Oil giants focus on renewable assets

In recent years, large oil producing companies have shown a huge appetite primarily for wind or solar projects. In addition, some sustainable initiatives of billions of dollars at sea have also become a specialty of European energy companies seeking to capitalize on the global energy transition. 

French oil company Total, for example, is among the finalists for buying a stake in an offshore wind farm whose development and operation could cost more than $7 billion. These sustainable and maritime projects are still being more attractive to oil companies because the scale and skills needed to build them are similar to those of offshore oil.

Like Equinor, which is also committed to providing energy more sustainably and has been investing heavily in Brazil. Last year, in an interview with Reuters, the company said it sees great potential for the generation of solar and wind power in the country. The oil company, which bought at the end of 2017 a slice in the Solar Project Apodi, in Ceará, said it plans to reach 2030 with about 20 percent of its investments in renewables.


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