Oil Giants Sell Tar Sands, Bet Big On Ocean Wind

One Oil Giant is Betting Big on Wind Energy; Statoil's sale of Canadian oil sands assets to invest in wind energy is a sign of where energy investments are headed.

Travis Hoium, December 22, 2016 (Motley Fool)

“Oil and gas giants are starting to take a lot more interest in renewable energy…and it could mean a huge shift in direction…The latest sign of change was Statoil, the $59 billion oil giant, selling its…[Alberta oil sands assets] and then winning a wind lease off the coast of New York…This will leave Statoil with no oil sands assets anywhere in the world, a shift from a few years ago when oil sands was viewed as a big growth driver for the oil industry…[Statoil’s winning bid for the New York] lease was $42.47 million…[T]he space could accommodate over 1 GW of wind projects, which would likely cost in excess of $2 billion, although the initial plan will be to build 400 MW to 600 MW…[It adds to Statoil's offshore wind assets in the U.K., Scotland and Germany…French oil company Total is another big oil company that's investing in renewables, although it's focusing on solar through its majority-owned subsidiary SunPower…” click here for more

click to enlarge

Tweet