Oil and gas investment needed for another 30 years, BP warns
Fossil fuels only way to combat energy shortages, oil giant claims
By
Rachel Millard
30 January 2023 • 7:38am
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.
https://www.telegraph.co.uk/business/2023/01/30/oil-gas-investment-needed-another-30-years-bp-warns/?mc_cid=9efbc0969b&mc_eid=4961da7cb1
