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Saturday, June 19, 2021
Home Uncategorized Oil & gas will still supply over 50% of world energy needs...

Oil & gas will still supply over 50% of world energy needs by 2045 – OPEC

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Barkindo made that assertion while presenting a special address at S&P Global Platts Americas Petroleum and Energy, held virtually on Wednesday.

He spoke on the topic: ‘The pursuit of global multilateralism to help drive the global energy transition’.

“There are some who believe the oil and gas industries should not be part of the energy future, that they should be consigned to the past, and that the future is one that can be dominated by renewables and electric vehicles.

“It is important to state clearly that the science does not tell us this, and the statistics related to the blight of energy poverty do not tell us this either. We fully support the science. We do not deny the existence of climate change

“What the science and statistics tell us that we need to reduce emissions and use energy more efficiently.

“Renewables are coming of age, with wind and solar expanding quickly, but – even by 2045 – in our WOO they are only estimated to make up just over 20per cent of the global energy mix. Oil and gas combined are forecast to still supply over 50% of the world’s energy needs by 2045, with oil at around 27 per cent and gas at 25 per cent.

“We appreciate that some will view this as an OPEC forecast, dispute the numbers and state that the Organization is against renewable,’’ he said.

He noted that many OPEC Member Countries had great solar and wind resources and huge investments being made in this field.

According to him, OPEC welcomes the development of renewables.

“However, we do not see any reputable outlook projecting in their base cases that renewables will come anywhere close to overtaking oil and gas in the decades ahead,’’ he added

In terms of electric vehicles, the OPEC scribe said that there was no doubt that they would continue to see expansion in the transportation sector.

He noted that the share of electric vehicles in the total road transportation fleet is projected to expand to around 16 per cent in 2045.

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