Big Oil May Need To Shed $111 Billion In Assets In Clean Energy Push

The companies in the study – ExxonMobil, Chevron, ConocoPhillips, BP, Shell, Total, Eni, and Equinor – may have to divest combined resources of up to 68 billion barrels of oil equivalent in various geographies, with an estimated value of US$111 billion and spending commitments in 2021 totaling US$20 billion, according to the study.   The Europe-based group of those companies, dubbed ‘Majors+’ by Rystad Energy, have pledged various commitments to become net-zero energy companies and significantly expand their renewable…