EconomicWatch:Westernoilgiantslookatnewstrategyamidglobalenergytransition_GuangmingOnlineHOUSTON,March19(Xinhua)--Atthetop-levelglobalenergyforumCERAWeekthatkickedoffhereonMonday,oilgiantsacrosstheAtlanticarefine-tuningtheirinvestmentstrategiesinviewofmultiplechallengesarisingfromgeopoliticaltensions,climatechangeandrapidgrowthofrenewableenergy.Investmentopportunitiescreatedbyfavorablegovernmentpolicies,suchastheInflationReductionAct(IRA)passedbytheBidenadministration,havealsoledtodirectionalchangeincapitalinvestment,localanalystssaid.TotalEnergiesCEOPatrickPouyannesaidattheforumthattheFrenchoilmajorpreviouslyregardedtheUnitedStatesasanunfavorableinvestmentlocationsbutisnowinvestingheavilyingas,LiquefiedNaturalGas(LNG)andpowerprojectsinTexas."WeappointedanewcountrychairtocoordinateTotalEnergies'growinginvestmentintheUnitedStates,"hesaid.TotalEnergies,withasignificantamountofinvestmentinRussia,isalsotryingtodiversifyintootherregions,includingBrazilandSurinameinSouthAmericaandNamibiainAfrica,thetopexecutivesaid.ExxonMobilCEODarrenWoodssaidonMondaythattheU.S.oilgianthasdecidedtoinvestinamajorwayincarboncaptureandsequestrationastheviewonclimatechangeis"evolving."Historically,ExxonMobilandotheroilcompaniesusedCO2capturetechnologyforenhancedoilrecovery.Thistimearound,itsCCUS(carboncapture,utilizationandstorage)projectalongthecoastoftheGulfofMexicoisforCO2captureandsequestrationincludingthosefromthirdparties,henoted.WoodsadmittedthatIRAfinancialincentivesareenablingCCUSprojectstobeeconomicallyviable,butsaid:"Iamnotabigfanofgovernmentsubsidies"astheytendnottobesustainableinthelongrun.ExxonMobilhasalsostartedtolookintoextractinglithiumfrombrine,asitstechnicalteamhasfoundapotentiallyeconomicallyviableleveloflithiumintheproducedwaterinitsoperations,Woodssaid.HealsoclaimedthatExxonMobil'soperationsinthePermianBasinare"wellonitswaytoachievingnet-zeroemissionsby2030."ShellCEOWaelSawansaidtheBritishenergygiantistryingtofurtherplayitsroleingasandglobalLNG,asEuropeisreducingitsdependenceonRussianpipelinegas.Shellistryingto"stabilizeoilproduction"andstreamliningitsinvestmentinrenewableenergy,Sawanadded,stressingthefirm'sstrengthinenergyintegrationasanefficientproducerofrenewableenergy.CERAWeek,knownastheSuperBowlintheglobalenergyindustry,drawsover9,000government,industryandacademicleadersfrommorethan80countriesandregionsthisyear,accordingtotheorganizerSPGlobal.ItwillruntillFriday.■Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.