Oil sector on long and winding road to energy transition, but vision is emerging

摘要

UPSTREAM'S sister publication Recharge posed an interesting question recently: at what point does a fossil fuel player shed its oily skin to become, in essence, a renewable energy company? The question was prompted by the latest move into offshore wind by Norway's Equinor, an early mover in the energy transition. The answer to the question - "not yet" - implies that Equinor is moving inexorably along the road to such a status. Impressions of a forced march toward net-zero emissions were reinforced by an International Energy Agency (IEA) report in May that said new oil and gas developments should not go ahead if global targets on climate change are to be met.