Oil and Gas is Here to Stay
OPEC’s research shows that oil and gas, and this industry as a whole, is here to stay.
That’s what OPEC Secretary General Mohammad Sanusi Barkindo revealed in a speech at the 12th Kazenergy Eurasian Forum on September 26.
“The fact is, all forms of energy will be required to meet future demand,” Barkindo said in the speech.
“It is not about choosing one form of energy over another. Oil and gas are expected to remain the fuels with the largest share in the energy mix throughout the forecast period to 2040,” he added.
Barkindo went on to say that OPEC expects to see “robust growth” in long-term global oil demand, “which is expected to rise to almost 112 million barrels per day by 2040”.
“Most of this will come from developing countries with high population growth rates, expanding middle classes and strong economic growth,” Barkindo stated.
In the speech, Barkindo also highlighted the “vital role” of technological innovation, energy and fuel efficiency enhancements and carbon capture, utilization and storage, which he said will provide “a balanced and effective approach to meeting the world’s energy needs in an environmentally friendly way”.
Earlier this week, the Oil and Gas Climate Initiative (OGCI) announced further initiatives to accelerate the reduction of greenhouse gas emissions and support the goals of the Paris Agreement. OGCI members include BP, Chevron, ExxonMobil, Saudi Aramco, Shell, Total and Eni.
According to DNV GL’s latest Energy Transition Outlook report, which was released earlier this month, oil and gas will still meet 46 percent of world energy demand in 2050.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension