Here is the real reason why International Oil Companies (IOCs) like bp, Shell, Total & Eni are investing heavily in trying to look green:
Back in the good old days:
IOCs used to have it all: the technology, the expertise, the capital and most of all, the lifeblood of an Oil Company, the Oil & Gas Reserves as they controlled most of the reserves outside their home-countries.
But now:
National Oil Companies (NOCs) have it all: the expertise, the cash, the technology (which is still growing), and most of all, they have what all IOCs want & cannot easily get: Oil & Gas Reserves, (which were taken back from IOCs through nationalisation in Oil & Gas producing countries).
The question now is; what do IOCs have now? The answer is Nothing. They are deprived from Oil & Gas reserves, they are making pennies in profits as the most profitable companies are the National Oil Companies.
But not all IOCs are facing the same problem. North American Oil Majors (ExxonMobil, Chevron, ConocoPhillips, Murphy Oil Corporation) are lucky enough because U.S. has Oil & Gas Reserves, so now they are selling their mature assets outside the U.S. and going back home.
Unfortunately, Europe based Oil Majors like Shell, bp & Total have nothing to go back for. The whole Europe has a tiny Oil Reserves, which can’t even cover its consumption and making it under the mercy of Russia. So what do they do, they GO GREEN.
