The companies in the study – ExxonMobil, Chevron, ConocoPhillips, BP, Shell, Total, Eni, and Equinor – may have to divest combined resources of up to 68 billion barrels of oil equivalent in various geographies, with an estimated value of US$111 billion and spending commitments in 2021 totaling US$20 billion, according to the study. The Europe-based group of those companies, dubbed ‘Majors+’ by Rystad Energy, have pledged various commitments to become net-zero energy companies and significantly expand their renewable energy, hydrogen, or power market portfolios. BP, for example, said in its new strategy last month that it would reduce its oil and gas production by 40 percent by 2030 through active portfolio management and would not enter exploration in new countries. Equinor mandated its incoming chief executive Anders Opedal – who will replace retiring Eldar Sætre in November – to accelerate Equinor’s transition from an oil company to a broad […]