Outlook 2022: Mind the financing gap
Sources of capital for supply to meet future oil and gas demand are evolving
The headline-grabbing conclusion of the IEA’s 2021 World Energy Outlook was that “no new oil and gas fields are required” in their Net Zero Emissions scenario. This scenario sees global oil demand decreasing by over 40pc, to c.60mn bl/d, as soon as 2030. Even if the IEA was only drawing an axiomatic conclusion from its modelling, it was spun to the media as an IEA ‘call’ for no new oil and gas projects. This headline has certainly been latched onto by climate activists campaigning for no new project approvals. However, a less publicised—but equally important—conclusion from the same IEA report was that the only aspect of the net-zero pathway on which the world is currently on track is in the
Also in this section
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive
12 April 2024
Iran has announced multibillion dollar spending programmes aimed at domestic companies, inspired by recent export success