With energy transition initiatives dominating the energy sector, oil and gas companies must make stronger strides towards decarbonization in order to meet rising energy demands and international climate targets.
Key fact: Electricity’s share in total final energy consumption is expected to rise to 24-31% by 2040
A priority for oil and gas companies is reaching net-zero-emissions. This is achievable through sustainable technologies and renewables, like wind, solar and hydropower, and the use of carbon capture, low-carbon hydrogen, and biofuels. These can simultaneously meet the industry’s needs while slashing carbon emissions.
Key fact: By 2035 and 2040, natural gas production is expected to drop by 32%, and crude oil by 24% respectively
While the ongoing energy transition raises concerns about the future of oil and gas, the industry will still have a major role to play if it can adapt and contribute to a decarbonized energy system.
Benefits
Reduces fossil fuel dependence
Reduces impact on environment
Protects oil and gas operations
