Oil majors under pressure to de-risk legacy operations
Baku, Azerbaijan, Nov.18
By Leman Zeynalova – Trend:
Oil majors are under pressure to de-risk legacy operations, Paul McConnell, global research director of global trends at Wood Mackenzie, the global energy, metals and mining research and consultancy group, said on CNBC TV.
“We see global energy trends are changing,” he said. “Sixty percent of global energy demand growth of the next 20 years will come from gas, or other zero-carbon fuels such as wind or solar energy. So the oil majors are under pressure to articulate some sort of response to this challenge of a lower-carbon world to de-risk the legacy operations.”
Earlier, the International Energy Agency (IEA) said in its World Energy Outlook 2016 that renewables and natural gas are the big winners in the race to meet energy demand growth until 2040.
“Natural gas continues to expand its role while the shares of coal and oil fall back,” said the report.
IEA forecasts the natural gas demand to grow on average by 1.5 percent per year and by almost 50 percent by 2040.