Article

The renewable energy strategies of oil majors – From oil to energy?

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Abstract

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. Keywords: Renewable energy, Oil majors, Corporate strategy, Investments, Energy transition

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... O&G companies such as Shell, Total, bp, and Equinor have all created divisions for renewable energies. Former O&G company Ørsted completely divested its O&G segment in 2017, and it is now a renewable energy organization and one of the most sustainable firms in the world (Corporate Knights, 2022;Pickl, 2019;Stevens, 2016;Timperley, 2021). Public policies involve strategic instruments for an energy transition, as they directly affect firms' investment decisions (Markard, 2018;Rogge & Reichardt, 2016;Sovacool & Geels, 2016). ...
... One common strategy is mergers and acquisitions or joint ventures with renewable energy companies, like bp with Bunge and Shell with Raízen in Brazil for ethanol production. Shell created a 'New Energies' division in 2016 to work with hydrogen, renewable energies, and electrical vehicles (Pickl, 2019), and Total plans to spend 20% of its capital expenditure (CAPEX) on renewables and electric mobility during -2025(Total Energies, 2021a. ...
... According to the National Agency for Petroleum, Natural Gas, and Biofuels in Brazil (ANP), this group of firms account for 95% of Brazil's oil production (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis [ANP], 2021a). It is noteworthy that this selection contains the O&G companies with the highest activity in renewables globally (Shell, Total, bp, and Equinor) (Pickl, 2019. We focused on renewable energy activities because it is an important proxy for the energy transition, and most O&G companies that have been acting on climate issues have made some investment in this sector. ...
Article
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We argue that there is a need to advance further research that strengthens the anal- ysis of policy mixes for the energy transition in major emerging economies. In this context, this article aims to answer the following question: How do Brazil’s policies favor or hinder an energy transition of oil and gas companies (O&G) to renewables? To achieve this purpose, we conducted literature and archival research and interviews with experts to analyze (a) Brazil’s energy policy mixes that address O&G and renew- ables issues; and (b) major O&G companies’ activities and perspectives that influence the energy transition. Results demonstrated that though some of the O&G companies have made significant renewables investments in the last years, they continue focusing on O&G activities. We discuss the main policy mix features that hinder the prioritization of renewables by these O&G companies and that can undermine a sustainable energy transition in Brazil.
... In recent years, some oil companies, especially international ones headquartered in Europe, have made public statements about wanting to move away from the most polluting sources of production and taken steps to e.g. invest in clean energy [9]. ...
... [12]) rather than their potential role in the wider sustainable energy transition. Recent literature has begun to explore the oil industry from the transition perspective [9,[13][14][15][16], but much is yet to be understood, especially since the high carbon emissions of the oil industry give it a deciding role in the success of climate change mitigation [17]. ...
... Much of the literature about the oil industry in the energy transition (see e.g. [9,14,41]) focuses on ways in which the industry could play a productive part in the transition, implicitly assuming that today's economic structures will continue in the transition and oil companies have a chance to retain their power. On the other hand, Newell et al. [42] argue that the fossil fuel industry should not be an active participant in the transition, as this will further entrench existing inequalities. ...
Article
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The operating model of the global oil industry is not compatible with the goals of the Paris Agreement. For the industry, there is a fundamental tension between two competing mandates: the pressure to contribute to the social goal of climate change mitigation, and the need to perform financially and meet obligations to shareholders in activities that directly contribute to climate change. To explore the range of responses to the tension, we interview professionals from large international oil companies who work or have worked in climate related roles. This is novel data from a professional group that has not previously been interviewed in depth about climate change. We develop a framework of six archetypical responses to tension within the oil industry. Examples of strategic responses include accepting the paradox to choose priorities other than climate change mitigation and confronting the paradox to demand changes to the way the oil industry operates. Examples of defensive responses include the transfer of responsibility and projection of tension to other stakeholders. Responses calling for change in the oil industry are the most common among people who have left the industry and the least common for participants from companies headquartered outside of Europe. In a field marked by controversies and value-based debates, a better understanding of the views of people working on the energy transition inside the oil industry provides new insight into the discussion about possible routes to the sustainability transition.
... These include improvements in the cost-competitiveness of RE [11,12]. Another factor is the increasing uncertainty in fossil fuels in recent years that forced some companies in fossil fuels to shift their investment in the energy sector from investing in fossil fuels to investing in RE [13]. ...
... These include improvements in the costcompetitiveness of RE [11,12]. Another factor is the increasing uncertainty in fossil fuels in recent years that forced some companies in fossil fuels to shift their investment in the energy sector from investing in fossil fuels to investing in RE [13]. ...
Article
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The COVID-19 pandemic has caused economic and social upheaval across countries. The global economy suffered its biggest slump in four decades while the decades of progress in poverty reduction are now in reverse. However, the pandemic presents a window of opportunity for a greener world. In contrast to fossil fuel, renewable energy showed resilience throughout the pandemic, where the demand and investment in this sector continued to increase. The opportunity for a post-COVID-19 green recovery also comes from billions of government fiscal measures in response to COVID-19. Using the case of two emerging economies, Indonesia and Vietnam, this paper investigates whether the stimulus plans align with a country’s sustainable energy and climate targets. This study finds that despite ambitious country targets for green energy transition, these countries may miss opportunities for a green future due to limited fiscal measures directed to green recovery. The pandemic has exacerbated public fiscal budgets that may further limit the capacity to fund green projects. Amidst the uncertainty and challenges brought by the pandemic, it is critical to balance between promoting economic recovery and achieving sustainable energy and climate targets. To this end, the authors suggest several policy recommendations to achieve these targets amid uncertainty brought by the COVID-19 pandemic for emerging economies.
... The paradigm shift in the energy field forces oil and gas companies to integrate low-carbon resources into their business, and the major challenge is to synchronize the investment process with the changes taking place nationally and internationally so as to keep up with competing companies. Gradually, these companies turn into oil companies into full energy companies, the pressures being multiple and exerted by stakeholders such as shareholders, competition, climate activists, public authorities or financial institutions (Fattouh et al. 2019;Pickl 2019). Some of these companies have even rebranded, but some stockholders claim the use of companies as a greenwashing technique that is not based on real involvement in the pass to the low carbon economy . ...
... The consequences are multiple and affect not only local companies, public authorities but also the population that will face disruption of their socioeconomic wellbeing. Given that the energy transition process is sustained internationally, these countries must also be part of this trend of increased environmental awareness and have embarked on bold projects to integrate renewable resources into the national energy mix, given the natural potential, which they have especially for the production of solar and wind energy (Stambouli et al. 2012;Fattouh et al. 2019;Pickl 2019;EEA 2021;IEA 2021). ...
Chapter
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Industrial Ecology (IE) is a field that is engrossed in the production stages, including products and services for protecting, recycling, and reusing natural resources. It is more like a natural eco-system that includes all processes and phases of resource extraction to conversion into finished products or services. The concept of industrial ecology was first proposed and used by Robert Frosch and Nicholas E. Gallopulos in 1989. The idea of ‘industrial ecology’ flourished with the emergence and recognition of the industrial revolution that transformed the whole agriculture and handicraft industry into a large-scale efficient and effective manufacturing industry. Overall, it can be said that the industrial revolution is the part of the industrial restriction, has become possible due to the resurgence of the technology in entire industrial productions and operations around the globe. With time, scientific revolutions are characterized by the advancement of product and process innovation intended for cost-effective policies and processes. Moreover, constant industrial revolution and progress created an adverse effect on the environment due to poor mechanisms of waste disposal and resources depletion. This study intends to explore and understand the role of the technological revolution in creating industrial ecology. Additionally, this study deepened knowledge with the recent trends and fashion to adopt emerging technological tools; (artificial intelligence, big data analytics, and blockchain technology) to sustain organizational/business productivity. These evolving tools help the organization design efficient processes like cost reduction and revenue generation. Therefore, inquiry provides practical guidelines to industrialists, policymakers, practitioners, and regulatory bodies to adopt the emerging machinery and embed it in the whole organizational infrastructure system and set-ups to gain sustainable competitive outputs.KeywordsIndustrial ecologyBlockchain technologyArtificial intelligenceBig data analyticsEnergy
... 273 [81,86] Eni (Italy) Renewable energy projects (photovoltaics, wind, concentrated solar power, biofuels, and green chemicals) where the company can leverage technological and geographical synergies with its main core business. ...
... 148 [81,87] ...
Article
Before the COVID pandemic, oil and gas companies invested only a small fraction of their capital on sustainable energy technologies. With the substantial improvement in the performance of batteries and their rapid cost reduction, the oil and gas industry could potentially lose a large share of their market in the transport sector. A similar shift in energy sources is happening with the surge in renewable energy sources to supply electricity, heating and cooling. In an ever more sustainable future, the need for an oil and gas industry could reduce significantly. This paper reviews the possible paths that an oil and gas company could follow to become a sustainable development corporation and continue to be relevant in the future. This paper aims to describe alternative sustainable pathways such as the extraction of natural hydrogen, a hydrogen economy, offshore wind power, deep sea mining, biorefineries, seawater airconditioning , geothermal and geoengineering. This paper also proposes the use of electrolysis ships for the flexible production of green hydrogen and showed that its investment cost can be three times smaller than in fixed electrolysis plants. The oil and gas industry has substantial intellectual, financial capital and geopolitical influence that would not be lost during a shift to a more sustainable world. Indeed, these assets should be used to facilitate the transition to a more sustainable future.
... Therefore, it is essential that the EU tackle the significant energy challenges, setting out an ambitious energy policy that encompasses the full range of energy sources, allowing the transformation of economies to low energy while ensuring greater security, competitiveness, and sustainable energy consumption [5]. However, this means that policy change is transforming the sector [22] and its companies [23][24][25][26], who are seeking to align their strategy with top-down guidelines [27], as well as become change agents. ...
... The area of research on identifying strategies and types of enterprises developed by the energy sector, including those as a result of the adopted EU strategies, environmental conditions, digitization, or climate transformation, is still evolving in the scientific literature [20,24,[26][27][28][29][30][31][32][33][34][35][36]. ...
Article
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The article presents an innovative method of analyzing energy companies' strategies, which aims to identify the strategic orientation of the entities subject to the research and, thus, to initially define the directions of strategic changes in the analyzed sector. The aim of the research, the results of which were used in this publication, was to identify the features of energy sector com-panies' strategies in the European Union in the period of sector transformation caused by the new climate policy. The analysis area is the energy sector, i.e., the sector whose fundamental strategic goal is energy production. The research used a critical analysis of the subject literature and desk research method with the use of the researchers' own analytical equipment, developed for the needs of this analysis. It was assumed in the conducted research that the primary source of information in the empirical study, the information subject to subsequent analysis, was the analysis of official documents (strategies, financial reports, etc.) posted on the websites of the surveyed corporations. The research results indicate the dominance of the resource-based approach in implementing strategic postulates of the surveyed companies. Nevertheless, the operational activity focuses on the implementation of innovative solutions towards decarbonization and climate neutrality.
... Oil Company (NIOC), and Saudi Aramco, 3 as well as (ii) publicly listed investor-owned companies (Pickl 2019) which plays in favor of a lesser willingness to renewable energy investments. Total has particularly 6 "CDP Global is an international non-profit organization comprising of CDP Worldwide Group and CDP North America, Inc. ...
... As a strong company, Exxon did not need strategy changes. Exxon-Mobil remains today a pure hydrocarbon focus business while BP, Eni, Equinor, Shell and Total have emerged as "energy companies"(Pickl 2019). This wave of restructuring (until late 1990s) is14 The Seven Sisters included the Anglo-Iranian Oil Company (now BP), Gulf Oil (now merged into Chevron), Royal Dutch Shell, Standard Oil Company of California (now Chevron), Standard Oil Company of New Jersey (Esso, then Exxon and now part of ExxonMobil), Standard Oil Company of New York (Socony, then Mobil and now part of ExxonMobil) and Texaco (merged into Chevron). ...
Thesis
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This PhD thesis focuses on issues related to the financing, the determinants and the barriers of renewable energy (RE) in the energy transition. To address these issues, we focus in Chapter 1 at identifying the determinants of solar PV capacities' deployment, and at investigating their dynamics depending on the conditions on the oil market. To this end, we estimate a threshold model on a wide sample of countries and show that the dynamics of oil prices affect various determinants of solar PV deployment. An increase in oil price growth above 6.7 % per annum stimulates solar PV capacities: rising oil prices reduce the relative costs between oil and renewables, making renewable investments relatively more affordable. We also find that energy factor endowments and policy support are significant drivers for solar PV development. In Chapter 2, we investigate the market reaction to announcements linked to core and non-core activities of Total and we examine how financial markets react such announcements. Performing an event study, we show that the market reaction to announcements relying on Total’s climate strategy as well as its upstream oil and gas strategy is significant and negative but the market reacts more negatively to the latter. Finally, Chapter 3 analyzes the financing of RE projects in France by paying particular attention to crowdfunding. To this end, we use a discrete choice experiment methodology to investigate French people's preferences in terms of RE projects' financing and pay attention to the monetary issue. We highlight that crowdfunding may be viewed as a promising financing vehicle for the energy transition.
... Hydrogen energy can perform three things which are beneficial for reducing the green gas emission [11]. It is effective in replacing fossil fuels as a zero-carbon feedstock in chemicals and fuel production [12]. Renewable hydrogen has proved itself as an essential direction for the development of green and low-carbon energy in the future as the world leadership seeks to lower greenhouse gas emissions [12]. ...
... It is effective in replacing fossil fuels as a zero-carbon feedstock in chemicals and fuel production [12]. Renewable hydrogen has proved itself as an essential direction for the development of green and low-carbon energy in the future as the world leadership seeks to lower greenhouse gas emissions [12]. The hydrogen energy is clean and storable with no tailpipe emission except water vapor after combustion [13]. ...
... Much of the IOCs' recent strategic business shift has been extensively covered by news outlets (The Economist 2020; Mufson 2020), financial and consulting firms (Goldman Sachs 2018; Wood Mackenzie 2020), institutional sources (IEA 2020a) and academic literature (Shuen, Feiler and Teece 2014;Stevens 2016;Zhong and Bazilian 2018;Pickl 2019). However, there is still very little attention given to the crucial impact that NOCs may play in the fight against climate change whenever they decide to pursue similar decarbonization strategies. ...
... BP, the U.K.-based IOC, attempted to enter the renewable energy market as early as 2005 by establishing its Alternative and Renewable Energy venture, but after billionaire expenditures and little success, it aimed to exit the market and tried to sell its non-fossil fuels assets in 2011 and 2013 (Pickl 2019). This case is useful for stressing the convergence of external forces in supporting a strategic decision. ...
Article
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The energy sector is the world's largest producer of CO2 emissions, with about 90 per cent of the total derived from burning fossil fuels. Even under the International Energy Agency's (IEA) sustainable development scenario, the world will experience a long-term average temperature rise of 1.65oC. Central in the ongoing global energy transition are international oil companies (IOCs), and although many of them have announced investments in low-or zero-carbon activities, few state-owned national oil companies (NOCs) have followed suit. This is a major oversight, as the combined greenhouse gas emissions from the top 50 state-owned energy companies rank them third in the world behind only China and the U.S. NOCs must reduce their carbon emissions and set net-zero targets to reach the Paris Agreement's climate change goals. Conceived as national champions, NOCs wield enormous influence over state economies and global energy supply chains. With a few exceptions, their low-carbon actions have been focused on Scope 1 and 2 emissions, leaving Scope 3 emissions generated by end users of their products largely untouched. National governments must transform NOCs to meet international climate agreements and to create sustained value for the societies they lead. Failing to reduce emissions will make it difficult for NOCs to attract investment and sell their products in global markets. 1 National governments have tremendous potential to achieve multiple policy goals in sustainable development and should give NOCs clear mandates to shift to low-or no-carbon operations and transform themselves into no-carbon NOCs (no-C NOCs). Achieving ambitious results requires governments to coordinate on an international scale, since this effort involves technology, economics, research and politics that extend far beyond national boundaries. The G20, which accounts for 62 per cent of the world's population, 82 per cent of GDP and 77 per cent of global CO2 emissions, should take the lead. The G20 should establish a no-carbon NOC fund to finance the development of clean technologies and retrain NOC workers. Member states should mandate sustainability for NOCs as part of nations' commitments to climate goals. They should also create NOCs4Climate, an international platform to enable NOCs to share best practices on sustainability, cooperate on projects of common interest and promote technology sharing and innovation. The future of humanity is at stake over the issue of greenhouse gas emissions and climate change. So are the competitiveness of NOCs and the economic and social stability of countries that rely on them for a large portion of public revenues. With so much to gain and so much to lose, the time to switch NOCs to no-carbon NOCs is now. 2 ABSTRACT The energy sector is the single largest source of CO 2 emissions and reducing its carbon intensity is critical to effectively tackling climate change. A great and yet largely untapped potential to reduce its emissions lies with oil and gas companies. Cognizant of this potential, in recent years several international oil companies (IOCs), publicly traded organizations with large capital access and wide geographical reach, have looked to effectively reduce their carbon intensity by shifting their operations to non-core low-carbon energy development. In addition to bringing about positive climate-driven outcomes, the IOCs that have embraced this energy transition strive to leverage business opportunities presented by political and social environments which are progressively more aware of the energy sector's contributions to climate change. As much as this paradigm shift has sparked great interest by an increasing number of stakeholders in the energy sector, most national oil companies (NOCs) are notoriously absent.
... Also, provinces like Uttar Pradesh and Gujarat do things similarly. It is becoming increasingly important for solar PV power generation to concentrate on a long-term plan that will assist the industry in expanding steadily rather than just adding additional capacity as rapidly as possible (Pickl 2019). ...
Article
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Solar photovoltaic (PV) is a novel and eco-friendly power source. India's vast solar resources present tremendous solar energy use prospects. The solar PV growth in India has spanned over fifty years, with a significant increase during the past decade. To meet the requirements of the rapidly expanding PV power market in India, it is essential to define, scrutinize, and comprehend the industry's development path and features. This study comprehensively analyzes the current state of solar resources, the future growth prospects of the solar PV sector, and the major factors that influence the industry's smooth growth. The study relates to the following five major factors: technological R&D, industrial planning, rules and regulations, power pricing guidelines, and projects enticement programs. To explore these elements, a multifaceted approach consisting of an inclusive literature research, statistical data inquiry, legislation review, and regulatory and policy analysis is undertaken. Analyzing the usual occurrences, the development process, and the features of the five elements permits the growth of development route models. The findings of this study provide information regarding the current development and future prospects of PV power sector in India. In today's rapidly changing social, economic, and technological landscapes, policymakers have the opportunity to gain better understanding from the ever-evolving practices and new advances in the business paradigm.
... Then, Feder [72] reported one of the essential pieces of evidence for various energy transition strategies from companies. The study highlighted the turning of oil and gas companies to renewables to power their operations, focusing on reducing greenhouse gas emissions, thus changing their brand recognition from oil companies to energy companies [73]. In addition to energy efficiency and reducing flaring, oil and gas players started powering their upstream, downstream, and midstream operations with zero-carbon sources, as Figure 23 exemplifies. ...
Article
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In recent years, the oil and gas sector has been moving towards green production methods to achieve net-zero emission goals. Governments and corporations have started large-scale initiatives to deploy advanced technologies to reduce carbon footprints and prevent global warming. Herein, we have explored the emerging techniques and methods used in reducing the effects of gas emissions in the oil and gas industry. The transition process from hydrocarbons to renewable energy resources, including solar thermal applications for EOR, thermal energy extraction from hydrocarbon reservoirs, hydrogen generation strategies, and CO<sub>2</sub> EOR and storage applications, has also been discussed. Literature information and publicly available data have paved the way to provide the theoretical background, the rationale of use, screening and selection criteria, challenges, and workarounds for these novel energy sources. Systems to integrate green methods into oil and gas processes appear in detail, from screening to implementation. Then, the technical information for integrating these resources under multiple conditions that affect the system's efficiency, such as weather, seasonal temperature changes, wind, and solar exposure, have been investigated. Moreover, added benefits of such incorporation strategies, such as improved economics with minimal effects on capital intensiveness or other burdens on the overall economy, have also been addressed. The transition from fossil fuels to renewable and greener energy resources provided the underlying motivation for this study.
... Aderendo all'idea delle super grid, il principio di autonomia energetica, all'interno della transizione energetica, rischia di perdere senso. Infatti, la costruzione di super grid transnazionali, i cui impianti di produzione sono localizzati al di fuori dei paesi utilizzatori e nelle mani di paesi attualmente produttori di petrolio e gas 1 o di oil companies -che vanno via via trasformandosi in energy companies, come hanno già in parte hanno fatto, per esempio, BP, Equinor, Royal Dutch Shell e ENI (Pickl, 2019(Pickl, , 2021) -signi ca ricadere nuovamente nel terreno minato della dipendenza energetica: scompare (o dovrebbe scomparire) il petrolio, ma non scompare il sistema del petrolio. ...
Chapter
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Energy autonomy, networks and energy chains. Energy autonomy is the ability, within the energy transition, to produce energy where it is consumed. Conceived as one of the pillars of the energy transition, energy autonomy assumes the role of a brake on energy dependence on the oligarchy of producers, which dominate the global energy market. This is also in order to shorten the energy chains, that is, to reduce the steps necessary for the production of energy, from the supply of fuel to distribution for final consumption. In reality, the principle of energy autonomy, within the energy transition, is losing its meaning. In fact, the government and the implementation of the energy transition are referring above all to transnational large photovoltaic and solar concentration plants, and offshore wind factories. And it is happening with an ever greater involvement of the actors of the production of fossil energy (such as the oil majors). This means lengthening the energy chains with the risk of achieving environmental sustainability through unsustainable production processes, even if based on renewables.
... Coupled with IOCs' potential capital misallocation (16), these risks could strand oil and gas assets (17)(18)(19), reduce industry revenues by potentially trillions of dollars (20), and create market instability as a result of reduced asset valuations (21)(22)(23)(24). In response, peer-reviewed literature (1, [25][26][27][28][29][30] and industry reports (31)(32)(33)(34) regarding oil and gas companies in the energy transition echo the same sentiment: the risks inherent to an energy transition could lead to the collapse of IOC business a University of Oxford -Smith School of Enterprise and the Environment; b University of Oxford -Institute for New Economic Thinking; c University of Oxford -FLAIR, Department of Engineering Science; d E3G; e Imperial College London -Energy Futures Lab Please provide details of author contributions here. 1 To whom correspondence should be addressed. ...
Preprint
The energy transition potentially poses an existential risk for major international oil companies (IOCs) if they fail to adapt to low-carbon business models. Projections of energy futures, however, are met with diverging assumptions on its scale and pace, causing disagreement among IOC decision-makers and their stakeholders over what the business model of an incumbent fossil fuel company should be. In this work, we used deep multi-agent reinforcement learning to solve an energy systems wargame wherein players simulate IOC decision-making, including hydrocarbon and low-carbon investments decisions, dividend policies, and capital structure measures, through an uncertain energy transition to explore critical and non-linear governance questions, from leveraged transitions to reserve replacements. Adversarial play facilitated by state-of-the-art algorithms revealed decision-making strategies robust to energy transition uncertainty and against multiple IOCs. In all games, robust strategies emerged in the form of low-carbon business models as a result of early transition-oriented movement. IOCs adopting such strategies outperformed business-as-usual and delayed transition strategies regardless of hydrocarbon demand projections. In addition to maximizing value, these strategies benefit greater society by contributing substantial amounts of capital necessary to accelerate the global low-carbon energy transition. Our findings point towards the need for lenders and investors to effectively mobilize transition-oriented finance and engage with IOCs to ensure responsible reallocation of capital towards low-carbon business models that would enable the emergence of fossil fuel incumbents as future low-carbon leaders.
... A climate-related example is how we replace our current travel behaviour with something that addresses the challenges of the climate crisis. Green Swans that are emerging as solutions to this include the transformation of large fossil fuel companies to renewable energy companies and the subsequent reinforcing loop from the financial markets (Pickl, 2019;Van de Graaf, 2018), the rapid adoption of electric vehicles (Kumar & Alok, 2020), and the increased value placed on natural carbon sinks such as bio-diverse forests (Di Sacco et al., 2021). Three Green Swans born from one Black Swan, all interrelated and dependent. ...
Article
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The practice of Learning Design faces challenges from an exponential rate of global change, and a need for learning to be future-fit. In meeting these challenges, the design of learning can be viewed as a leadership practice that has the potential to have significant positive impact. If, as designers of learning we are not maximising the positive impact available to us, then we become part of the problems of both today and tomorrow. We can choose to be the ones who say do “look up” (McKay, 2021). This article describes how the future is generally viewed within the practice of Learning Design, and identifies some issues in light of our increasingly unpredictable world.
... A climate-related example is how we replace our current travel behaviour with something that addresses the challenges of the climate crisis. Green Swans that are emerging as solutions to this include the transformation of large fossil fuel companies to renewable energy companies and the subsequent reinforcing loop from the financial markets (Pickl, 2019;Van de Graaf, 2018), the rapid adoption of electric vehicles (Kumar & Alok, 2020), and the increased value placed on natural carbon sinks such as bio-diverse forests (Di Sacco et al., 2021). Three Green Swans born from one Black Swan, all interrelated and dependent. ...
... S'ils contrôlaient le marché des renouvelables, cela serait intéressant aussi bien dans le cas d'une stratégie de maintien du statu quo (car ils empêcheraient la maturation du marché et freineraient l'innovation) que de transition bas-carbone (car ils trouveraient des relais de croissance). Cette absence du marché des renouvelables est d'autant plus surprenante que le secteur de l'énergie fossile a les moyens techniques et humains de le développer à grande échelle [IEA, 2020a], que le coût d'exploitation des renouvelables connaît une baisse continue [IRENA, 2020] alors que le coût d'exploitation des fossiles augmente [Michaux, 2019], et que les renouvelables sont moins risquées [Pickl, 2019 ;Wood MacKenzie, 2020]. Cette absence peut tout de même se comprendre puisqu'elle limite la génération d'économies d'échelles sur le marché des renouvelables qui aurait pour effet d'accélérer la baisse de leur coût d'exploitation et de précipiter le report des fossiles vers les renouvelables. ...
Thesis
Comment et pourquoi les entreprises ont-elles utilisé et utilisent-elles des prix internes du carbone ? Ancrée dans les sciences de gestion et sur la base de données primaires et secondaires, cette thèse mobilise des ressources interdisciplinaires pour y répondre. Le premier chapitre commence par cadrer des considérations philosophiques générales sur l’action, puis resserre l’analyse sur l’intention. Dès lors, l’exercice du pouvoir est étudié à l’aune des interactions entre technique, dispositif et agencement. C’est ainsi que sont réunis les concepts de performativité et de gouvernementalité. Aussi, il est défendu l’idée que la généalogie est la méthode pertinente pour mettre ce cadre théorique en relation avec un objet d’étude empirique. Dans cette optique, le chapitre de transition définit le pricing du carbone comme une instrumentation. Mais celle-ci n’est jamais neutre, elle s’inscrit dans les stratégies-climat plus ou moins fructueuses d’organisations variées, au premier rang desquelles les entreprises du secteur de l’énergie, mais aussi des Etats, des organisations internationales, des associations ou des cabinets de conseil. En même temps, cette technique particulière est au fondement de politiques domestiques et de la politique climatique internationale, depuis le Protocole de Kyoto jusqu’à l’Accord de Paris. Par-là, distinguer les dispositifs des agencements permet de bien appréhender la manière dont sont gouvernées certaines conséquences du changement climatique. Les chapitres empiriques emploient ainsi deux focales différentes : le deuxième chapitre porte sur l’agencement, il présente le rôle du pricing du carbone interne aux entreprises dans l’histoire de la politique climatique ; le troisième chapitre porte sur un dispositif, il montre le rôle du pricing du carbone dans la stratégie-climat de l’entreprise EnergyCorp. L’intérêt est alors de faire dialoguer ces deux niveaux d’analyse, dont la combinaison permet d’avoir une co mpréhension fine de ce qui se joue dans le rapport entre entreprises et changement climatique. Autrement dit, l’enjeu est de mettre à jour les réseaux de pouvoir relatifs aux prix du carbone internes aux entreprises. A partir de ce diagnostic du passé et du présent, la conclusion envisage de possibles futurs en proposant des recommandations visant à tendre vers une politique énergie-climat soutenable.
... The uncertainty is further amplified since practically no model of renewable energy development shows the role of oil and gas companies in this process, which is becoming more and more visible every year [46]. The need to take this factor into account is obvious, as the increased pressure on hydrocarbon companies may reduce the amount of investment directed to low-carbon initiatives (Fig. 2). ...
Article
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Countering the growing carbon emissions of the global economy is one of the cornerstones of the modern concept of sustainable development. While developed countries have been actively and willingly engaged in this struggle over the past decades, the question of how countries with substantial reserves of primary energy resources should be involved in these processes is still debatable. At the same time, the role of these countries in shaping the global carbon emissions is so visible that without adequate measures to stimulate industry in these countries, the efforts made by developed countries will have only a fragmented and insufficient effect. This article provides an overview of the key tools used to intensify the development of renewable energy as the main driver of reducing the carbon intensity of the energy sector, as well as an analysis of their significance from the perspective of countries with a resource-based economy. It shows the differences in the perception of the ongoing global processes of greening the energy sector and proposes key vectors that will generate interest in resource-economy countries. It was found that: (1) renewable energy is a promising solution to reduce carbon emissions, but only for countries that do not possess vast reserves of fuel raw materials; (2) focusing on a limited list of climate policies has devastating long-term consequences for the fossil energy industries, as seen in the decline in investment in exploration, which is a threat for global energy security; (3) engagement of countries with resource-based economy in the fight against the growth of carbon dioxide emissions should be based on the realization of their resource potential through the development of circular economy technologies, like carbon capture, utilization, and storage.
... War games are a good way to simulate the potential outcome of different strategic options in a competitive environment, but they remain theoretical. Pickl (2019) investigated what some of the biggest international oil companies are really doing. ...
Book
Today’s investors need to understand geopolitical trends as a main driving force of markets. This book provides just that: an understanding of the interplay between geopolitics and economics, and of the impact of that dynamic on financial markets.
... Energy security has been a crucial issue in the energy paradigm for the last 20 years [1,2]. In recent years, our energy system has been significantly transformed [3]. Among the many developments, we can note the substantial fluctuations in crude oil prices, with the record peaks reaching in July 2008 and the unexpected collapse of the barrel in 2014; the rapid development of shale gas in the United States; the European energy market liberalization; as well as the Fukushima accident and the impacts of this tragedy on specific national energy strategies [4]. ...
Article
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To address the climate emergency, France is committed to achieving carbon neutrality by 2050. It plans to significantly increase the contribution of renewable energy in its energy mix. The share of renewable energy in its electricity production, which amounts to 25.5% in 2020, should reach at least 40% in 2030. This growth poses several new challenges that require policy makers and regulators to act on the technological changes and expanding need for flexibility in power systems. This document presents the main strategies and projects developed in France as well as various recommendations to accompany and support its energy transition policy.
... Most notably in 2020 and 2021, the recognition of the energy transition's implications on fossil fuel market dynamics [11] led European major International Oil Companies (IOCs) to announce significant changes in corporate positioning, through the publication of new 'climate' strategies, the re-evaluation of fossil fuel project portfolios, and diversification into low-carbon (mainly wind and solar) power generation [12][13][14][15]. Emerging literature on oil majors in the energy transition suggests that they are in the process of diversifying their activities, although their ability to develop new capabilities and build a business case around changing returns on investment remains to be seen [16][17][18][19]. ...
Article
The energy transition is changing the corporate positioning of European international oil companies (IOCs). Developments such as Russia's invasion of Ukraine in 2022 and the gas market volatility of 2021 have brought energy geopolitics to the fore and further complicated the landscape in which these companies operate. By combining data from literature and semi-structured interviews with key experts, this work explores how the influence of the European IOCs on the geopolitics of oil, gas, and renewable energy sources might evolve in the transition. We find that European IOCs continue to have geopolitical influence, but it has been diminished by the rise of national oil companies. If fossil fuels are phased down globally, the reduction in oil activities of these companies is likely to further reduce their geopolitical power. While European IOCs may continue to be active in the gas market, this is unlikely to render them significant geopolitical influence given that they may become common rather than dominant market players. The same is true for the IOCs' role in renewable energy markets, although here European IOCs may seek to gain more influence by becoming significant intermediaries and global experts. As the energy transition progresses, many experts expect the political and market landscape around energy to become more fragmented, reducing the overall geopolitical influence of IOCs. Recent events such as the war in Ukraine do not change the overall conclusions, although it remains to be seen whether they will slow down or speed up the IOCs' involvement in the energy transition.
... The large-scale replacement of fossil fuel based power plants by renewable energies is key in the strategy of the EU to attain climate neutrality in the next decades [1,2]. However, the intrinsic intermittency of renewable energies sources, such as solar and wind, hinders the match between supply and demand. ...
Article
Large-scale thermochemical energy storage (TCES) is gaining relevance as an alternative to current thermal energy storage systems in Concentrated Solar Power plants. Among the different systems, the reversible reaction between CaO and CO2 stands out due to the wide availability and low cost of the raw material: limestone. Direct solar absorption of the storage media would improve the efficiency of solar-to-thermal energy storage due to reduced thermal transfer barriers, but the solar optical absorption of CaCO3 is poor. In this work, we propose the use of a Ca rich calcarenite sedimentary rock so-called albero as an alternative to limestone. We demonstrate that this reddish material exhibits an average solar absorptance that is approximately ten times larger than limestone. Moreover, the multicycle carbonation/calcination performance under different experimental conditions has been studied by thermogravimetry, and similar values to those exhibited for limestone have been obtained. Besides, the material is cheap (6 €/ton), and simulations showed that the use of this material would significantly improve the overall CaL-CSP efficiency at the industrial level.
... The question that this paper aims to address is: How can these countries develop portions of their natural gas resources in a way that supports the good cause of a greener future with less reliance on fossil fuels and more dissemination of renewable energy technologies? This question becomes timely and relevant with the current observed trend where many international oil companies, especially with headquarters in Europe, are undertaking a transition to becoming integrated energy companies interested in investing in both oil and gas and the renewable energy sectors [23][24][25]. ...
Article
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Combatting climate change necessitates a substantial global increase in renewable electricity capacity. Many low-income and lower-middle-income countries suffer from unfavorable green financing conditions. Fifteen of these countries possess substantial natural gas reserves. To overcome green financing constraints in such countries, we propose an integrated energy contract that awards a renewable energy project in parallel with an upstream natural gas project to interested energy companies. The state returns from the natural gas project provide a guarantee for renewable energy investments, reducing their associated risks. We conduct Monte Carlo simulations for each of the targeted countries after populating the input parameters for the upstream natural gas and renewable energy projects, including forecasting country-specific natural gas prices. When accounting for 10% of their existing natural gas reserves in the proposed contract, Nigeria, Myanmar, and Indonesia can achieve more than 60% of their 2030 renewable energy target capacity additions while countries with low access to electricity can significantly upscale their installed capacities. The guarantee mechanism provides protection levels exceeding 96% on renewable energy investments. The proposed contract enables the considered countries to increase their renewable energy capacities while inducing economic development.
... Since the beginning of oil mining, it is attempting to diversify its economic reliance on oil. The oil sector will become less profitable in the future as a result of the gradual growth in renewable energy consumption, the depletion of efficient oil reserves and the fast fluctuation in oil prices (Elder and Serletis, 2010;Pickl, 2019;G€ uney, 2019). To this end, the UAE, along with the other GCC countries, is attempting to diversify its economy by focusing on knowledge and innovation (Ahmed and Abdalla Alfaki, 2013). ...
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Purpose The purpose of this study is to look at the United Arab Emirates’ (UAE's) progress toward economic diversification and becoming a knowledge-based economy. Design/methodology/approach The World Development Indicators (WDI) and GlobalEconomy websites provided all secondary data for this paper. The data are largely used to highlight the UAE's current level of diversification and, consequently, the atmosphere for a knowledge economy transition necessary for sustainable development. Additionally, the study conducts a nonparametric estimation using DEA to identify the condition of four variables pertaining to the UAE's knowledge economy. The Herfindahl-Hirschman index (HHI) was utilized empirically in this study to determine the current state of diversity. Findings According to this research, the UAE economy was reasonably diverse until recently. The number of patents and journal papers published per resident both add to the UAE's GDP. Furthermore, the UAE's information and communication technology (ICT) exports are inconsistent; a declining trend in the number of researchers and the education sector's continuous struggles are major concerns. Furthermore, Figure 1 in the introduction reinforces this conclusion by noting that construction and building remained the greatest employer of labor throughout the time period. This is a significant finding because, as illustrated in this research, low labor force participation in the education sector, combined with lower citizen participation in advanced education in the UAE, results in low scientific research and publications, with low knowledge output as patent applications. In general, the majority of the UAE's population is expat, and the extent to which locals and expats contribute to the overall advancement of education remains an open question. According to the data envelopment analysis (DEA) model, three variables in the knowledge economy are productive, and they are economic incentive and institutional regime, innovation systems and ICT. The findings of this article will aid policymakers in the UAE, and more generally in the Gulf Cooperation Council (GCC) region, in developing more successful policies that help in the growth of a knowledge- and innovation-based economy. Practical implications This study is appropriate for UAE economic policymakers to monitor the state and policies required for the UAE's transition to a knowledge economy. Originality/value This issue has rarely been addressed by the use of robust parametric and nonparametric processes, as well as robust data visualization tools.
... Global carbon dioxide (CO 2 ) emissions resulting from the combustion of fossil fuels continue to increase steadily, and have already caused anthropogenic climate changes [1]. To decrease atmospheric CO 2 concentrations, focus has been directed toward non-fossil energy sources that do not generate CO 2 [2,3]. Many studies have been performed on hydrogen as an energy source [4,5], because its combustion in air generates only water. ...
Article
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Although steam methane reforming (CH4 + 2H2O → 4H2 + CO2) is the most commercialized process for producing hydrogen from methane, more than 10 kg of carbon dioxide is emitted to produce 1 kg of hydrogen. Methane pyrolysis (CH4 → 2H2 + C) has attracted much attention as an alternative to steam methane reforming because the co-product of hydrogen is solid carbon. In this study, the simultaneous production of hydrogen and separable solid carbon from methane was experimentally achieved in a bubble column filled with molten potassium chloride. The melt acted as a carbon-separating agent and as a pyrolytic catalyst, and enabled 40 h of continuous running without catalytic deactivation with an apparent activation energy of 277 kJ/mole. The resultant solid was purified by water washing or acid washing, or heating at high temperature to remove salt residues from the carbon. Heating the solid product at 1200 °C produced the highest purity carbon (97.2 at%). The economic feasibility of methane pyrolysis was evaluated by varying key parameters, that is, melt loss, melt price, and carbon revenue. Given a potassium chloride loss of <0.1 kg of salt per kg of produced carbon, the carbon revenue was calculated to be USD > 0.45 per kg of produced carbon. In this case, methane pyrolysis using molten potassium chloride may be comparable to steam methane reforming with carbon capture storage.
... Vishnevskiy K., Karasev O., Meissner D. (2015) researched the separation of functions between traditional R&D centers and venture funds according to the risk level. A significant number of studies touched upon several issues of venture capital implementation in energy sector, such as venture investments intensity, its positive impact on innovation activity, etc. (Kulanov et al., 2020;Pickl, 2019;Lerner, 2011;Moreva, 2018). ...
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Open Innovation" has proved to be a successful concept that can facilitate technological development of industries. Though the Open Innovation Model and the challenges of its implementation have been widely researched, there is a lack of studies that deal with the openness to external innovation in major oil and gas companies. The objective of this research was to study major oil and gas companies' openness to external sources of innovation. The authors focused on the role of R&D investments in the R&D internationalization and the establishment of venture funds, the links between regional business and regulatory specificities, innovation portfolio diversity and perception of external innovation. To do this, the authors examined the practices of 18 major oil and gas, oil service companies. The data was gathered from open digital sources and analyzed with the use of desk research, qualitative and quantitative methods, including regression and correlation analysis. The study confirmed that major oil and gas companies with higher R&D investments and diverse innovation portfolios were more likely to be open to external innovation and to engage in energy transition processes; regional specificities had a great impact on R&D networks as companies in North America and Western Europe had higher R&D internationalization ratio than in Russia and China. It was concluded that venture funding was an inclusive tool for expanding innovation funnel suitable for smaller companies with low R&D expenditures.
Chapter
Achieving international climate goals depends on scaling up the use of clean energy technologies to reduce greenhouse gas emissions. International oil and gas companies disposing of considerable R&D budgets and deep expertise in innovation management could contribute to the development of a wide range of technologies to minimize emissions from the energy sector in which they operate. Adapting innovation strategy to climate agenda can in turn provide higher sustainability. This study aims to identify best practices enabling efficient integration of clean energy technology projects in innovation portfolios to support decarbonization and diversification efforts of oil and gas companies. Research has been conducted through a comprehensive comparative analysis of innovation strategies of major international oil and gas companies in the following areas: approaches to the organization of the management system of innovation activities; directions of technological development. Aspects considered throughout innovation development life cycle include strategic planning of innovation activities, technology forecasting system, elements of innovation ecosystem and role of open innovation, financing of innovation activity, commercialization of innovations. Authors identify four main strategic directions of climate agenda adaptation, which determine the focus of technological development: offsetting emissions from existing operations, transforming current operating activities, transforming product supply and transforming business model. Relevant R&D projects are implemented through a variety of mechanisms including in-house research and open innovation. Authors have revealed the increasing importance of corporate venture capital investments and multilateral technological partnerships for the development of clean energy technologies. The analysis of the innovative development directions of leading foreign oil and gas companies permits to conclude that the innovation programs include a range of technologies that are essential in the context of the energy transition, decarbonization trends and the development of a circular economy. Meanwhile, decisive energy technology landscape supporting energy transition is highly uncertain due to existence of a wide range of alternative technological options based on early-stage technologies.
Article
Diversification is an important component of the development of any economy. The reason for this is the increase in the country's resilience to external stimuli, which makes progress more gradual, constant and predictable. Thus, the study of the possibilities of diversifying the economy is very relevant, especially in today's geopolitical conditions. The purpose of the work was to analyse some methods of diversifying the economy of Azerbaijan, namely the development of export-oriented production and the implementation of the “green transformation”. Analysis became the main method in writing the article, but historical, modelling, deduction, abstract-logical methods also played an important role. Thus, the work examined and analysed the export of Azerbaijan, during which a significant dependence of the country on oil sales to foreign markets was revealed. Since such a prospect is dangerous for the sustainable development of the country, it is important to carry out certain measures aimed at increasing the diversification of its exports. First of all, they are associated with publicprivate partnerships, but they also take other forms, such as attracting investments and building infrastructure. In addition, the paper describes how the “green transformation” of the country can help achieve the goals of economic diversification and at what stage is the level of “greening” of the state economy; the paper also describes the prospects for the state in achieving these goals. The article brings new knowledge to understand the features of the functioning of the Azerbaijani economy, as well as to the theory of economic and sustainable development, as well as trade
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This study included over all about competition of renewable energy to the conventional energy, and the economic growth on the demand for renewable energy technology especially solar energy, and the increasing on its annual cost decline. Also, highlight on the most important projects applied in the oil fields in the Middle East and America. In this study, a design and economic simulation of the solar energy system was conducted as a source for generating electricity with a capacity of 1 megawatt and a comparison of the capital and operation cost between the solar energy system, diesel generators, government and private sectors stations at the same operating time and the same energy. The economic simulation has shown that there is a big difference between the capital costs, as the cost of the solar energy system is about (40-37%) higher than the cost of diesel generators and investment stations, respectively, for a maximum operating capacity of 1 megawatt/hour, but on the other hand, it is characterized by The solar energy system has a depreciation factor of 0.75% compared to its counterparts, which reaches 10%, and the standard of its energy cost is low, reaching 0.22 $/ kilowatt compared to other sources of energy. In addition, Payback period of the solar energy system was 9 years by saving fuel cost and its low operating cost that reach to 0.0183 $/kWh, compared to its counterparts from government sector station, diesel generators, power stations. (Fuel from the investor), and private sector stations (fuel from the investor), whose operating costs are (0.1, 0.076, 0.038, 0.1) $/kWh, respectively. The results showed that the solar system economically feasible, with lifetime 25 years, while the generator lifetime ten years only. The solar radiation system limits carbon emissions, as the amount of carbon emissions per kilowatt of energy using conventional fuels is (185-265) grams of CO2 per kilowatt.
Article
In the global context of advocating low carbon and environmental protection, the renewable energy market has developed rapidly. As a means of combating global climate change, renewable energy has sparked interest from private investors as a new investment opportunity. In this paper, the quantile–quantile regression (QQ) method and the quantile causality (QC) method are used to study the influence relationship between the fossil energy futures market and the renewable energy stock market returns at different periods and under different market conditions. Results show that when the market is in a normal state, the fossil energy market and the renewable energy stock market have a weak positive relationship, and the positive impact is in the order of crude oil market > natural gas market > heating oil market. While in a bear market, the influence relationship would be abnormally strengthened or even reversed, showing extreme asymmetry. Furthermore, we find that the influence of the fossil energy market on the renewable energy market shows country heterogeneity, and the impact is more significant for developed countries. Some meaningful implications can be concluded for investors and policy-makers. Firstly, both investors and policy-makers should be more alert to the impact of the petrochemical energy market on the renewable energy market. Secondly, investors should be more alert to the downside market risks and further distinguish the different impacts of the natural gas market and the heating oil market on the renewable energy market when making portfolios. Thirdly, policymakers should take some targeted measures to buffer the negative impact of the renewable energy stock market in petrochemical energy when the market is bearish.
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This Element focuses on Latin American fossil fuel producer countries and how they are dealing with the transition towards a greener energy matrix. The challenges involved are multiple and ethical in substance. In particular, a worldwide expansion in clean energies would reduce climate change, physical risks. A rapid transition, however, induces the irruption of a new (financial) risk. The energy transition, in addition, could be thought of as a new arena for political disputes. Finally, it evaluates the relevance of monetary policy and financial regulation to tackle the issue from a macro perspective. Energy transition, however, have also long-term but uncertain consequences on the national economy. Henceforth, and in order to minimize risks, a long-term, strategic vision of the challenge confronted by the region becomes mandatory. To tackle all these problems, this Element profits from contributions of different disciplines.
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With increasing interest in biohydrogen as an alternative fuel to petroleum, it is essential to identify a hyper biohydrogen producer. In the present study, Clostridium sp. YD09 was isolated from a brewery wastewater upflow anaerobic sludge blanket digestion reactor; its 16 S ribosomal RNA sequencing analysis showed 96% similarity to Clostridium beijerinckii. Clostridium sp. YD09 produced the highest cumulative volume of hydrogen using xylose as the substrate (optimal concentration of 10 g/L) to obtain 1.21 mol H2/mol xylose. Furthermore, Clostridium sp. YD09 tolerates various inhibitors from pre-treated lignocellulosic biomass up to a 0.1% concentration. A maximum yield of 1.62 mol H2/mol xylose and 1.98 mL H2/mL media with 38- to 48-fold increase was recorded in ligno-hemicellulose xylose treated with biochar and activated carbon. The newly isolated Clostridium sp. YD09 can therefore be used for efficient biohydrogen production from xylose-based substrates.
Chapter
The new energy transition from conventional (fossil) fuels to methods that use renewable energy is a complex, multifaceted process that is determined both by the pressure on oil and gas reserves but also by the need to use resources with little or no impact on the environment. Population growth, urbanization, intensification of economic activity and globalization are some factors that have generated the increase of energy consumption, the effects on the environment being devastating. The current energy transition is therefore a politically determined process, because the countries of the world have realized the need to take concrete measures to protect the environment. However, the energy transition comes with a series of economic, technical, social and energy security challenges. This chapter aims to identify the main features of the energy transition process in correlation with the analysis of relevant statistical data. In addition, main opportunities and challenges generated by the energy transition for different categories of stakeholders are presented. The results of the analyzes undertaken prove the complexity of the phenomenon, its multidimensional nature and the importance of involving of public authorities and international institutions in the process of energy transition.
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Though Power-to-X pathways, primarily Power-to-Liquids, attract interest as solutions for decarbonising parts of the transport sector that are not suitable for electrification, the regulatory framework until recently slowed down their implementation. This paper examines the updates in the main aspects of the legal framework in the European Union from 2019 to the beginning of 2022 related to Power-to-X: support schemes, specific targets, and potential barriers. The results show increasing interest and market entrance of electrolysis and push from the different actors and regulatory parties to establish solutions that will enable faster upscaling. However, it is visible from the National Energy and Climate Plans and hydrogen strategies that the most emphasis is still on hydrogen as an end fuel for personal vehicles or power-to-gas. On the other hand, few countries have implemented legal frameworks facilitating diverse PtX pathways without focusing solely on hydrogen. Nevertheless, revisions of RED II have finally set up specific targets for electrofuels and Fit for 55 has introduced new actions supporting electrofuels in aviation and marine transport.
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In the face of increasing climate concerns and the intensive development of the renewable energy sector, oil and gas companies need to develop strategies to not only comply with the new rules of the game, but to also benefit from them. This study includes prospects for development of the global energy system along with analysis of decarbonization strategies for the largest players in the oil and gas market, and defines conceptual directions to improve strategic planning systems of oil and gas companies in order to ensure sustainability in the context of a global energy transition. The theoretical background of this study is based on the fundamental concepts and methods of strategic planning, as well as modern approaches to strategic planning in the oil and gas industry. This study makes three contributions. First, we maintain that a broad, systematic understanding of the consequences of energy system transformation and defining its role in the new market should be the crucial task of players in the oil and gas industry, and we clarify the opportunities and threats of transitioning to decarbonization. Second, the study results contribute to the development of the design theory of strategic planning systems by improving well-known methods and approaches with reference to global energy transformation. Third, we offer proposals for the development of a climate adaptation strategy using the example of a Russian oil and gas company based on the company’s business capabilities.
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The ever-growing demands for renewable energy sources motivate the development of energy storage systems. Among them, supercapacitors are received increasing attention due to their high power density, long cycle life, fast recharge rate, and almost no maintenance. Nevertheless, their application is hindered by severe self-discharge behaviors, especially in wearable and energy storage devices. In recent years, tremendous excellent works have been reported to conquer this shortcoming through various creative strategies. Herein, this article gives a timely spotlight on breakthroughs in the self-discharge mechanism investigation of supercapacitors and the corresponding suppression strategies. The self-discharge mechanisms of various types of supercapacitors were introduced first, followed by a summary of the strategies from materials (i.e., electrode, electrolyte, and separator) to system and protocol optimization. Furthermore, the connection between them, existing issues, and possible directions for future research are discussed.
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Efforts such as the Glasgow United Nations Climate Change Conference of the Parties 26, the Paris Agreement (Paris agreement, United Nations, Paris, 2015) and the United Nations Sustainable Development Goals are supporting the drive to protect the planet from global warming by ensuring sustainable development. The oil and gas industry, as key contributor to greenhouse gas emissions, must transition to more sustainable energy solutions and play their part in reducing these emissions. Currently, oil and gas companies are implementing technical solutions to achieve net zero carbon emissions. The energy transition from fossil fuel reliance has also happened by exploiting alternative renewable energy sources to meet global energy demand such as wind, solar, biogas and bioderived feedstocks. This net zero energy transition will require a fair and just transition for all in society, and to implement this, it is crucial for those working in the oil and gas industry to understand the technologies needed, the importance of carbon policies and their roles. This research presents a modified Delphi study of employees in Malaysia's national oil and gas company to understand their perceptions towards a net-zero carbon future. The paper briefly reviews Malaysia's low-carbon policy plans, its current carbon dioxide accounting balance, and identifies potential technologies for decarbonisation to set the scene for the modified Delphi study. The results indicated that the national oil and gas company has both the capabilities and the financial resources to significantly contribute towards Malaysia transitioning to a carbon neutral nation. This can be achieved by implementing advanced technologies complementing with nature-based solutions to realise net zero carbon emissions. This study also portrays the confidence that the portfolio of solutions should be executed through a coordinated effort to maximise the outcome and minimise the financial impact in terms of economical sustainability. Implementation of activities towards this energy transition will require significant social commitment, and hence, gauging their perception towards this journey is key objective of this paper. Graphical abstract
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Environmental control remains a salient aspect of states’ policies in the present decade. To reduce emissions, governments and central banks tend to adopt various strategies. The present research quantifies the nexus between fiscal and monetary policy, institutions’ quality, central bank characteristics, and carbon dioxide and greenhouse gas emissions. Data has been sourced from 95 countries during the period from 1998 to 2019. According to the empirical results, the main determinants of gas emissions in developing countries are economic growth, government expenses, and central bank independence, whereas, in developed countries, they are economic growth, government efficiency, and central bank transparency and independence. Economic growth is a significant deteriorating factor in the state of the environment. By contrast, institutional and bureaucratic quality, measured through government effectiveness and expansionary fiscal policies as well as central bank independence and transparency, are ameliorating factors, as they decrease emissions. To conclude, governments must first reduce control over central banks and target government spending on the energy transition.
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Even before the outbreak of the COVID-19 pandemic, the oil and gas (O&G) industry had been facing disruptions in terms of an energy transition phase that include the focus on the use of renewable energy equipment, transport electrification, decarbonization, and waste elimination among others. However, the contraction in global travel and remote working habits owing to the pandemic really set off disruptions for the O&G industry. This research intends to identify and analyze the enablers for the O&G industry that can help it handle potential disruptions and hence become resilient. Several significant enablers have been identified through a systematic literature review using the PRISMA approach and Delphi method. The mutual inter-relationships among the enablers have been developed using the modified total interpretive structural modelling approach. Later, the matrice d'impacts crois es multiplication appliques an un classement analysis has been used to identify the enablers' clusters according to their dependence and driving powers. The modelling and analysis results suggest four paths for the O&G industry to handle disruptions effectively. This research aims to help academicians, managers, and researchers understand the essential enablers and paths to adopt on a priority basis so as to handle disruptions and build resilience in the O&G industry.
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Using a contemporary assessment framework, we assess the energy security status of small Pacific Island Countries (PICs) in line with its three broad perspectives. These perspectives – sovereignty, robustness, and resilience encapsulate vulnerabilities and threats to vital energy systems, including their respective political and economic strata. Based on a recently adopted regional energy security framework, we unpack these perspectives and generate a collective evaluative judgment of its impact across small PICs. The results resonate with the commonly held notion that energy security concerns are significant and likely to become more severe if expanding energy needs are not addressed through the proliferation of renewable and sustainable energy applications. Another emerging yet familiar concern is that the energy import bill will become more unsustainable for these cash-strapped islands. The findings demonstrate that PICs have severe constraints to overcome, especially with acquiring appropriate technologies and building institutional capacities to implement their respective energy policies and realise their critical energy targets.
Conference Paper
DeepOcean and partners have for multiple years been developing an Autonomous Inspection Drone (AID). This is a remotely operated vehicle designed to perform high-quality inspections of subsea assets. The AID is equipped with a state-of-the-art machine vision camera, which is used to autonomously navigate through a pre-programmed inspection scope. The operation of the AID is supervised by our remote operation center in Haugesund, Norway. This paper presents results from our first field trial. A digital twin was constructed for multiple subsea templates. The digital twin was developed into a game where a model of the AID was controlled. This allowed inspection engineers to plan the route for the inspection. The planned route in the digital twin was exported to the AID. The AID autonomously executed the planned route. Autonomous navigation was made possible by combining an inertial navigation system, a USBL positioning system and a machine vision camera. The machine vision camera detected QR-codes on the subsea asset. This allowed the AID to correct position and determine the true location on the asset. Multiple tests were performed during this field trial. Observations of these tests are presented in the paper. Examples of tests that were performed during the field trials include autonomous undocking and docking from TMS, executing of pre-programmed inspection route and station keeping when QR codes were detected on the subsea asset. It was observed in the field trials that the control system to the AID would need to be further developed. This is to increase the robustness and enhance the efficiency of autonomous navigation. These considerations are discussed in the paper, and conclusions are drawn with regard to how this may be achieved. This paper will explain how DeepOcean planned and executed an inspection scope by combining a digital twin of the asset and a machine vision camera used to assist the navigation of the AID. The results and conclusions presented from this field trial are essential for the petroleum industry to step into a future where resident vehicles are able to perform value-creating work autonomously. In the near term, this work is forming the foundation for DeepOcean to increase the performance of simultaneous operations from our vessels. This will be made possible as the AID may be launched from the vessel, which is completing some other intervention work, and come back after the autonomous inspection has been completed. The operation may be supervised by our control centre in Haugesund, Norway
Chapter
Fuels that are environment-friendly resources play a vital role in the development of economies. Each fuel resource has intensive, however, inadequate specifications in terms of security, sustainability, capacity to compete with other sources. Although oil and gas resources lead the way of fuel production due to their low cost, alternative sources such as wind and solar renewable energy and nuclear energy have also gained popularity forcing the technological development of fuel production technologies. Hydrogen is a source for the production of energy by using any energy resource. In this chapter, we investigate the latest fuel production technologies providing energy outputs from renewable energy resources for their usage in smart cities. We study the role of renewable resources under the current dynamics of the global energy market situation as well as the effects of fuel production technologies to increase the efficiency and sustainability for the future of smart cities. This review includes a broad spectrum that spans from the technical energy resources literature with very comprehensive research by using SCOPUS database to nontechnical but renowned resources including journals and other publications including raw data as well as forecasts and opinions that respected experts have performed. Specifically, solar and wind production technologies, as well as future forecasts compared with the conventional fuel resources, are reviewed comprehensively. By that, we aim to shed a light on the current status of fuel production technologies in renewable energy resources and their usage in smart cities.
Conference Paper
With the ongoing paradigm shift in the Oil and Gas industry towards greener alternatives with net-zero objectives, several developing technologies have been recently deployed or proposed as promising solutions. The overall goals are to decrease carbon footprint and improve the projects’ economics and net present value (NPV). This study outlines the latest developments with underlying principles, practices, and economics. This holistic approach encompasses the overall feasibility with the challenges and the benefits. A comprehensive literature survey has been carried out on publicly available data to provide the theoretical background, rationale of use, screening and selection criteria, difficulties, and the workarounds. Systems to integrate the green methods with the respective oil and gas processes appear in detail, from screening to implementation. We outline economics under various scenarios with CAPEX methods and OPEX-intensive approaches to maximize the NPV. The technical details of the integration under multiple conditions that affect the system's efficiency, such as weather, seasonal temperature changes, wind, and solar exposure, have been investigated. Efficient integration of the selected green methods with the associated oil and gas process proves to be a concrete step towards a net-zero objective. Such integration brings additional benefits of improved economics with minimal effects in terms of capital intensiveness or other burdens on the overall economics. These items range from solar thermal applications in heavy oil recovery to heat recovery from the produced fluids, biomass, geothermal, wind, and wave for offshore processes. Cases with multigreen energy methods, such as solar and heat recovery, demonstrate promising outcomes. This article examines some of the latest green methods with various aspects corresponding to the selected oil and gas processes. We specifically focus on energy generation through standalone green methods and extracting energy from oil and gas processes in a greenway. The overall objective is to close the current gap in the literature.
Conference Paper
Developing effective sustainability strategies by oil and gas (O&G) companies requires that they embrace the global call to incorporate the United Nations’ Sustainable Development Goals (SDGs) into their business strategies and operations. However, more attention is needed in the academic literature regarding the analysis of the linkage between O&G companies and the SDGs. A previous study by the authors proposed an analysis process in order to assess sustainability strategies in the O&G sector, based on the combination of two sources of information provided by relevant international organizations in the energy field. This initial research focused on a small number of SDGs, which may not reflect the complexity of the approach to sustainability by an O&G company. Therefore, an extension of the analysis is introduced in this paper following a research with two stages. The first stage is based on case study methodology (taking a refinery in the Basque Country, in Northern Spain). This yields a qualitative identification of different avenues that the O&G company under study can follow to contribute to targeted SDGs with its own technological and industrial resources and current research and innovation projects. Building on this, the second stage of this line of research focuses on identifying which business relationships are the result of the activities and projects that contribute to SDGs. As a whole, the universe of business and non-business relationships constitute a growing multi-stakeholder innovation ecosystem on which the company relies to achieve its sustainability objectives. This innovation network around the refinery's operations encompasses a variety of stakeholders (companies, technology and research centers, universities and others) working on innovative projects related to hydrogen and synthetic fuels production, circular economy, electric vehicles, energy storage, renewable energy communities or digitalization, among other technologies and energy carriers. This ecosystem is supported by a web of public-private cooperation schemes at different government levels. The outcome of this approach to innovation reflects how, by adopting a multi-energy strategy, the analyzed company can act as a catalyst for innovation spillovers and synergies in the whole Basque Country region, which has implications that go beyond energy and climate issues.
Article
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The energy products of oil and gas majors have contributed significantly to global greenhouse gas emissions (GHG) and planetary warming over the past century. Decarbonizing the global economy by mid-century to avoid dangerous climate change thus cannot occur without a profound transformation of their fossil fuel-based business models. Recently, several majors are increasingly discussing clean energy and climate change, pledging decarbonization strategies, and investing in alternative energies. Some even claim to be transforming into clean energy companies. Given a history of obstructive climate actions and “greenwashing”, there is a need to objectively evaluate current and historical decarbonization efforts and investment behavior. This study focuses on two American (Chevron, ExxonMobil) and two European majors (BP, Shell). Using data collected over 2009–2020, we comparatively examine the extent of decarbonization and clean energy transition activity from three perspectives: (1) keyword use in annual reports ( discourse ); (2) business strategies ( pledges and actions ); and (3) production, expenditures and earnings for fossil fuels along with investments in clean energy ( investments ). We found a strong increase in discourse related to “climate”, “low-carbon” and “transition”, especially by BP and Shell. Similarly, we observed increasing tendencies toward strategies related to decarbonization and clean energy. But these are dominated by pledges rather than concrete actions. Moreover, the financial analysis reveals a continuing business model dependence on fossil fuels along with insignificant and opaque spending on clean energy. We thus conclude that the transition to clean energy business models is not occurring, since the magnitude of investments and actions does not match discourse. Until actions and investment behavior are brought into alignment with discourse, accusations of greenwashing appear well-founded.
Chapter
In this chapter, the authors explore what more-than-human approaches can contribute to development research, teaching and practice. The authors believe that this work is timely as development studies and practice have yet to engage with more-than-human insights in any significant way. They first develop the concept of more-than-human development before analysing the challenges it poses to how we conceptualize and approach core development concerns such as community and empowerment. They then reflect on the ramifications of the concept for practice and policy, before finally exploring how to incorporate more-than-human approaches into pedagogy.
Article
This is the first attempt to examine empirically the effects of the implementation of digital public services (DPS) on the value of trade in green goods (TGG). By applying diverse econometric techniques to a sample of 25 European economies for the period 2012-2019, the results show that DPS captured by three indices (user-centricity, business mobility, and key enabler) has a modest influence on the level of TGG. The results are robust. A higher level of DPS implementation appears to drive up the export value of green goods, and there is evidence of the long-term cointegration of DPS and TGG. Furthermore, the nexus between DPS and TGG is evident in two subsamples of developing and developed economies, but the importance of DPS is more pronounced in the former. Finally, the effects of DPS on TGG value become more significant in the European economies with a well-developed institutional system.
Article
This work aims to address the problem of green supply chain planning in the petroleum industry. Our primary objective is to minimize the total cost of crude, refinery, and petrochemical sectors and meet environmental regulations. It presents an optimization model for planning the supply chain. Furthermore, the study examines the impact of incorporating investment decisions in different carbon emission reduction options and evaluating the supply chain performance based on the economic and environmental dimensions. A novel mixed-integer linear programming model is developed to assess the impact of introducing a stringent environmental regulation limiting greenhouse gas emissions. Experimental results based on the Libyan petroleum industry are analyzed and demonstrate model capabilities to deal with the trade-off between the total cost and environmental issues. A sensitivity analysis is carried out on some parameters to design a mitigation plan to manage the environmental risks. This study shows that it is possible to reduce carbon emissions by up to 32% if the carbon capture and storage projects are implemented in the petroleum sector. However, if the reduction objective is more than 32% for the next 20 years, it is necessary to implement green (solar) energies in extraction, refineries, and petrochemical plants.
Article
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Demand for crude oil will plateau by 2040, where India will be the highest consumer with growing population, the whole world is dependent on crude oil, which dominant the world. Rise of price and petrol have an effect on every person. Oil is used in more than 6000 product which are part of our daily use from cell phone to tooth paste, curtains, electronic, make up products. Even for the construction of solar panels and wind tribunals component of oil is required. Electric vehicles require oil for their construction, oil has not yet found any alternative. It will take 25 years have all the transport running of electricity, which requires huge infrastructure, strong power grid to be formed. Drill and more exploration is taking place to take out oil, Google, Amazon and Microsoft have collaborate with the fuel industry for more drilling to take out oil and gas. There is being a reducing in the use of plastic bags, electricity is being produced using renewable energy, green technology, we have green building and adopting a nature based solution to become a carbon neutral world, well that can be applied in the case of electricity production which has helped India to electrified many of its villages and bring in electric vehicles. Even after this the oil industry will continue to dominant for the next 50 years or even more.
Article
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For the coming years, a significant development of electric mobility as well as renewable energies is expected. A large number of electric vehicles and a large amount of renewable energies means a high burden to the distribution grid and its components. On the other side, if controlled properly they can likewise act as a “functional storage” and operate on the energy markets or help to relive the grid.
Article
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Oil exploration and sustainability often seem an oxymoron, especially because one year ago the Deepwater Horizon incident turned into one of the largest marine oil spill in history. Marine and costal life, the population, as well as the entire ecosystem were affected and additionally harmed by the spread of chemicals in the course of clean-up efforts. However, environmental damage is not the only consequence. Lost revenues by the local fishing, tourism and other industries affect the livelihoods of many. One year after the incident, its magnitude and the not fully coordinated response efforts remain a major topic of environmental management discussions. This paper provides an economic, environmental and political assessment of the Deepwater Horizon incident. A look into the future of offshore drilling suggests that it is not only here to stay, but will grow in importance. We must therefore learn to improve the environmental management of offshore drilling.
Article
International oil and gas companies are deploying a range of strategies to invest in renewable energy technologies and projects. By now, the IOCs have become substantive players in the renewables market, lending their scale and business expertise to deploying clean energy. But they have seen mixed success in their efforts thus far, and the models IOCs choose to follow as they become interested in deploying renewables are still emerging.
Article
This article analyzes the change over the past 25 years in selected financial and operational performance indicators of US and EU based peer groups of oil Majors. After the Millennium's turn, all peer group companies experienced steep rises in their unit cost of production. Until 2000, oil Majors could replace reserves depleted by production, typically by splitting capital employed equally between upstream and downstream activities. Upstream assets include progressively more deepwater fields and unconventional resources, resulting in increased reserve replacement costs. This means the share of capital employed on upstream projects has risen to 70% in 2013. Capital expenditure (Capex) in the upstream segment for oil Majors is nearly 80% of the total, and for downstream (and other activities) Capex has been reduced accordingly (partly by asset divestures). In spite of sharply increased Capex on upstream projects, production output of the peer group has declined 6% since 2006. The profitability of upstream projects peaked in 2008, then declined and subsequently steadied at returns on capital employed (ROCEs) of about 20% in the period 2010–2012. US Majors have returned a greater proportion of cash generated from operations to shareholders than their EU counterparts, consistently so over the past 6 years. US companies achieved this better outcome in part by rapidly decreasing capital employed in downstream assets when these became less profitable. Downstream ROCEs have been weak over the past decade, but a modest recovery has begun. Downstream ROCEs of 15% in 2012 are sharply up from a low of 5% in 2009. For the coming decade, we expect fierce competition for technology leadership. To meet rising demand, oil and gas companies must increasingly produce from very complex fields, development cost of which will inevitably require high oil and gas prices. The rising cost of hydrocarbon extraction creates a strong incentive to accelerate the energy transition away from costly hydrocarbons toward progressively more affordable renewable energy resources.
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Oil Producers Face Their 'life or Death' Question: Fear of an Imminent Peak in Demand Means Companies Are Less Likely to Invest. So Does that Make Shortages and a Price Rise Inevitable?
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Could Renewables Be the Majors' Next Big Thing? Wood Mackenzie
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Oil Majors Plug into Electric Vehicle Technology: Investments Highlight Concerns over Changing Patterns of Transportation
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International Oil Companies: the Death of the Old Business Model
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Breaking the habit: the future of oil: the wold's use of oil is approaching a tipping-point, writes Henry Tricks. But don't expect it to end imminently
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Oil Majors See Their Chance in Staid World of Utilities: Big European Groups Lay Foundations for Expansion into the Electricity Supply Chain
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World reaches 1,000GW of wind and solar, keeps going
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Investors Turn up Heat on Shell over Climate Targets, Reuters
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Shell's Carbon Ambition: Blueprint for an Energy Supermajor
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The Week in Energy: Looking for the Peak
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Shell Looks to Shale Production for Rapid Growth
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ExxonMobil and Synthetic Genomics Report Breakthrough in Algae Biofuel Research
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Chevron Technology Ventures Launches Future Energy Fund
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Solar: the Focus of Our Renewable Energy Ambition
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Total to Buy 60% of SunPower for $1.38 Billion in Solar Bet, Bloomberg
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Total Acquires Belgian Renewable Power Provider Lampiris, Reuters
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France's Total to Take 25 Percent Stake in Clean Energy Fuels Corp, Reuters
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BP Warms to Renewables with $200m Stake in Solar Developer
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BP Buys UK's Largest Electric Vehicle Charging Network
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Towards a Low-Carbon Future
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Eni Signs a Framework Agreement with GE to Develop Renewable Energy Projects
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New Energy Solutions and Low Carbon Vision
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Wind Power Monthly, Oil and Gas Giant Eni Aims to Install 1GW of New Renewable Energy Capacity by 2021, Rising to 5GW by 2025
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Petrobras Scandal: Brazil's Energy Giant under Pressure, British Broadcasting Corporation
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Petrobras May Partner with Total on Wind, Solar Power in Brazil, Reuters
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Statoil to Change Name to Equinor
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Thank You Statoil! It's Been a Pleasure': Oil Major Changes Name
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Norway's Equinor Buys Danske Commodities for €400m
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Equinor Energy Ventures
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