Oil and gas will continue to play a significant role in the future energy mix for decades to come as the world transitions to a sustainable energy future, president and CEO Amin Nasser told senior international government officials and business leaders at the World Economic Forum (WEF) yesterday.
Speaking at one of the panel sessions under the theme “Strategic Update: The Future of Energy,” Nasser said the global energy industry is undergoing a long-term transition brought about by climate change concerns, technological advancements, and government policies.
Energy transition: building resilience
Nasser outlined several scenarios for the global energy market, concluding that renewable energy will not supplant oil and gas in the energy mix in the near future.
“I agree that there is a global transformation that is currently underway, and it is putting a lot of pressure on the oil and gas industry and the petroleum industry, mainly also because of climate change and government policies and technological advancements,” he said.
He identified two major energy areas where alternative energies are competing for market share — electricity generation and renewables, and light-duty transportation vehicles and electric vehicles.