Analysis of upstream and low-carbon new energy business strategies of U.S.oil companies—A case study of ExxonMobil and Chevron
Under the wave of energy transformation,international oil companies have determined the development strategy of upstream and low-carbon new energy business.ExxonMobil plans to increase its upstream production by 13.5%in 2027 compared to 2022,with the increase mainly coming from unconventional oil and gas in the Permian Basin and deep-water oil and gas in Guyana and its low-carbon new energy strategy focuses mainly on biofuels,hydrogen energy,carbon capture and storage(CCS),and lithium development.Chevron also plans to increase production by 15.9%in 2027 compared to 2022,with the increase mainly coming from unconventional oil and gas in the Permian Basin and deep-water oilfields mainly in the Gulf of Mexico,distributing in many countries and regions and its low-carbon new energy strategy concentrates on renewable fuels,hydrogen energy,carbon capture,utilization and sequestration(CCUS),as well as carbon offsets.Compared to European oil companies,the two major U.S.oil companies are obsessed with increasing upstream production,especially focusing on unconventional,deep-water and natural gas business.They are also more conservative in low-carbon new energy,focusing only on areas where they have a competitive advantage and are less risky.It is recommended that China's oil companies guarantee national energy security firstly,continue to focus on the main oil and gas industry,increase investment in shale oil and gas,acquire high-quality oil and gas assets through mergers and acquisitions,take the rapid layout of the low-carbon new energy business,actively enter Guyana's offshore blocks,increase inputs in research and development of key technologies in the CCUS industry,and facilitate the industrialization of CCUS.
strategyupstreamlow-carbon new energyinternational oil companiesExxonMobilChevron
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