European oil companies go for renewables, American oil companies not so much

In Texas, while European oil companies like Statoil and Total talked about moving away from oil and toward natural gas and renewable energy at CERO, the world’s biggest oil and gas conference, there was little mention of biofuels or renewable energy among American oil companies like ConocoPhillips.

Statoil and Total shared their long-term plans towards renewable energy to lower carbon emmissions and help alleviate climate change. Total is expanding its role in electricity including renewables like solar power and battery storage. Patrick Pouyanné, Total’s chairman and chief executive, told Green Biz, “In 20 years, Total will be first a gas and oil company, with some assets in alternative energies.” Statoil is planning on moving up to 20% of its investments into renewables and low-carbon products by 2030 and have already started that process with large investments in offshore wind farms so far.