The fully vertically integrated energy supermajors are tightening their upstream and midstream capex and are exploring new downstream opportunities. What does that mean? It means less drilling, less refining, but shifting the capital to explore new gas power generation projects on home turf. This maybe represents the start of a strategic shift from oil to gas as the core business, shifting from monetising the ICE value chain to the EV value chain, and timing it to gain access to participate in the datacenter race.