Total writes off $9.3B in oils and assets
We’re surprised that this hasn’t been bigger news; when one of the world’s largest oil majors makes a massive nod towards the obsolescence of oil, the markets take notice.
French energy giant Total says it is writing off $9.3-billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based oil lobbying group - the Canadian Association of Petroleum Producers. There is a telling quote in the release where they speculate that .. ‘this resource might not be produced by 2050’
The oil companies are all now accepting that the hydrocarbon business does not offer long term prospects for their business and all of them, apart from a couple of American die-hards, are investing massively in renewables.
Read oil’s pre-obituary here