Tezislər / Theses

THE 3
rd
 INTERNATIONAL SCIENTIFIC CONFERENCES OF STUDENTS AND YOUNG RESEARCHERS 
dedicated to the 99
th
anniversary of the National Leader of Azerbaijan Heydar Aliyev
456
2. Portfolio diversification 
Research indicates that renewables offer the most attractive 
opportunities for major oil companies to diversify and add value to the overall 
business of the group using solar energy, wind and electricity technologies, 
which are the most popular for investment and acquisition. “BP” and “Total” 
invest large investments with different ways to renewables like 
solar, wind, 
marine energy, energy storage, distributed energy tech, hydrogen, biofuels 
and chemicals
. Several major oil companies are also creating partnerships. 
with innovative startups. If this is done in in a diversified way, it can provide 
access to a wide range of a range of low-carbon technologies with relatively 
low risk. 
3. Integration of renewable technologies in oil and gas companies. 
Now, several European and American majors, including “BP” and “Royal 
Dutch Shell”, are reinvesting heavily in renewables, and all the major oil and 
gas companies have at least a few solar power projects, whether they 
developed them themselves or signed power purchase agreements with 
project developers. In many areas, companies are using “gas to power” to 
produce electricity for their own operational consumption and selling the 
excess electricity to the grid. In one example of this strategy, “Eni” has 
focused on the hybridization of renewable energy systems with existing 
energy processes at their sites, and “Petronas” launch of the “Sinaran” 
project, which uses solar panels. Installed at its upstream and downstream 
assets in addition to their use of electricity. 
4.
 Continued focus on oil and gas 
Although studies show that most of the oil and major gas companies are 
investing in renewable energy to a greater or lesser to a lesser extent 
hydrocarbons are likely to remain the foundation of their business for years 
to come. In fact, the truth is that, oil is still more lucrative than renewable 
energy sources as a whole. Strategies in this category can alter, but there is 
a lower incentive to diversify when a corporation has huge oil reserves. As 
the answer of “What will the future of oil and gas?” investors said, “As market 
of the future is carbon neutral, where natural gas is combined with CCS or 
converted to blue hydrogen to fuel the industrial and energy sectors.” 
Although the global energy system has changed multiple times in the last 
two centuries, we are now during a new wave that combines the emergence 
of new renewable energy sources with consumer demand to cut greenhouse 
gas emissions and ameliorate the negative consequences of climate change.
While day-to-day details may necessitate dynamic alterations, strategic 
thinking that drives today's decisions is done with long-term goals in mind. 
This strategic approach to thinking about future challenges and opportunities 
is what makes the energy transition exciting for individuals in the oil and gas 
industry, as well as those who are welcome oil and gas majors into their new 

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