Despite the oil industry’s climate pledges and increased spending on low-carbon technologies, companies are doubling down on what they know best.
Spending on new offshore oil projects over the next two years is projected to climb to levels not seen in a decade, writes POLITICO’s E&E News reporter Benjamin Storrow.
U.S. oil giant Exxon Mobil is pouring money into projects off Guyana and Brazil. The United Kingdom and Norway are investing heavily in the North Sea. And Saudi Arabia’s state-owned oil giant is pumping money into a series of massive offshore expansions.
