The reduction of the use of fossil fuels in the economy represents an existential challenge for oil companies, on which pressure is increasing from governments, institutional investors, and civil society, as they are considered among those most responsible for greenhouse gas emissions, and thus climate change. Currently, each “Big Oil” company is facing four possible strategic options: decide to continue to operate in its traditional business; transform into a gas company; extend its business within the energy sector (and in particular the electricity sector) and transform into an energy major; or innovate radically, completely exiting the traditional business and becoming leaders in low-carbon solutions.