Strategies of Major Oil Companies Regarding Renewables

Renewable energy sources are taking a key role in the energy industry, which manifests in the gradually increasing proportion of these energy sources in total primary energy consumption. Following this trend, large international oil companies, called oil majors, invest their capital in developing clean energy and proclaim energy transition as an essential part of their strategy. Our research aims to investigate renewable energy strategies and investments of international oil companies, as well as to provide a categorization of oil majors in clean energy «leaders» and «outsiders» and then estimating the factors that influenced their decision to implement the active renewable strategy. Our further «classification» of international oil companies, which will take into account the possible power generation of different sources of energy belonging to these enterprises, and related analyses of their actions might extend the line of research on the topic.