Tag: BP Energy Outlook

BP's latest projections for oil and gas demand up to 2050 indicate that, regardless of whether the energy transition occurs rapidly or gradually, consumption levels by mid-century will be higher than previously anticipated. 

In early 2023, BP issued its new Energy Outlook considering the recent disruption to global energy supplies and associated impacts on global prices, and exploring how this could affect the energy transition out to 2050.

BP's Energy Outlook 2022 explores the key uncertainties surrounding the energy transition and is focussed on three main scenarios: Accelerated, Net Zero and New Momentum.

The Energy Outlook 2020 was recently published, exploring the paths of energy transition and the industry's rapid steps towards renewable energy. The videos below give a taste of what the report is all about, with BP Chief economist, Spencer Dale, commenting that "the issues surrounding the energy transition are hugely interesting and have never been more important."

In its recently launched Energy Outlook, BP forecasts the use of hydrogen as an energy carrier increases significantly in the two of its three scenarios, as the ‎world transitions to a lower carbon energy system. The hydrogen can be used either directly or ‎combined with (bio)carbon or nitrogen to make it easier to transport. ‎

In the main scenarios of this year's BP Energy Outlook, global energy demand continues to grow for at least part of ‎the period to 2050. However, over this time, the structure of energy demand fundamentally ‎shifts, with a declining role for fossil fuels offset by an increasing share for renewable energy ‎and a growing role for electricity. ‎Decisive policy measures, such as significant increases in carbon prices, are needed to ‎deliver a lasting reduction in emissions from energy use.‎

In its new Energy Outlook for 2019, BP foresees that carbon emissions increase further, with the power sector the main source of emissions. In the ET scenario, CO2 emissions from energy use continue to edge up through much of the Outlook, increasing by around 7% by 2040.

In its Energy Outlook for 2019, BP reports that the transport sector will continue to be dominated by oil, despite the increasing penetration of alternative fuels, and particularly electricity and natural gas. Oil used in transport will rise by 4 Mb/d (220 Mtoe), with most of that demand deriving from increased use in aviation and marine, rather than road transportation.

BP published its Energy outlook for 2019, exploring key uncertainties that could impact global energy markets up until 2040. The greatest uncertainties over this period regard the need for more energy to support rising global economic growth and prosperity, along with the need for faster transition to a lower-carbon future.  The Outlook also analyzes the possible impact of an escalation in trade disputes and the consequences of a tightening in the regulation of plastics.

As part of the recently launched BP Energy Outlook 2018 examining the 'most likely' path for global energy markets through to 2040, BP's chief economist Mr. Spencer Dale explores the acceleration of renewables, highlighting that renewables in power are the fastest-growing energy source accounting for over 50% of the increase in power generation.