Renewable Energy World: Exxon Mobil Corp. will use renewable energy to produce oil in West Texas.
Under 12-year agreements with Denmark’s Orsted A/S, Exxon will buy 500 megawatts of wind and solar power in the Permian Basin, the fastest growing U.S. oil field. It is the largest ever renewable power contract signed by an oil company, according to Bloomberg NEF. Terms weren’t disclosed.
“It will be interesting to see how the other oil majors respond,” Kyle Harrison, a BNEF analyst, said. “A purchase like this has historically been unprecedented.”