In today’s highly complex and constantly changing energy landscape, a renewed sense of “energy realism” has triggered a pronounced shift among leading players – with greater emphasis on core markets, enhanced profitability and energy security, and less talk about decarbonization and sustainability. Realism and pragmatism are not just buzzwords but essential lenses through which companies are reassessing strategy, investment and impact.

Amid such a swing of the pendulum, how are the majors prioritizing their portfolio investments across the upstream, downstream and low-carbon sectors? Are their spending strategies still divergent or are they becoming more aligned?

While stock markets continue to punish green energy companies, the solar and storage sectors are setting new records. Other clean tech segments – including hydrogen, biogas and carbon capture and storage – have been making tangible inroads. In the power market, data centers, AI and transport are driving up electricity demand. Natural gas, meanwhile, is shaping up to be a focal point of the energy agenda this year.

We aim to unravel all of these topics in the latest iteration of our Rystad Talks Energy series, and I hope you will join us for a market-focused discussion covering the entire energy spectrum. We are also proud to facilitate a thought-provoking conversation with Uma Ranganathan, Equinor’s Head of Strategy and Early Phase New Business & Investments, reflecting on balancing the omnipresent urgency to prioritize cost-competitive projects and shareholder returns with the long-term need to assess new opportunities and to “future-proof” the business.