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SPECIAL REPORT: Oil industry researching diverse energy sources

02/05/2007
Integrated oil and gas companies have established subsidiaries to research and develop alternative and renewable energy sources, anticipating a global need for diverse new supply.Simultaneously, the majors are working to improve energy efficiency and lower operational costs throughout their production, shipping, refining, and marketing segments.Since 2000, Chevron Corp. has spent $1.5 billion on geothermal, hydrogen, biofuels, advanced batteries, wind, and solar technologies. It plans to spend a further $2 billion on these efforts by yearend 2008.BP PLC launched BP Alternative Energy (BP AE) in November 2005, and the parent company expects to invest up to $8 billion over 10 years on the s...
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