BP Noted the Need to Continue Investing in Oil and Gas Production

BP believes that it is necessary to continue global investment in oil and gas production over the next 30 years, despite a decrease in future demand for them, according to the British company’s Energy Outlook 2023 forecast.

“Recent energy shortages and rising prices highlight the importance of an orderly transition away from hydrocarbons to match hydrocarbon demand with available reserves. The natural decline in existing sources of production means that over the next 30 years, continued investment in oil and natural gas production, including in the scenario Net Zero,” writes BP.

The energy company is considering three scenarios. Accelerated (Accelerated) assumes a reduction in carbon emissions by 2050 by about 75%, Net Zero (Net zero) – by 95%, the New Momentum scenario (New impulse) assumes that by 2050 global emissions will be 30% below the level of 2019 .

“While demand for oil and gas falls in all three scenarios, the natural underlying decline in existing production means that continued investment in oil and gas assets is needed in all three scenarios to meet future demand,” the company adds in its forecast. BP notes that investments include both mature fields and those under development for both natural gas and oil.

She estimates that global average annual investment in oil and natural gas up to 2030 under the three scenarios will be between $325 billion and $405 billion, compared with $395 billion in the recent past.

BP is a British company, one of the six largest oil and gas corporations in the world. Founded in 1909.

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