International oil companies have been divesting assets at a surprising rate. Between 2015 and 2023, nine of the world’s largest IOCs have sold a total of $290 billion of assets, with upstream oil assets accounting for half of the divestment deals. Yet this trend toward ditching dirty assets may now be changing, as divestment proceeds dropped 15% last year. On today’s show, co-hosts Dana Perkins and Tom Rowlands-Rees are joined by David Doherty, BloombergNEF’s Head of Oil and Renewable Fuels Research, to discuss the key factors that inform these decisions. As they consider the investment and divestment strategies that major oil and gas companies are now pursuing, they also discuss how public and investor pressure to decarbonize is impacting the sector, how a spike in energy prices in 2022 changed the calculus, and why simply selling dirty assets won’t make for a cleaner world. This episode draws on BNEF research, including the note Oil and Gas Divestment Trends 2023: Divestment Slowed. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Oil and Gas Divestment Trends 2023: Divestment Slowed - https://www.bnef.com/insights/34457See omnystudio.com/listener for privacy information.