IOCs diversify to meet challenge of decarbonisation

IOCs are struggling to find their role within the changing energy market and are trying to hedge against an increasingly uncertain future for oil demand, delegates at the International Petroleum Week conference in London heard on Tuesday. Companies are expanding their investments in gas but also diversifying into the power and renewables sectors.

“[The industry] needs to embrace the transition to low-carbon energy, to find our role in it and work together to make the future,” Andrew Brown, upstream director at Shell, told delegates. Shell is...