Energy majors go for a major rethink

If consumers are diversifying their fuel mix, energy firms must follow suit to retain dominance

It was not always this way. Energy majors built their historic wealth in assets such as coal mines, oil wells and gas fields. The value came from discovering and developing these assets across the globe and putting them to market. They obsessed more with adding reserves and worried about hitting the “peak” that is, when they will start to deplete reserves more than add. This may still be the mindset but a fundamental rethink is starting to happen as consumers increasingly take to other energy sources closer home.
 
The growth in commercial energy use, for many years, has come