Energy transition could push oil majors to sell or swap oil and gas assets of more than $100 billion

Energy transition could push oil majors to sell or swap oil and gas assets of more than $100 billion

The global energy market is on the brink of a major transition to cleaner sources of energy. To adjust and transform, the world's largest oil and gas firms are revising their long-term oil price and demand outlook, and need to streamline their portfolios significantly to improve cash flow, cost efficiency and competitiveness. As a result, several billions of dollars in assets are about to change hands.A Rystad Energy study of the geographical spread of ExxonMobil, BP, Shell, Total, Eni, Chevron, ConocoPhillips and Equinor – which we call “Majors+” – reveals that to adjust to the energy transition, the eight companies may need to divest combined resources of up to 68 billion barrels of oil equivalent, with an estimated value of $111 billion