From Investing.com: 2024-11-18 01:06:07

BP, Shell, and Equinor scale back energy transition plans due to the Russia-Ukraine energy shock and issues with renewable projects. BP CEO Auchincloss focuses on new oil and gas developments, while Shell CEO Sawan aims to boost performance. Employees question BP’s skills and experience in reestablishing itself as a major oil and gas player.

Equinor reviews its low-carbon business to focus on advanced offshore wind projects. Companies like Shell, BP, and Equinor continue to invest in biofuels and offshore wind projects. TotalEnergies stands out for investing heavily in low-carbon energy. Companies face challenges in balancing profitability with emission reduction targets amid warnings of missing global warming goals.

Investors remain sceptical about European oil giants’ ability to sustain profits. IEA predicts global oil demand to peak by the end of the decade. Companies need the right incentives, shareholder support, and focus on value to make transition plans successful. BP struggles to balance low-carbon investment with shareholder expectations.



Read more at Investing.com: European oil giants step back from renewables path By Reuters