Forget Net Zero: Oil and gas investment needed for another 30 years, BP warns


By Paul Homewood

From the Telegraph:

Investment in oil and gas production will be needed for the next three decades if the world is to avoid more shortages and price swings, BP has warned.
The oil giant said in its annual energy outlook published on Monday that fossil fuels are still likely to account for about 20pc of primary energy in 2050 even under a significant tightening of climate policies.
Spencer Dale, chief economist at BP, said investment in new wells would therefore be needed until 2050 to ensure supply of fossil fuels matches demand.
“Natural declines in existing production sources mean there needs to be continuing upstream investment in oil and natural gas over the next 30 years,” he wrote in the report.
The assessment is likely to spark backlash from climate groups and campaigners who argue that investment should be immediately stopped in order to meet net zero goals.
Greta Thunberg told world leaders at Davos earlier this month that new extraction should be stopped immediately, while UN chief António Guterres said last June: “New funding for fossil fuels is delusional.” The International Energy Agency said in 2021 that no new oil, gas or coal projects should be approved if the world was to stay on track to meet a goal of net zero emissions by 2050.
However, BP said continued supply of oil and gas was needed to prevent a repeat of the kind of disruption seen last year when Russian oil and gas supplies were drastically cut back following the invasion of Ukraine. 
Full story

via Watts Up With That?

January 31, 2023 at 09:02AM

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s