Exploring Hydrocarbon Depletion
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First, there is declining oil intensity. Consumption has been falling for the last 30 years. Today, in relative terms, it is half the level it was in the 1970s. That trend will continue.
He said that the oil age would not end because the world runs out of oil. Rather, oil will be phased down as environmental considerations, like concerns about global warming and greenhouse gas, take hold and alternative fuels are phased in.
the use of hydrogen will ultimately be the major energy source in 50 years' time. Warren pointed out, however, that oil and gas would be needed to produce the hydrogen.
However Shell's scenarios do not see a significant rise in renewable energy and hydrogen fuels in the next 30 years.
The gap between declining oil proportions and the rise of hydrogen, Warren suggests, will be bridged by natural gas.
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