Major oil and gas companies are increasingly expected to divert capital from their upstream operations to build positions in the wind and solar sectors, as players see “opportunities” in the renewables business, according to analysts at consultancy Wood Mackenzie.
In its latest report, Could Renewables be the Majors’ next big thing?, WoodMac said renewable energy sources pose “a threat to legacy oil and gas operations, but (are) also an opportunity to diversify and future-proof portfolios”.
