Oil and gas giants have been making high-profile pledges to decarbonize their operations, diversify increasingly towards clean energy, and get with the transition program – but how are these promises working out in reality?

British major BP, for example, unveiled plans to reduce spending in its traditional oil and gas business from about $12 billion last year to around $9 billion in 2030. Over the same time span, it aims to accelerate annual investments in low-carbon energy from $1.7 billion to around $4 billion – with particular emphasis on solar, wind and bioenergy, in addition to EV charging infrastructure.

French major Total Energies, meanwhile, is gunning to become a leading electricity generator, targeting 35 gigawatts (GW) of gross capacity by 2025, and 100 GW of gross installed capacity by 2030. Norway’s Equinor, which expects to keep its oil and gas spending steady at around $10 billion per year until the end of the decade, says it aims to lift investments in renewables and low-carbon solutions from about $3 billion this year to an average of $5 billion per year from 2025 through 2027, and onward to about $6 billion per year from 2028 through 2030.

I welcome you to join us for an insightful session on Thursday 29 August, as we present the latest edition of Rystad Talks Energy, this time with a sharp focus on the O&G sector and its journey through the energy transition. This webinar will provide a comprehensive overview of the O&G industry's adaptation and strategic shifts amidst global calls for sustainability.

We will shed light on the paths and strategic decisions E&P companies are implementing to redefine their roles within the energy landscape. Additionally, we will discuss the latest M&A developments, exploration opportunities and investment trends that are shaping the upstream industry, as well as supply chain dynamics across the onshore and offshore sectors.