{"id":12381,"date":"2017-06-13T08:14:18","date_gmt":"2017-06-12T21:44:18","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=12381"},"modified":"2017-06-13T08:14:18","modified_gmt":"2017-06-12T21:44:18","slug":"oil-gas-renewables-investment-mb0077","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/","title":{"rendered":"Oil And Gas Majors Warned Renewables Momentum Unstoppable"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter wp-image-12386 size-full\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewables-oil-gas-2.png\" alt=\"Renewable Energy - Risk And Opportunity For Oil And Gas Majors\" width=\"700\" height=\"462\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewables-oil-gas-2.png 700w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewables-oil-gas-2-300x198.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>Renewables present a significant threat to legacy oil and gas operations, but also an opportunity that cannot be ignored says research firm Wood Mackenzie; which specialises in energy, metals and mining sectors.<\/p>\n<p>With renewables being the fastest-growing primary energy source globally over the next twenty years, it&#8217;s time for oil and gas majors that are yet to jump on the clean energy bandwagon to consider doing so as the case for building a position is becoming increasingly compelling.<\/p>\n<p>&#8220;A potential tipping point for the shift into wind and solar could be an anticipated decline in the Majors\u2019 hydrocarbon production,&#8221; <a href=\"https:\/\/www.woodmac.com\/analysis\/renewables-on-the-rise-are-majors-ready-to-invest\" target=\"_blank\" rel=\"noopener\">says the firm<\/a>. &#8221; With new resources needed to sustain volumes beyond 2025, wind and solar could step in to the breach if discovered resource commercialisation, M&amp;A and exploration fail to deliver, or economics weigh against continued development.&#8221;<\/p>\n<p>The company forecasts average annual growth rates of 6% for wind and 11% for <a href=\"https:\/\/www.solarquotes.com.au\/solar101.html\">solar power<\/a> for the next 20 years. Total primary energy demand for oil is expected to grow only 0.5% annually.<\/p>\n<p>Currently, global oil and gas revenue is thirty-three times that of renewables, but in 2035 will only be thirteen times greater. If renewable energy penetration accelerates even more than predicted, revenues from renewables in 2035 could equal that of US unconventional sources.<\/p>\n<p>In Wood Mackenzie&#8217;s &#8220;carbon-constrained scenario&#8221;, wind and solar power combined secure a 23% share of the global power market and 6% of the total market for all energy forms by 2035.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12387 size-full\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewable-energy-growth-2.png\" alt=\"Renewables and energy market growth\" width=\"700\" height=\"455\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewable-energy-growth-2.png 700w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewable-energy-growth-2-300x195.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>In an interview with <a href=\"https:\/\/www.theguardian.com\/environment\/2017\/jun\/12\/oil-giants-need-to-invest-heavily-in-renewables-by-2035-analysis-finds\" target=\"_blank\" rel=\"noopener\">The Guardian<\/a>, Wood Mackenzie&#8217;s director of research said the momentum behind renewable technologies is unstoppable and oil companies are now recognising this is a megatrend rather than a fad.<\/p>\n<p>&#8220;There is definitely a risk to their core business,&#8221; said Valentina Kretzschmar.<\/p>\n<p>Wood Mackenzie estimates a spend of US$350 billion out to 2035 on wind and solar power\u00a0 is needed for the oil and gas majors to achieve the 12% market share they currently hold in the fossil fuels. While this seems an unlikely scenario, it expects costs associated with developing renewable energy projects to drop sharply over the period.<\/p>\n<p>Renewables could account for over twenty percent of total capital allocation for the most active oil and gas majors after 2030 says the company.<\/p>\n<p>Wood Mackenzie&#8217;s report, &#8220;Could Renewables Be The Majors&#8217; Next Big Thing?&#8221; was prepared in partnership with GTM Research.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renewables present a significant threat to legacy oil and gas operations, but also an opportunity that cannot be ignored says research firm Wood Mackenzie; which specialises in energy, metals and mining sectors. With renewables being the fastest-growing primary energy source globally over the next twenty years, it&#8217;s time for oil and gas majors that are [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":12386,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-12381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil And Gas Majors Warned Renewables Momentum Unstoppable - SolarQuotes Blog<\/title>\n<meta name=\"description\" content=\"Renewables present a significant threat to legacy oil and gas operations, but also an opportunity that cannot be ignored says research firm Wood Mackenzie.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil And Gas Majors Warned Renewables Momentum Unstoppable\" \/>\n<meta property=\"og:description\" content=\"Renewables present a significant threat to legacy oil and gas operations, but also an opportunity that cannot be ignored says research firm Wood Mackenzie.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/\" \/>\n<meta property=\"og:site_name\" content=\"SolarQuotes Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SolarQuotes\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-12T21:44:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewables-oil-gas-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"462\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michael Bloch\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@solar_quotes\" \/>\n<meta name=\"twitter:site\" content=\"@solar_quotes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/\"},\"author\":{\"name\":\"Michael Bloch\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#\/schema\/person\/66afd571aa00c2e442f0192ebac2f6f1\"},\"headline\":\"Oil And Gas Majors Warned Renewables Momentum Unstoppable\",\"datePublished\":\"2017-06-12T21:44:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/\"},\"wordCount\":389,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/oil-gas-renewables-investment-mb0077\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/renewables-oil-gas-2.png\",\"articleSection\":[\"General Solar &amp; 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An EY poll of 1,200 Americans indicates the industries have somewhat of an image problem and that is shaping the view of young folks in\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Employment in oil and gas","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/oil-gas-renewables-jobs.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/oil-gas-renewables-jobs.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/oil-gas-renewables-jobs.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/06\/oil-gas-renewables-jobs.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":13732,"url":"https:\/\/www.solarquotes.com.au\/blog\/shell-solar-investement-mb0149\/","url_meta":{"origin":12381,"position":1},"title":"Shell Tentatively Stepping Back Into Solar Energy","author":"Michael Bloch","date":"August 2, 2017","format":false,"excerpt":"Shell has sunk a chunk of change in Singapore's Sunseap Group, with view to collaborating with the company on solar projects in the Asia Pacific. To date, Sunseap has racked up 160 megawatts of distributed solar contracts in Singapore. It also holds a local electricity retailer license and has secured\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Shell - solar power investment","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/shell-solar-power.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/shell-solar-power.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/shell-solar-power.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/shell-solar-power.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":17003,"url":"https:\/\/www.solarquotes.com.au\/blog\/green-energy-barometer-mb0318\/","url_meta":{"origin":12381,"position":2},"title":"2017 Green Energy Barometer Survey Results","author":"Michael Bloch","date":"November 22, 2017","format":false,"excerpt":"A recent international survey found 82% of respondents believe the world should run entirely on green energy and an average of 85% want their countries to phase out coal. The research was carried out through 26,401 interviews conducted in 13 countries (Australia not among them) by Edelman Intelligence for \u00d8rsted\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Green energy barometer","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/green-energy-barometer.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/green-energy-barometer.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/green-energy-barometer.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/green-energy-barometer.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":32279,"url":"https:\/\/www.solarquotes.com.au\/blog\/qld-renewables-cleanco-mb1146\/","url_meta":{"origin":12381,"position":3},"title":"Shortlist For Queensland&#8217;s Renewables 400 Reverse Auction Announced","author":"Michael Bloch","date":"July 24, 2019","format":false,"excerpt":"It's been around two years in the making so far, but the Queensland Government's Renewables 400 reverse auction is now another step closer. Queensland Energy Minister Dr Anthony Lynham announced this morning CleanCo would commence trading in the national electricity market on October 31 and complete the Government\u2019s Renewables 400\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"CleanCo - renewable energy auction","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/07\/cleanco-renewables-auction.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/07\/cleanco-renewables-auction.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/07\/cleanco-renewables-auction.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/07\/cleanco-renewables-auction.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/07\/cleanco-renewables-auction.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":13870,"url":"https:\/\/www.solarquotes.com.au\/blog\/power-to-gas-trial-mb0158\/","url_meta":{"origin":12381,"position":4},"title":"Power-To-Gas Trial For Adelaide","author":"Michael Bloch","date":"August 8, 2017","format":false,"excerpt":"A power-to-gas trial using a new electrolyser will seek to produce cheap hydrogen from splitting water, with the hydrogen then injected into the gas grid. The Australian Renewable Energy Agency (ARENA) announced yesterday it is providing $5 million in funding to Wollongong-based company AquaHydrex to build a pilot plant at\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Hydrogen energy storage trail","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/renewables-hydrogen-gas.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/renewables-hydrogen-gas.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/renewables-hydrogen-gas.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/08\/renewables-hydrogen-gas.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":40090,"url":"https:\/\/www.solarquotes.com.au\/blog\/australia-electricity-generation-mb1540\/","url_meta":{"origin":12381,"position":5},"title":"Australian Energy Statistics (Electricity Generation) For 2019","author":"Michael Bloch","date":"May 27, 2020","format":false,"excerpt":"The Department of Industry, Science, Energy and Resources has released electricity generation statistics covering last year in Australia that show solar energy's continued ascent and coal power's ongoing decline. The statistics cover all electricity generation in Australia, including home solar and commercial\/utility-scale PV. In 2019, fossil fuel sources accounted for\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Solar energy generation statistics - Australia 2019","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/solar-energy-statistics.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/solar-energy-statistics.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/solar-energy-statistics.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/solar-energy-statistics.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/solar-energy-statistics.png?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/12381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/comments?post=12381"}],"version-history":[{"count":3,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/12381\/revisions"}],"predecessor-version":[{"id":12388,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/12381\/revisions\/12388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media\/12386"}],"wp:attachment":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media?parent=12381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/categories?post=12381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/tags?post=12381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}