Letter to FT: Oil and gas remain central to meeting energy needs
It may be unpopular, but it remains the case that oil and gas remains the backbone of global energy supply. Oil and gas will meet 46 percent of the global energy demand in 2040 – according to the International Energy Agency’s 2020 World Energy Outlook, published this week.
With a world facing a global crisis and tremendous uncertainties, access to reliable and affordable energy is one of the key enablers for economies to recover. Despite a temporary drop in demand, oil and gas is forecast to maintain a significant role in meeting global energy demand for many years to come.
However, the energy landscape is changing and so is the oil and gas industry. Whilst helping satisfy the global hunger for energy, we are also taking responsibility for a more sustainable energy future. We are supporting the international communities’ commitment to address the global challenges of climate change by mitigating methane emissions and developing low-carbon technologies such as Carbon Capture Utilization and Storage (CCUS) or blue hydrogen.
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My letter to the Financial Times, in response to its article "The slow death of Big Oil." The letter was published on October 20.
Well said, Gordon
Energy Executive | Board Member | Low Carbon Expert
4 年Thank you for sharing this. I agree that there is a lot of misunderstanding about the role of oil and gas in the energy transition, and the fact that the industry has, and is taking action. All credible energy and climate models show that more, not less investment is needed in oil and gas to deliver a sustainable and responsible transition. However the way we produce oil and gas also needs to, and can change through adoption of #carbonmanagement practices. Many thanks to IOGP and IPIECA for helping the industry get there together. #ffbnwft “Fossil fuels but not with fossilized thinking”
VP Technology at ADNOC Group
4 年Great response Gordon, you have said what many of us feel ... there is a lot of wishful, and abstract thinking being thrown around. These are strange times, but the virus contagion is temporary - and there is a world out there just straining at the leash for growth, and energy...