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Daily Archives: July 14, 2011
Several years ago, analysts covering the oil industry were raising alarm bells about how the majors would be making money in the decades to come. With conventional oilfields maturing and no sign of the shale gas revolution at that point, there was pressure from shareholders for the majors to get into renewables. The majors responded by delving into projects to extract biofuels from chicken fat and soybeans. But that phase is over.