Energy Transition in Oil and Gas Companies: A Case Study in the Colombian Hydrocarbons Sector

Abstract

The conjunction between energy transition and oil and gas companies sets a significative question related to the role that these companies should play to respond to the gradual but continuous change in the worldwide energy system and the challenge of migrating from a fossil fuel-based structure to a green energy-driven economy with zero emissions of greenhouse gases. In this context, this paper enables to illustrate the main actions and strategies implemented by oil and gas companies to address the energy transition through a case study involving the most important Colombian company in the sector. Likewise, the work spotlights the relevance of implementing policies aimed at the transformation of oil and gas companies into integrated energy companies. Finally, an analysis framework is proposed to study the performance of oil and gas companies in the area of energy transition as a contribution for future research.