I saw that BP had published their
Energy Outlook 2020 – 14 September 2020.
..and there is a video of good old Spencer Dale Group Chief Economist at BP talking about the various charts.
Very different from their previous effort. Virtually all "Oil" Companies are now Energy Companies wonder if BP will remain BP or rebrand themselves and drop the "P" and their shareholders are probably very little "B" now anyway.
But for a global Oil Giant effectively acknowledging that the future is not oil seems a significant change.
Far from forecasting little change in the demand for oil and natural gas, they acknowledge that oil has probably passed its peak now and will be in decline, on the back of electrification, domestic/industrial and transport, and the rise of the once much-derided wind and solar and other renewable energy.
This is what they say about Oil
Demand for oil falls over the next 30 years. The scale and pace of this decline is driven by the ?increasing efficiency and electrification of road transportation.
Two things they cling onto mostly based on Carbon Capture Use and Storage (CCUS)
Natural Gas
....The outlook for natural gas is more resilient than for oil, underpinned by the role of natural gas in ?supporting fast growing developing economies as they decarbonized and reduce their reliance ?on coal, and as a source of near-zero carbon energy when combined with Carbon Capture Use ?and Storage (CCUS).
Hydrogen
The use of hydrogen increases as the energy system progressively decarbonizes, carrying energy ?to activities which are difficult or costly to electrify. The production of hydrogen is dominated by ?a mix of blue and green hydrogen.?
Regards Neil