The end of ‘Big Oil’ has been the subject of discussion and anticipation for many years. Each and every time the price of oil plunges to record lows, in fact, the topic enjoys a revival, as well as when significant new sustainability goals are agreed and announced at the highest international levels.
When we talk of Big Oil, we are of course technically talking of the world’s six or seven largest oil and gas superpowers, the publicly-traded heavyweights, and not particular countries or geopolitics. Yet the term is often loosely applied to encompass the wider oil and gas sector as a whole, and there surely couldn’t be a bigger signal of our decoupling from fossil fuels and the geopolitical ransom demands that come with them, than the fallout from the ongoing war in Ukraine.
So is this now actually the beginning of the end for Big oil? More to the point, what does that look like and how will it be realised?
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