A movement of strategic reorientation of the big oil companies began with the health crisis.

They are now betting on an anticipated decline in oil and looking for ways to diversify.

If renewable energies are on the rise, they do not convince everyone.

Total lost more than seven billion euros in 2020. The French oil company is however doing better than its competitors - BP, Shell or Exxon Mobil - who have each announced more than $ 20 billion in losses.

The Covid crisis is the cause and is pushing all the majors to reorient their strategy.

This movement had already started a few years ago, but it has accelerated since the outbreak of the pandemic.

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Peak oil, when world oil consumption is expected to reach its peak, has been put forward.

Until now, the date of 2050 was mentioned but forecasts are now more likely to be 2040 or even 2030. In fact, planes will take time before taking off again and will surely switch to a hybrid in the years to come.

The stimulus plans rely heavily on green, especially for transport, and shareholders are also pushing to move towards green energies.

From "Total" to "Total energy"

The new boss of BP, a British oil giant, even thinks that this peak has already passed and that we will no longer find the levels of consumption before Covid.

It therefore plans to reduce its oil production by 40% and increase its investments in renewable energies tenfold.

The movement seems generalized in Europe.

The companies Shell, Eni and even Total are all announcing a boost to renewable energy.

The latter even announced Tuesday that it would change its name to "Total energy".

More than a detail, this means that Total no longer wants to be just an oil giant but an "energy" giant.

Its goal is to sell "only" 30% oil, against 50% gas and 15% renewable energy within ten years.

The company also aspires to join the top 5 of the largest renewable electricity suppliers in the world.

At the level of the group, which multiplies acquisitions, it is a revolution.

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Are Americans rather cautious?

This change is a gamble because today, renewable energies bring in practically nothing.

In the United States, the oil companies have a completely different strategy: "The Americans, for the moment, need to be convinced that this diversification will maintain their profitability. We do not take the risk on renewable energies that we do not does not know today the real long-term profitability ", explains Alain Corbani, oil specialist at Finances SA.

He describes Americans who prefer for the moment to focus on reducing their carbon footprint through new technologies, while maintaining their focus on the production of conventional oil, "shale oil," he says.

The American giant Exxon mobil also hopes to become the leader in CO2 capture techniques.

It is therefore not yet the end of oil.

If demand is to decrease, there will always be a need for oil, for example in countries that cannot afford to buy electric cars.

The decline has in any case begun.