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Table of contents
  1. Overview and key findings
  2. Energy transition in the CEE region
  3. Energy transition in the Middle East region
  4. Energy transition in South Africa
  5. Energy transition in the Asian region
  6. Outlook for investment
  7. Challenges to the transition
  8. Recent developments and trends in energy transition
  9. Interview with Will Webster, Oil and Gas UK
  10. Interview with Christina Verchere, OMV Petrom
  11. Interview with Pierre Girard, Neptune Energy
  12. Interview with Bob Henderson, Shell
  13. The route to decarbonisation
  14. Overview of the strategies of O&G majors
  15. Technologies being used
  16. How well are they doing?
  17. Methodology
  18. Why are European majors taking the lead?
  19. New UK agreement could be a model for others
  20. Eight O&G majors agree energy transition principles
  21. Conclusion

Methodology

CMS commissioned Capital Economics to assess the significance of the major oil and gas companies diversifying into renewables, and to provide economic analysis to assess the outlook for investment by these oil and gas companies in the energy transition globally.

Our report and findings are based in part on an extensive literature review, which includes a review of individual company reports, financial statements and stated strategies of our sample of fifteen oil and gas majors. In addition, we drew on respected public sources to inform our views on the current state of, and future longer-term trends in, the global energy mix including the International Energy Agency (IEA), BP, and the International Renewable Energy Agency (IRENA). We also used data from the World Bank and the United Nations to help underpin our regional economic analysis.

Our forecasts for the outlook of investment in renewable energy are underpinned by two scenarios put forth by the International Renewable Energy Agency (IRENA). We used our analysis of the current levels of investment in renewable energy by our sample of fifteen major oil and gas companies, as well as assumptions regarding the speed of transition, to generate plausible projections for future diversification.

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