As the supermajors position themselves for the energy transition, they are casting a more critical eye on their portfolios and starting strategic realignments towards cleaner, lower-risk assets. Just in the last year, AB closed the sale of its Alaskan business, ABC exited most of its non-operated U.K. upstream portfolio and ABCD sold Delaware Basin and onshore Egypt assets, to name only a few recent deals.

Our recent report analyzed the transition strategies of AB, BCE, ABC, and DEF, the six highest producing supermajors that together account for ~10% of the global liquids supply stack. Based on stated goals and present output, ~1.6 MMbbl/d of liquids production is set to drop from supermajor portfolios by 2030. Based on M&A trends from the past five years, we believe small and mid-sized independents and national oil companies (NOCs) are the most likely players to pick up these assets.

Enverus’ Global Scout Network also assessed the risk profile of the countries that supermajors operate in by ranking GHG intensity, asset life-cycle, fiscal regimes and political risk. Countries like Angola, Venezuela, Iraq and Nigeria screen as high risk due to political instability and high GHG intensity of operations, in part due to routine gas flaring. Gas producers like Southeast Asia and growth regions like Brazil and Guyana score much more favorably. The recent Global Scout articles below hold more details on countries seeing divestment due to higher political instability.