Vast majority of top fossil fuel companies don’t plan on abandoning oil and gas anytime soon: Report
October 13, 2021 | BPR Wire
Thomas Catenacci, DCNF
The majority of oil and gas companies said that they don’t have plans to shift away from fossil fuels at any point in the future, according to an industry report released Tuesday.
Oil and gas company executives said hydrocarbons would be their long-term business and that fossil fuel demand would remain at current levels for at least another decade, according to Deloitte Insights. Of the 100 executives polled, 77% said fossil fuels would continue to serve as their main source of revenue for the foreseeable future.
“This implies there’s likely to be sustained value in oil and gas,” the report stated.
The report defines 30% of the surveyed executives, all of whom serve at energy companies with more than $100 million in annual revenue, as “hydrocarbon stalwarts” most focused on building their current business via increasing their global market share by targeting less-regulated regions, according to the report. That said, 47% of respondents reported that they would pursue their oil and gas business with an eye toward “decarbonization.”
The remaining executives, or 23% of those surveyed, are either planning to make the transition into “green technologies” spaces “once green technologies have reached commercial maturity” or largely transition away from hydrocarbons, the report showed. However, executives falling into the latter category made up just 5% of those polled.
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https://www.bizpacreview.com/2021/10/13/vast-majority-of-top-fossil-fuel-companies-dont-plan-on-abandoning-oil-and-gas-anytime-soon-report-1148023/
