When it comes to the future sustainability (excuse the pun) of oil companies, there are two trains of thought, one of which is that they should ‘stick to their knitting’ and just focus on what they are good at, which is extracting oil and gas out of the ground, refining those fossil fuels and delivering petrochemical products to their customers. The other train of thought is that they should diversify their offerings in order to reduce the risks associated with a business model that is going to come under massive pressure over the coming years. US oil and gas companies, such as Exxon and Chevron, as well as Gazprom and SaudiAramco share the first view, while we see some of their European counterparts such as Shell, Total and Equinor investing heavily in new business areas such as offshore wind, EV charging, electricity trading and even battery production. This all […]