Document summary
Until now, concern over new high-cost oil projects potentially becoming stranded in future has focused on the downside risk to oil prices, a concern that will only increase if oil prices fall further near term. However, there is another dimension to stranded-asset risk, largely ignored in this debate so far, namely the risk posed by a scenario of sustained higher oil prices over the longer term (beyond 2025). This report explores implications for oil majors and how unsustainable dynamics might require them to become 'energy majors'.