Energy transition fears drive short-term focus
The world will still need oil and gas for the foreseeable future. But concerns over how much and for how long are stifling investment
Peak oil used to be a term relevant to the supply side. That it is now applicable on the demand side instead is testament to two of the energy industry's biggest game-changers of the past decade—the US shale oil boom and the emergence of renewables as an affordable, scalable future source. The pace of the so-called energy transition to a low or zero carbon emissions future is highly uncertain. At Petroleum Economist's GCC Strategy Forum in February, Andy Brogan, global oil and gas transaction advisory services leader at consultancy EY, illustrated six different forecasts for oil demand out to 2040, from ExxonMobil, Opec and two each from BP and the International Energy Agency (IEA). The 2040
Also in this section
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
