- Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’
- Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO
- Senegal: European JV aims to revolutionize country’s power infrastructure
- Congo: Eni, Lukoil, and SNPC ink LNG sale and purchase agreement in a ‘significant milestone’
- Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition
The oil majors have increasingly pivoted towards natural gas, a long-term bet that gas will prevail in a world seeking to gradually decarbonize. “In 20 years, we will not be known as oil and gas companies, but as gas and oil companies,” Patrick Pouyanne, CEO Total SA (NYSE: TOT), said at an industry conference last month.
But Bloomberg New Energy Finance says the move could be risky, and there is a chance of “peak gas demand” as renewables continue to get cheaper. BNEF says natural gas’ market share in the electric power sector will decline from 23 percent in 2016 to just 16 percent by 2040.