Entering the Battle for the Future: Oil Majors Are Stepping Up!

In recent years, some new energy projects have stood out prominently. Europe’s largest renewable hydrogen plant; a large-scale integrated demonstration project for wind, solar, gas, storage, and hydrogen in Inner Mongolia; the largest global acquisition of a renewable fuels company; and one of the world’s largest floating offshore wind power projects… Surprisingly, the ‘big players’ behind these projects are none other than international oil majors—long-standing titans of the petroleum industry. It turns out these oil-and-gas giants, already highly successful in their traditional domain, are equally proactive in the energy transition—accelerating full throttle. 01 European Oil Companies Leading the Charge Among them, European oil companies were the first to ‘step up’—aggressively scaling back upstream oil-and-gas operations while massively expanding into new energy sectors, acquiring new-energy firms, and diversifying across offshore & onshore wind and solar photovoltaics (PV). As an active proponent of energy transition, the venerable oil company Total rebranded itself as ‘TotalEnergies’ in May 2021, sounding the clarion call for its transformation into a diversified energy company. Since 2022, TotalEnergies has made frequent acquisitions of new-energy enterprises, increasing its total installed renewable capacity to nearly 17 gigawatts (GW). Last May, TotalEnergies acquired a 50% stake in CEG for $1.6 billion—the largest investment it has ever made in U.S. renewables. Following the acquisition, TotalEnergies’ U.S. renewable energy asset portfolio will exceed 25 GW, representing over 25% of its global installed capacity. Moreover, TotalEnergies is also focusing on offshore wind development. It plans to develop five floating offshore wind projects in South Korea, with a cumulative installed capacity exceeding 2 GW—among the world’s largest planned floating offshore wind projects. UK-based oil major BP has likewise continued making steady progress in its transition. For instance, last year BP allocated approximately 30% of its total capital expenditure toward its transition growth engines. A particularly notable investment was its $4.1 billion acquisition of Archaea Energy—the largest global acquisition of a renewable fuels company to date. BP is also pursuing a multi-pronged strategy in hydrogen. For example, it formed Azule Energy—a joint venture with Eni—in Angola; identified promising hydrogen project development opportunities in Australia, Abu Dhabi, Egypt, Oman, and Mauritania; acquired a 40.5% equity stake in the Asian Renewable Energy Hub (AREH)—one of the world’s largest planned renewable and green hydrogen hubs, with a total generation capacity of 26 GW and an annual production target of up to 1.6 million tons of hydrogen or 9 million tons of green ammonia; and established a joint venture with Iberdrola targeting an annual green hydrogen production capacity of 600,000 tons. Another European oil major, Shell, is no laggard either: last year, it invested approximately $3.5 billion in renewable energy and energy solutions—about 14% of its total capital expenditure. Notably, in the first half of 2022, Shell acquired Sprng Energy Group—one of India’s leading renewable energy platforms—for $1.55 billion. Sprng owns 2.9 GW of wind and solar assets in India. This acquisition nearly quadrupled Shell’s global renewable energy generation capacity.

$1.2 Billion! TotalEnergies Joins Forces with KKR to Boost U.S. Solar Joint Venture

On October 12, French energy giant TotalEnergies announced it had reached an asset injection agreement with global private investment firm KKR, adding a 700-megawatt (MW) renewable energy portfolio to their 50:50 U.S. renewable energy joint venture—established in 2025. The transaction involves three large-scale solar projects located in Texas and Ohio, USA, with a combined enterprise value of $1.2 billion. Expansion of the Joint Venture Platform and Continued U.S. Solar Investment TotalEnergies and KKR formed an equal-shareholding renewable energy joint venture in 2025, dedicated to owning, operating, and developing solar assets across North America. Prior to this asset injection, the joint venture already held 1.4 GW of renewable energy assets. Upon completion of this 700-MW solar project transfer, the joint venture’s total installed capacity will rise to 2.1 GW—representing a 50% increase in platform scale. The three large-scale solar projects included in this package span two of the U.S.’s core solar markets: Texas—boasting abundant solar resources and a mature electricity market trading system—is the nation’s top state for solar installed capacity; Ohio, meanwhile, is a hotspot for solar development in the U.S. Midwest, where projects can directly meet local manufacturing demand for green electricity.

TotalEnergies spending more on US renewables as others exit, says CEO

13 hours ago

TotalEnergies is increasing its US renewable energy investment as competitors exit due to upcoming tax credit phase-outs. CEO Patrick Pouyanne views the market shift as an opportunity to acquire projects and accelerate construction before policy deadlines expire in 2027.

reuters

2026-01-27

TotalEnergies Predicts EU Will Relax Mandatory SAF Regulations

2026-03-06

TotalEnergies Signs Preliminary Agreement for Alaska LNG Off-take

2026-04-25

Macron reaffirms efforts to reopen Strait of Hormuz, as TotalEnergies warns of energy shortages

2026-04-29

TotalEnergies to wait for stable Strait of Hormuz transit before resuming operations in region

2026-05-04

Macron Says Companies Aren’t Making Undue Profits on Iran War