Lagging Energy Transition Accelerates Oil And Gas Prospects

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

GSE and NuScale Power Develop Hydrogen Simulator Project

GSE Solutions has developed a simulation model for hydrogen...

US Fuel Cell Generates Power and Hydrogen from Water

Engineers at West Virginia University have developed an advanced...

PowerCell Receives Order for MS-500 Marine Fuel Cell System

Swedish hydrogen fuel cell provider PowerCell has signed a...

PowerCell to Supply Hydrogen Fuel Cells for HyFlex System

PowerCell Group has secured its first commercial order to...

During the Energy Asia conference in Kuala Lumpur, industry leaders stressed that oil and gas would remain the primary sources of energy for many years due to the sluggish energy transition. Estimates indicate that an annual investment of $4 trillion in clean energy is required, but the current global investment is expected to reach only $1.7T by 2023, according to the International Energy Agency. This rising energy demand has led to the need to construct new refineries.

ExxonMobil also echoed the view that oil will remain a primary energy source for at least two more decades due to its significance in commercial transportation and the chemical industry. As per insights, liquids are expected to be the leading energy source in 2050, with demand growth primarily coming from emerging markets in Asia, Africa, the Middle East, and Latin America.

The main drivers for oil and gas demand are anticipated to be from Asia, particularly Southeast Asia, which is experiencing rapid growth and urbanization. However, not all predictions were as optimistic. Vitol, a commodities trading firm, projected that crude demand would peak around 2030, followed by a gradual decline until 2040, as electric vehicles and the energy transition gain prominence. The impact of Russia’s oil production and China’s growth uncertainties complicate price forecasts.

The conference attendees acknowledged the ongoing importance of oil and gas as key drivers of the global economy and energy supply, even as the push for renewable energy and the energy transition continues to gain momentum.

Latest stories

Related stories

GSE and NuScale Power Develop Hydrogen Simulator Project

GSE Solutions has developed a simulation model for hydrogen...

US Fuel Cell Generates Power and Hydrogen from Water

Engineers at West Virginia University have developed an advanced...

PowerCell Receives Order for MS-500 Marine Fuel Cell System

Swedish hydrogen fuel cell provider PowerCell has signed a...

PowerCell to Supply Hydrogen Fuel Cells for HyFlex System

PowerCell Group has secured its first commercial order to...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back