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The 2020 oil price crash and Covid-19 pandemic were the catalysts for a 56% decrease in farm-out deals compared to 2019. The farm-out market had been showing signs of recovery since the low in 2016, until the events of 2020 resulted in the number of completed exploration farm-outs dropping to the lowest level in the last decade.
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Chevron Joins Growing List of Oil and Gas Companies Investing in Offshore Wind
Ocergy Inc., a company developing a couple of new offshore wind energy solutions, announced last week that Chevron Technology Ventures and Moreld Ocean Wind (MOW) were investing in its Series A round of funding. The money is expected to help the company commercialize its OCG-Wind Floating Offshore Wind Turbine technology and OCG-Data environmental monitoring buoy.
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Oil and Gas Majors Focus on Renewable Energy, Hydrogen, and Carbon Capture
Although you’d be hard-pressed to find an expert who believes oil and gas companies will abandon exploration and production operations anytime soon, several oil and gas majors are expanding their businesses into the renewable energy sector and some in a big way. Total has laid out plans that would have it outpace clean energy leaders Iberdrola and Ørsted on renewable power capacity by 2030. Hydrogen and carbon capture technologies are also likely to be part of growth strategies for the industry going forward.