Large oil companies factor in eventual global energy transition

Wood Mackenzie finds large oil companies
 factoring in rise of gas and renewables
 out to 2040.

A report into the transition of energy systems shows that natural gas and zero-carbon fuels will meet nearly 60 per cent of the rise of global energy demand to 2035.

Business consultants Wood Mackenzie released the report called 'Fossil Fuels to low-carbon:The Majors' energy transition' which looked at how the world's largest energy companies are preparing for the transition.

It outlines how coal and oil could peak before 2035, although in its most recent Annual Outlook, the World Energy Agency says the number of barrels of oil will increase to 103.5 million barrels a day by 2040.

According to the WEA the 92.5 mb/d were consumed in 2015.

The WEA outlook for growth in oil is in recognition of the lack of a technology breakthrough for roadfreight and aviation fuels and petrochemicals
 

Read the ABC Rural story - “Large oil companies factor in eventual global energy transition.”