We mined CB Insights data on oil & gas leaders to chart how their tech initiatives — from hydrogen and low-carbon fuels to renewable energy & long-duration energy storage — measure up.
The oil & gas industry is navigating a transformative period as it adapts to the global energy transition.
Major players like BP and Shell are aiming to become net-zero emissions energy businesses by 2050, with Shell targeting a 50% emissions reduction by 2030 compared to 2016 levels.
These ambitious goals are driven in part by shifting regulatory frameworks. The EU, for instance, plans to require oil & gas companies to buy carbon credits to compensate for offshore activities, while in the US, the Inflation Reduction Act has incentivized sustainable aviation fuel (SAF) production.
Activist investors are also shaping industry strategies, as seen with Engine No. 1’s landmark 2021 victory when it placed 3 directors on ExxonMobil‘s board to push for decarbonization. Other oil majors like Shell and Chevron have also faced recent shareholder resolutions on climate change.
In response to these dual pressures, companies are diversifying and investing in green initiatives, but there is still a long road ahead. Today, SAF production accounts for less than 0.1% of global jet fuel consumption, and carbon capture technologies are still in early stages.
This report explores 15 oil & gas leaders’ activity across 6 tech priorities, showing where they invest, acquire, and partner to drive the energy transition.
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