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Lokmat Times

Oil supermajors cut 2025 low-carbon spending to $8.3 billion as hydrocarbon investment rises

Seven global oil supermajors are set to slash low-carbon investment to $8.3 billion in 2025 from $24 billion in 2024, the lowest level since 2019, while spending on oil and gas projects increases. Equinor has dropped its renewable-capacity target and approved a NOK 40 billion investment to expand output at Norway’s Troll gas field. BP is accelerating upstream growth, targeting more than one million barrels of oil equivalent per day from its U.S. portfolio by 2030. The UAE plans to lift crude capacity beyond 5 million barrels per day and has announced cumulative investment commitments exceeding $200 billion by 2030.
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