http://www.energymarketprice.com/SitePage.asp?act=NewsDetails&newsId=19717
[While I see the Statoil and Total moves as genuine moves to ride the
shift away from fossil fuels to renewables, my read of of the ExxonMobil
investment in CCS and fuel cells is a way to vacuum up taxpayer dollars
to support two dead-end paths, both of which are intended to extend the
life of the fossil fuel energy economy.
I see the Saudi move as highly instructive. As the world's swing oil
producer, they are planning to continue exporting oil to world markets,
while moving their own infrastructure to renewables.]
Big oil companies to invest in green energy
26/05/2016
Big oil companies are stepping up its investments in renewables and
clean energy, being hit by declining oil prices and plunging profits.
Oil majors like Total, ExxonMobil, Statoil and Shell have announced a
series of “green investments” in wind farms, electric battery storage
systems and carbon capture and storage (CCS). These moves come after
Saudi Arabia, the world’s biggest crude exporter, said it plans to sell
off parts of its national oil company and diversify its economy away
from petroleum. On Monday 9 May, French oil giant Total announced a $1
bn takeover of Saft Groupe, which specialises in batteries for the
transport, industry and defence sectors. Total has also acquired a
majority share in SunPower, a leading solar concern. ExxonMobil has
recently unveiled plans to investigate fuel cell technology in order to
build carbon capture and storage facilities and eliminate greenhouse gas
emissions from power installations. The moves by ExxonMobil and Total
come three months after Norway’s oil and gas giant, Statoil, announced a
$200m, four-to-seven-year investment in energy storage, renewables,
efficiency and smart grids. It is believed, that this example will soon
be followed by Shell. The Dutch-Anglo oil company has created a separate
division, New Energies, to invest in renewables and low-carbon power, to
be formally announced at a strategy briefing on 7 June. Last week, Shell
said it is bidding in a partnership to build two wind farms off the
Dutch coast.
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