Aside from their traditional oil & gas activities, many of our member companies invest into renewable energy sources and develop some of the largest low-carbon technology projects in the world.
Although these are the smaller part of our industry’s capital expenditure (CAPEX), the oil & gas industry’s investments in renewable energy and services (especially wind, solar, biofuels and batteries) have increased over time and are expected to continue doing so.
(Source: IEA, The Oil and Gas Industry in Energy Transitions, 2020)
This expansion into the electricity, renewable energy and services activities has driven a number of our member companies to rebrand themselves into “energy companies” in order to reflect this change in their portfolio.
While many see the energy transition as a challenge to our sector, our companies are eager to seize the full breadth of opportunities it offers.