Journal
ENERGY STRATEGY REVIEWS
Volume 26, Issue -, Pages -Publisher
ELSEVIER
DOI: 10.1016/j.esr.2019.100370
Keywords
Renewable energy; Oil majors; Corporate strategy; Investments; Energy transition
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Renewables, especially wind and solar, are taking a role of increasing importance in the energy industry. Therefore, oil majors are progressively positioning themselves for the proclaimed energy transition. This indeed raises the question of whether sizeable capital allocation into renewable energy could indicate that oil majors are indeed transforming into energy companies. This paper helps to address this query by investigating the oil majors' renewable energy strategies and investments. Furthermore, a complete quantification and categorization of oil majors into renewable leaders or laggards is provided. Results show that of the eight oil majors, five have undertaken considerable investment into renewable energy. The analysis also demonstrates the strong linkage between the oil majors' proved oil reserves and their renewable energy strategies.
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