The world’s leading oil companies are stepping up their hunt for new oil and gas reserves, as a slower than expected transition to clean energy sets the stage for stronger fossil fuel demand for decades to come.
Executives from BP, Chevron, ExxonMobil, Shell and TotalEnergies all used recent earnings calls to highlight how they have begun refocusing on securing new reserves after years of prioritising renewables.
Expectations for a rapid energy transition have moderated in recent years, as elevated inflation and interest rates raised costs and slowed development of renewables.
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