Darren Woods at the APEC summit in November
ExxonMobil charts own course on transition
The US oil major is leveraging its skillset to develop a low-carbon portfolio spanning CCS and blue hydrogen to lithium for EV batteries
Oil company executives find themselves on the receiving end of no shortage of sage advice about how they should proceed to cut their emissions and rebalance their new project investments amid the energy transition. From politicians to academics, media pundits, activists and consulting firms of all shapes and sizes, it seems everyone is trying to get in on this influence game. Much of this prevailing wisdom advises firms to simply go out and invest in big wind, solar and stationary battery projects as a main means of signalling their green virtues. It is a plan of action some major companies have attempted to follow with mixed results, as evidenced by recent major write-downs of offshore wind
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The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
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EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
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Gas auctions underperform, signalling a slow start to 2025 after bumper 2024
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The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
