Big Oil’s painful offshore wind pivot

DEEP-DIVE: European oil majors throw caution to the wind by embracing razor-thin margins

European oil majors are jostling to become offshore wind heavyweights. Building capital-intensive projects at scale in familiar offshore environments, underpinned by guaranteed returns, has proved alluring. But cost inflation and aggressive bidding at cut-throat ‘subsidy-free’ auctions have eviscerated margins. Energy Flux takes a critical look at new r…