The oil giants appear to believe that it is worth spending substantial sums to gain access to favorable sites. Although the company is shedding 10,000 jobs as it gradually reduces oil production, it is installing some former oil and gas operators into critical roles in its renewable-energy businesses. Total was the top bidder for a large tract in the southern North Sea in partnership with an arm of Macquarie, a financial firm. Last year, BP paid $1.1 billion for a half-share of the offshore business that Equinor, the Norwegian oil company, has established off the east coast of the United States. The companies were recently tapped by New York State to supply power from two large wind farms in the Atlantic.

Source: New York Times February 08, 2021 17:49 UTC