targets set a challenge for its global oil and gas peers.
Merit SI LLC and KOMIPO America Inc. inked a joint development agreement on Feb. 12 to complete the development and construction of the 150 MW Concho Valley Solar project located in Tom Green County, Texas.
BP’s shift to becoming a net-zero company uncovers an eventual transformation of its upstream oil and gas business.
The Lundin Petroleum board also proposed to change the company's name to Lundin Energy AB, it said in a statement.
New research shows a sharp increase in expected low-carbon investment this year by oil and gas companies, despite volatile market conditions.