Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on September 29, 2019

Bookmark and Share

Oil and Gas is Here to Stay

Consumption

OPEC’s research shows that oil and gas, and this industry as a whole, is here to stay.

That’s what OPEC Secretary General Mohammad Sanusi Barkindo revealed in a speech at the 12th Kazenergy Eurasian Forum on September 26.

“The fact is, all forms of energy will be required to meet future demand,” Barkindo said in the speech.

“It is not about choosing one form of energy over another. Oil and gas are expected to remain the fuels with the largest share in the energy mix throughout the forecast period to 2040,” he added.

Barkindo went on to say that OPEC expects to see “robust growth” in long-term global oil demand, “which is expected to rise to almost 112 million barrels per day by 2040”.

“Most of this will come from developing countries with high population growth rates, expanding middle classes and strong economic growth,” Barkindo stated.

In the speech, Barkindo also highlighted the “vital role” of technological innovation, energy and fuel efficiency enhancements and carbon capture, utilization and storage, which he said will provide “a balanced and effective approach to meeting the world’s energy needs in an environmentally friendly way”.

Earlier this week, the Oil and Gas Climate Initiative (OGCI) announced further initiatives to accelerate the reduction of greenhouse gas emissions and support the goals of the Paris Agreement. OGCI members include BP, Chevron, ExxonMobil, Saudi Aramco, Shell, Total and Eni.

According to DNV GL’s latest Energy Transition Outlook report, which was released earlier this month, oil and gas will still meet 46 percent of world energy demand in 2050.

RIGZONE



15 Comments on "Oil and Gas is Here to Stay"

  1. Shortend on Sun, 29th Sep 2019 8:59 am 

    And the climate we know now is gone, gone, gone…bye bye guys

  2. dave thompson on Sun, 29th Sep 2019 9:19 am 

    Oil and gas USE is here to stay. The time will come in the not to distant future when the ability to grow, distribute/store grains and other food stuffs will cease to be possible due to the disruption of the world seasonal systems. We are quickly now experiencing the disruption of the cycles of life because of at scale industrial activity. What could possibly go wrong? LOL

  3. Sissyfuss on Sun, 29th Sep 2019 9:31 am 

    If oil and gas are here to stay then humans are not.

  4. Dredd on Sun, 29th Sep 2019 12:49 pm 

    The devil’s excrement will be lonely after it poisons life on Earth (The Authoritarianism of Climate Change).

  5. Chrome Mags on Sun, 29th Sep 2019 4:36 pm 

    “Oil and gas are expected to remain the fuels with the largest share in the energy mix throughout the forecast period to 2040,” he added. Barkindo went on to say that OPEC expects to see “robust growth” in long-term global oil demand, “which is expected to rise to almost 112 million barrels per day by 2040”.

    112 MBD in 2040?! Let’s suppose that’s correct, then humanity would have run right past the 3rd base climate scientist coach frantically waving his arms/hands to slow down emissions and stop at 3rd, and on the way to home base our goose will have been cooked.

    That’s like telling someone not to hold on to a branch going into a chipper, but they do so anyway and get pulled in. True story, I worked with a guy that said he had done that type of work and that happened. Guy lost one arm. But in the case of people, we will lose a lot more than that. That will be a very tiny bottleneck or extinction, take your chances.

    Really, if people want to ignore all warnings like they mean nothing, then go right ahead. It will be all out disastrous.

  6. makati1 on Sun, 29th Sep 2019 5:47 pm 

    I dispute his claim. I think the next financial crash is going to change everything. You can only consume what you can afford to buy (or steal). You can only recover, refine and distribute oily products if there is a real profit in doing so, unless it is tax payer subsidized/government owned and run (communism). But…if taxes drop off the cliff with the economy, where are they going to get the money? Print it? Hyperinflation anyone?

    Oh yes! We definitely live in exciting times. Pass the popcorn.

  7. Sissyfuss on Sun, 29th Sep 2019 6:12 pm 

    Mak, it’s the 21st Century. Shouldn’t it be pass the meatless meat?

  8. makati1 on Sun, 29th Sep 2019 6:43 pm 

    Sissyfuss, I would not eat fake “meat”. I don’t eat at ‘fast trash food’ places anymore, like McDonalds. Actuality, I prefer pretzels to popcorn. (^_^)

  9. Cloggie on Mon, 30th Sep 2019 4:31 pm 

    “ Discovery of massive oil deposit could be a game-changer for China”

    https://www.rt.com/business/469906-china-huge-oil-discovery/

    Billion ton.

  10. Robert Inget on Mon, 30th Sep 2019 6:59 pm 

    Take a stroll through any parking lot.
    (looking for your parked vehicle)
    Mentally, count the BEV’s.
    If you get more than one you’ve won.

    Unless of course you live in one of the two zip codes in California w/20% of all the electric cars in entire USA.

    (there seems to be leakage into Or-a-gun)

  11. Cloggie on Tue, 1st Oct 2019 1:01 am 

    “Oil and Gas is Here to Stay… demand will rise to 112 million barrels per day by 2040”

    Haha, says oil and gas producer champ, OPEC Secretary General Mohammad Sanusi Barkindo.

    There will be unending demand for our product (otherwise we’re f*, can’t have that).

    Peak Fossil Demand 202*.

  12. Antius on Tue, 1st Oct 2019 6:41 am 

    ““Oil and Gas is Here to Stay… demand will rise to 112 million barrels per day by 2040”

    Haha, says oil and gas producer champ, OPEC Secretary General Mohammad Sanusi Barkindo.

    There will be unending demand for our product (otherwise we’re f*, can’t have that).

    Peak Fossil Demand 202*.”

    Dr Tim Morgan of Surplus Energy Economics estimates that very little fossil fuel will be profitable by 2040. This will not be the result of some much better alternative. Rather, the falling EROI (or rising Energy cost of Energy, as he puts it) will make it very difficult to produce the resource at a price that people can sustainably afford.

    Tim also estimates that replacing fossil fuels with renewable energy by 2040, will require a capital investment between $95tn and $110tn, or roughly $3tn per year. Present worldwide investment is $0.3tn and it appears to be falling rather than growing.

    If we want to see a renewable future in 30 years time, then we need to increase spending by a factor 10. I wonder how realistic this is at a time when we appear to be entering a new Great Depression. Worrying times ahead, I’m sure you will agree.

  13. Robert Inget on Tue, 1st Oct 2019 12:17 pm 

    SA meets with Pakistan Military
    Remember, Saudi’s paid for the “Islamic Bomb”.
    Several of them are theirs its widely believed.
    It’s a sure pop US or Israel will step up and send
    their kids to die for oil rather than see supplies
    dry-up for hundreds of years.

    Does anyone see Putin, Trump or Netanyahu as ‘peacemakers’?

    Japan NOT getting timely deliveries of ‘gasoil’
    (diesel & heating oil, Japan still uses kerosine)

    Sotaro Yumae, Nikkei staff writer 55 MINUTES AGOPrint this page

    Saudi Aramco has notified Japan’s top oil distributor about a potential change in shipments, stoking concerns about the kingdom’s ability to supply crude following attacks on its major refineries last month.

    State-owned Aramco did not say why it wants to change the oil grade it supplies to JXTG Nippon Oil & Energy from light to heavy and medium, starting in October, JXTG officials said.

    But the move indicates that the Saudi national oil company is having a hard time restoring its production as quickly as it has promised, despite repeated assurances that the company’s supply would be restored by the end of September.

  14. Robert Inget on Tue, 1st Oct 2019 12:30 pm 

    Antius,
    Very little fossil (fuels) are profitable rat now.
    Ask anyone hooked on hard drugs. They know death can come any day. Best hope, let it be later than sooner. At this moment, a person needs relief.

    More oil and gas that is currently available will be
    needed to fight coming oil wars at the same time try to mitigate effects of climate change.

    One ton of cement = one ton CO/2.

  15. Green People's Media on Wed, 2nd Oct 2019 1:08 am 

    The 1970s: “Limits to Growth” study.

    The 20-teens: “No Limits to Growth” studies published.

    In the interim years, limits were revoked & repealed, we must assume.

Leave a Reply

Your email address will not be published. Required fields are marked *