Related Articles
Forward article link
Share PDF with colleagues

Frustrated investors push for a greener Big Oil

The supermajors have fallen on hard times - costs have surged, output has fallen. Investors have grown frustrated by low returns and high oil prices have not proven to be the remedy they had hoped. What comes next?

Since the end of the financial crisis, high oil prices have fuelled a spending binge on multi-billion dollar megaprojects, deep-water drilling programmes and Arctic adventures as the supermajors have scrambled to secure new resources. ExxonMobil, Shell, Chevron and BP, the West's four largest oil companies, spent a staggering $686 billion from 2008 to 2013, with annual investment levels rising by about 50% over the same period. Quarter after quarter, executives told investors that the increased spending would unlock new supplies and profits, but total oil and gas production from the four largest companies actually fell more than 3% from 12.6 million barrels of oil equivalent a day (boe/d) i

Also in this section
Gulf renewables push finds fresh ballast
19 March 2018
GCC states are rethinking their approach to energy pricing, as the solar PV revolution shatters old preconceptions
Ramaphosa reboots South Africa’s renewables programme
14 March 2018
New renewable energy deals point to a fundamental shift in South Africa’s energy investment priorities
Electrifying potential
23 February 2018
The falling cost of storing energy is emerging as a key enabler of electric vehicle and renewables growth. The oil and gas industry is taking notice