Here is the real reason why International Oil Companies (IOCs) like bp, Shell, Total & Eni are investing heavily in trying to look green:
◼ Back then:
IOCs used to have it all: the technology, the expertise, the capital and most of all, the lifeblood of an Oil Company, the Oil 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 (still growing), and most of all, they have what all IOCs want & cannot easily get: Oil Reserves, (taken back from IOCs through nationalization in oil producing countries).
What do IOCs have now? Nothing, they are deprived from Oil reserves, they are making pennies in profits as the most profitable companies are the National Oil Companies.
Fortunately, North American Oil Majors (ExxonMobil, Chevron, ConocoPhillips, Murphy Oil Corporation) were lucky, because U.S. has Oil Reserves, so they are selling their mature assets outside 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.
