Oil and gas to remain leading sources of energy for decades

Major industry players have said during the inaugural Energy Asia conference that oil and gas will continue to power the world for several more decades. According to them, the energy transition is going to take a lot longer, will cost a lot more money and will need new technologies that don’t even exist presently.

When it comes to the energy industry, there are several predictions, including:

  • Production in the oil market will go up to 1.2 million barrels a day in 2027
  • Global investment in clean energy is set to rise to $1.7 trillion in 2023
  • Demand for liquids is expected to rise by about 15 million barrels per day by 2050

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