In a remarkable pivot, some of the world’s largest oil companies have pledged to produce less oil and gas by 2050 driven by investor and social pressure.

This strategy, embraced by many European majors, is not shared by US majors and many national oil companies. They too are aware of the risks of climate change, but they are pursuing other solutions.

So what does a 21st century oil and gas portfolio look like? What assets are transition proof? Which ones need to be discarded? What does it mean for service companies?