Shortages in the era of abundance

“Global energy demand remains strong and growing, but abundant supplies of oil and gas are now a fact of life. As a result, the economics of the past are changing,” says BP chief executive Bob Dudley.

Indeed, the once-popular idea of the world running out of oil in the future has been replaced by discussions about when exactly oil demand is likely to start declining. BP chairman Carl-Henric Svanberg suggests oil consumption could peak within the next 20 years, as a result of the world using more renewable energy and thanks to technological advances and efficiency in all fields of life, from engines to electric vehicles.

Continue reading

Many a true word…

“I want to be the second to answer that,” Total chief executive Patrick Pouyanne joked with a big smile.

The smile was in response to a question addressed to him and to state-owned Saudi Aramco chief executive Amin Nasser on whether Total would like to buy a stake in Aramco, and whether Aramco wants to see Total as a shareholder.

Continue reading

From talking the talk to walking the walk

The oil and gas industry is generally of little interest to an outsider, other than for its impact on the environment and prices at the pump.

But the industry itself often wants the outsider — from an ordinary consumer to a potential investor or a government official — to understand the language it speaks, because it’s their behaviour that, in various ways, will determine the trajectory of the industry in its transition towards a lower-carbon future.

Continue reading