Reuters’ Ron Bousso, for instance, wrote in a recent article that Exxon and Chevron are already partners in a number of projects around the world and with Chevron’s takeover of Hess Corp, they have also become partners in one of the hottest oil spots in the world: Guyana. A few other large deals in the last couple of years prompted those covering trends in the industry to talk about a series of megadeals—all struck after oil prices rebounded after the end of the lockdowns and soared briefly but meaningfully after Russian troops entered Ukraine in early 2022. The predictions of peak demand growth for oil are part of the broader energy transition narrative, most recently expressed by the secretary-general of the United Nations, who said in a speech that the transition was unstoppable and the world was past the point of no return on its way away from oil and gas and towards a fully wind-plus-solar future energy system.
Author: Irina Slav
Published at: 2025-07-26 23:00:00
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