To achieve “energy independence,” U.S. President Donald Trump’s priorities are clear: revitalizing fossil fuel investments. To date, he has removed “protected” status from onshore and offshore sites, allowing drilling companies to operate freely. Trump also allocated $800 million to update U.S. coal infrastructure and has been rolling back emissions caps.
Furthermore, he pulled funding from green energy projects, even those already receiving federal support, and eliminated all clean-energy subsidies.
The United States is not alone. According to the Production Gap 2025 report published by the Stockholm Environment Institute, an international research nonprofit that tackles environmental and sustainable development challenges, only the U.K., Australia and Norway among 20 surveyed nations plan to reduce oil production by 2030 relative to 2023 levels. Eleven said they would increase fossil fuel activity. The rest plan to maintain current output by adding new wells as existing ones deplete.
All six oil supermajors with investments in Egypt will remain cautious through 2030, preferring a dual strategy that balances fossil fuels with green energy.
For ExxonMobil
ExxonMobil’s 2030 investment strategy prioritizes “increasing earnings and cash flow outlook” by adopting “a more profitable business mix and lower operating costs.”
The strategy document stated “to generate roughly $145 billion in cumulative surplus cash flow [and] boost earnings by 55% … over the next five years,” Brent oil prices must stabilize at $65 per barrel. The last time oil prices reached that level was in 2021. At press time, oil prices stood at $88.
To achieve these benchmarks, ExxonMobil plans to increase investment in underground and underwater crude oil reserves, drilling wells and extracting raw hydrocarbons to the surface (upstream operations), and to cut costs to generate $15 in profit per barrel of oil by 2030, “three times 2019 levels.”
ExxonMobil also will invest in “low-carbon solutions” by “building a portfolio of low-carbon businesses.” The first project is building and operating carbon capture and storage (CCS) facilities, the first of which is in the United States and has been operational since 2025. Later, the oil supermajor plans to integrate CCS with data center projects.
To realize this vision, ExxonMobil “is pursuing approximately $20 billion of lower-emission investments between 2025 and 2030, with approximately 60% focused on reducing emissions for third-party customers.”
For Chevron
Chevron’s 2030 investment plan focuses on “delivering sustained cash flow growth [by] maintaining capital and cost discipline.” The company will cut costs through 2030 to keep its break-even below $50 a barrel and increase return on “capital employed” by 3% if oil prices reach $70 a barrel.
Through 2030, Chevron plans to increase annual oil and gas production by 2% to 3% and invest in data centers, starting in the United States in 2027. The company has no public investment benchmarks or targets for acquisitions. Its priority is “low execution risk,” according to Mark Nelson, vice chairman and executive vice president for oil, products and gas, in the 2030 strategy document.
Regarding clean and new energy, Chevron is taking a “pragmatic approach.” Its focus is to “support data center growth, as well as renewable fuels, hydrogen, CCUS and lithium businesses.”
For Shell
In June, Shell announced its 2030 strategy focused on “delivering more value with less emissions” to achieve the company’s vision of a smooth transition from fossil fuels to clean energy.
By 2030, Shell plans to increase annual liquefied natural gas sales by 4%-5% and production by 1%. By then, Shell expects “up to 10% of capital employed [will be in] low carbon platforms.”
Regarding renewables, Shell is cautious. It retains about 4.2 gigawatts of operational renewable capacity and has an additional 1.9 gigawatts under development. In December, it agreed to buy 100% of Egypt’s sustainable aviation fuel output. It also uses renewable energy systems to power its upstream operations.
However, in July it sold its 5-gigawatt renewable operations in India. In January 2025, the oil supermajor exited the Atlantic Shores offshore wind venture despite having to pay an almost $1 billion penalty.
For bp
British Petroleum (bp) strategy aims to “help countries … with their energy needs” by “growing the upstream, focusing on downstream and investing with discipline in the transition.”
In the short term, bp plans to “invest about $10 billion [in] the upstream oil and gas business through 2027,” the company’s strategy said. It has “three … new major projects … planned by the end of 2027.” The oil supermajor will add “a further eight or 10 by the end of 2030.”
Also revisiting its downstream operations, bp is allocating more investment capital, reducing costs and planning to sell several assets, starting with its 65% stake in Castrol, an oil and lubricant producer, and the Gelsenkirchen refinery in Germany.
The company is exercising restraint when it comes to renewable and sustainable energy. “We are investing with discipline, with selective investment in biogas, biofuels and EV charging, where we see strong demand growth,” the strategy document said.
For TotalEnergies
TotalEnergies aims to reach “carbon neutrality by 2050.” Accordingly, it is pursuing “a two-pillar multi-energy [interm] strategy” until 2030.
The first pillar is fossil fuels, “notably LNG,” and electricity, which TotalEnergies plans to increase by 4% annually between 2024 and 2030. These operations would be done “responsibly, producing low-cost, low-emission [output],” stressing that this approach “ensures medium-term [three to five years] growth.”
New LNG projects will be mainly in the United States, Africa, South America and GCC countries. By 2030, TotalEnergies aims to invest $3 billion to $4 billion annually in low-carbon energy and renewables. These investments will be “targeted” toward biofuels, sustainable aviation fuel, biogas and hydrogen “as part of an ‘equity light’ business model with partners.”
TotalEnergies will further reduce the lifecycle carbon intensity of its products. Between 2015 and 2025, it dropped its carbon intensity by 18.6%. Projects include natural carbon sinks, such as ecosystems that sequester carbon through forestry, regenerative agriculture and wetland conservation initiatives. The company didn’t give a target for 2030.
The second pillar is renewable energy. TotalEnergies plans to increase its renewable output from 34 gigawatts to 80 gigawatts by 2030, “a level that should make [the oil supermajor] one of the world’s top five producers of renewable electricity (wind and solar).”
For Eni
Eni’s 2030 strategy comprises four “connected and synergistic” pillars – exploration and production, creation of a “materially diversified” (i.e., renewable-energy) transition business, technology, and corporate structure and financial strategy.
Regarding fossil fuels, Eni aims to increase exploration and production output by 3% to 4% annually through 2030. For green energy, the oil supermajor will rely on its wholly owned Plenitude and Ennilive subsidiaries.
“Under the Strategic Plan [for 2030], Plenitude’s growth will be further accelerated,” the document noted. “Installed renewable capacity is expected to grow from 5.8 gigawatts in 2025 to about 15 gigawatts by 2030, while the customer base will exceed 11 million.”
Meanwhile, “EniLive continues to develop its integrated model in sustainable mobility and biofuels. A notable feature of the EniLive plan is the construction of new capacity now under way,” Eni said. “The target is to reach 5 million tonnes of biofuel production capacity by 2030, with the option to produce over 2 million tonnes of sustainable aviation fuel.”
Between 2026 and 2030, Eni “expects average annual investment of less than EUR 6 billion – about EUR 2 billion lower than the previous plan – thanks to further efficiency and focus initiatives as well as the deconsolidation of certain activities. In 2026, investment is expected to amount to approximately EUR 7 billion, down from the previous year.”
