Forget Net Zero: Oil and gas investment needed for another 30 years, BP warns
By Paul Homewood
From the Telegraph:
Investment in oil and gas production will be needed for the next three decades if the world is to avoid more shortages and price swings, BP has warned.
The oil giant said in its annual energy outlook published on Monday that fossil fuels are still likely to account for about 20pc of primary energy in 2050 even under a significant tightening of climate policies.
Spencer Dale, chief economist at BP, said investment in new wells would therefore be needed until 2050 to ensure supply of fossil fuels matches demand.
“Natural declines in existing production sources mean there needs to be continuing upstream investment in oil and natural gas over the next 30 years,” he wrote in the report.
The assessment is likely to spark backlash from climate groups and campaigners who argue that investment should be immediately stopped in order to meet net zero goals.
Greta Thunberg told world leaders at Davos earlier this month that new extraction should be stopped immediately, while UN chief António Guterres said last June: “New funding for fossil fuels is delusional.” The International Energy Agency said in 2021 that no new oil, gas or coal projects should be approved if the world was to stay on track to meet a goal of net zero emissions by 2050.
However, BP said continued supply of oil and gas was needed to prevent a repeat of the kind of disruption seen last year when Russian oil and gas supplies were drastically cut back following the invasion of Ukraine.
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NOT A LOT OF PEOPLE KNOW THAT 
The Government will soon announce a back up of the EV law to 2040 and hybrids to 2045.
Silly rabbit. PEOPLE are not part of the equation. PEOPLE are not their concern.
‘Greta Thunberg told world leaders at Davos earlier this month that new extraction should be stopped immediately
‘Guterres said last June: “New funding for fossil fuels is delusional.”
‘The International Energy Agency said in 2021 that no new oil, gas or coal projects should be approved’
Billions of deaths will just be collateral damage in the move to a better world, as defined by the faculty lounge at Harvard.
Elites are not selected based on ability or IQ or concern for others.
Obama is lame. But elite. Trump is outstanding. But not elite.
“Give us Obama!”
People? They won’t be needed…
Indeed.
How many menial jobs in the service industries can be fulfilled by the AI chatbots?
Well, here’s a chance for the Greens and XR crowd to prove their beliefs: Go and colonise an area and build a society free of oil, gas and electric and all their by-products and show us how we can live a self-sufficient, civilised, productive lifestyle such that we shall beg to emulate them. To be sure it works they should commit to a 30-year period, minimum, for their demonstration and have no reliance on any product or service that requires FF to produce them. If they can’t do that they should just stfu.
Who said: “The oil and gas industry will have to invest over $600bn every year until 2030 just to keep up with the expected demand”?
That would be the president of the COP28 climate fest…
https://www.climatechangenews.com/2023/01/12/uae-puts-oil-company-boss-in-charge-of-cop28-climate-talks/
300 years. FTFY.
Chicken wire fences around all the turbines would keep the birds out. I.e., it is technically feasible to fix the problem.
They won’t.
If it were your business, government would demand it.
I don’t understand this hatred of fossil fuels.
Apparently greenies are quite happy with burning fresh growth vegetation which was sucking up CO2,but will now release it. But hate the idea of using hydrocarbon deposits from old vegetation which is not otherwise helping the atmosphere.
It’s all the same stuff guys.
Yet all the ecomentalists, e.g. JustStopOil, *want* shortages and high prices, thinking this will force the ‘transition’ to renewables, but just don’t understand the severe, deadly consequences.
The reality is that investment will be needed for the foreseeable future, if not beyond. Because of the convenience factor we are likely to make some fossil fuels even when drilling for them produces much smaller quantities.
Actually, I think that they do understand the deadly consequences for most of the population. They just think that it is a price worth paying to “save the planet”.
I probably agree. Such a nice, caring lot, aren’t they!
Actually Bill, in my experience I don’t believe they “think” at all.
Semi-professional group virtue-signalling recreational outrage has nothing to do with thought.
True, having an opinion and thinking are two different things.
” Actually, I think that they do understand the deadly consequences for most of the population ”
Perhaps the Coroner’s report will state that the high cost of domestic energy was a key factor in the death of 87 year old Barbara Bolton:
https://www.itv.com/news/granada/2023-01-26/woman-87-who-could-not-afford-heating-died-from-hypothermia
The BP report can be accessed here: https://www.bp.com/en/global/corporate/energy-economics/energy-outlook.html
One thing struck me in particular. Go to ‘Overview’ and you’re immediately presented with a chart that shows emissions growing steadily up to 2019 – and then there are three ‘scenarios’, all of which show a total reversal thereafter with emissions suddenly reducing.
Does BP really believe this?
That scenario entirely ignores the rapid escalation of the use of fossil fuels in China and India and the imminent exponential increase in the use and export of fossil fuels by Third World nations – particularly Africa – whose citizens have had it with being patronised and having their development held back by white First World countries with their Nut Zero AGW hoax.
I suspect that the views were politically imposed by Mr Looney personally.
Reblogged this on Calculus of Decay and commented:
Forever…3 trillion years
Net Zero Watch is organising distraction to mask what is really going on.
Profits are being made as energy prices increase.
People are fed lies that burning fossil fuels is unhealthy – while allowed to struggle with heating and the cost of living bills.
Plus numerous not-so-stealth taxes are being introduced.
Is this not unhealthy too ? More immediate, more pressing ?
https://www.londonworld.com/read-this/uk-energy-crisis-oil-giants-including-bp-shell-expected-to-announce-ps160-billion-profits-4005164
“Profits are being made”
And? You got a problem with profits ?!?!
Ok poorly written.
Of course companies are in the business of making profits.
It just hurts when small businesses are going bust citing the cost of energy.