Oil and Gas Vital to Foreseeable Future: IOGP
“Oil and gas is vital to an orderly energy transition,” said Iman Hill, Executive Director of the International Association of Oil & Gas Producers (IOGP).
In 2030, under the most aggressive global climate policy, oil demand will still be above 70 million barrels per day.
Achieving a low-carbon future requires a profound transformation in the way we produce and use energy that can only be achieved with a broad suite of technologies.
“History has shown us that the introduction of new energy sources and the transitions between those energy sources takes decades. This transition will take different paths in different countries. The developing world has vastly different needs, capabilities, and economic drivers.
“We all share the same goal, and the oil and gas industry has the experience, skills and resources necessary to help find a balanced way forward, one which benefits society as a whole,” she added.
Oil and gas will meet 46% percent of the global energy demand in 2030 – according to the International Energy Agency’s (IEA) 2021 World Energy Outlook Sustainable Development Scenario.
The industry – the source of reliable and affordable energy for many years – is making significant contributions in several areas: supporting the switch from coal to gas in power plants; reducing greenhouse gas emissions; and investing in renewables, biofuels, and carbon capture and storage (CCS).
CCS is key for heavy industries that are responsible for 20% of global greenhouse gas emissions. When retrofitted to existing power plants, CCS may save 600 billion tonnes of global emissions.
The Association has endorsed EU’s Green Deal that has committed to net-zero emissions by 2050 and supports the World Bank’s goal of zero flaring emissions by 2030.
Source: IOGP, “Oil and gas is vital to an orderly energy transition,” October 18, 2021.
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