According to Bloomberg, with fossil-fuel alternatives limiting growth in oil demand, Big Oil is using its experiences in building off-shore oil rigs to anchor massive turbines on the seabed. Reportedly, with the clout oil companies possess, they will be able "to finance projects more cheaply than many of their competitors."
Shell, whose CEO Ben van Beurden has said oil demand may peak in the second half of the next decade, has set up a business unit to identify the clean technologies where it could be most profitable. The company began more than 180 years ago importing shells from Asia and needs to adapt to ensure it’s still around in another century, according to Sinead Lynch, the company’s chair for U.K. businesses.
Wind farms are especially interesting to Shell because they can power electrolysis reactions that make hydrogen, which the company says may be a major fuel for cars in the coming decades, said Lynch in an interview.
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|“The cost could be so near to zero it will effectively be free.”|