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| Experience and Enlightenment of Major International Oil Companies in Response to Energy Transition |
| Liu Yueyang, Wu Mouyuan, Liu Chang |
| CNPC Economics & Technology Research Institute |
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Abstract With the acceleration of energy reform and transition, the production and operation environment of traditional energy companies is undergoing profound changes, and the companies are facing increased competition from inside and outside of the industry. Major international oil companies have responded to the challenges of the energy transition actively, and taken green and low-carbon development as the main direction of transition. They released relevant reports on energy transition, and clarified green and low-carbon development goals, development paths and safeguard measures; They strengthened emission reduction and decarburization of traditional businesses by changing the operation mode, enhancing the promotion and application of carbon removal technology, and seeking support from government ; They made the strategic layout of emerging businesses such as power and advance mobility to create a low carbon business model, used a variety of investment methods to selectively explore and develop new areas with synergistic effects. The transition and development practices of major international oil companies also offer four inspirations to China’s oil and gas enterprises. It is suggested that China’s oil companies learn from major international oil companies. First, China’s oil companies should actively respond to energy transition and formulate green and low-carbon development strategies; Second, they should lay out emerging fields and use low-carbon technologies for emission reduction and decarburization; Third, they should work to leverage acquisitions and investments to foster new growth drivers for transition and development.
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Published: 05 November 2022
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2021, Vol. 28 
