Big Oil’s huge bet to save itself from extinction. BP, Shell and other oil giants are spending heavily on renewables, but risk killing their biggest source of income. After uncertain and false starts, oil and gas giants such as BP and Shell are ramping up their investment in emerging cleaner fuels, with a particular push into offshore wind, delighting climate activists and gaining a toehold in growth areas. But joining the green-rush is no guarantee they will thrive, of course. Big questions marks hang over the oil giants’ efforts to reinvent themselves. Nick Stansbury, head of commodity research at Legal and General Investment Management, says: “Faced with any disruption, the natural response is to say, ‘we need to do that’. But it’s often better to say no, stick with your core business and leave the disruption to the disrupter.” For oil and gas executives, steeped in the oil industry’s culture of geology and prospecting for crude, it’s quite a shift.
Telegraph 20th Oct 2020 read more »