Tag: BP Energy Outlook

Carbon emissions continue to grow in the energy transition scenario, highlighting the need for a more decisive break from the past, says Spencer Dale, group chief economist, on the occasion of the recently launched BP Energy Outlook 2018.

As part of the recently published BP Energy Outlook for 2018, BP's chief economist, Spencer Dale, explores where oil demand is headed until 2040. Mr. Dale highlights that demand for liquid fuels grows over much of the Outlook, although in the ET scenario, the rate of growth gradually slows and plateaus in the years after 2040.

In the video, Mr. Spencer Dale explains there are three themes shaping the energy transition over the next 20-30 years: The increasing prosperity, mainly in China and India, the increasing competitiveness of global energy, and the constant challenge of needing a more decisive break from the past to bring carbon emissions to the extent needed to achieve Paris Agreement goals.

Examining major issues that will shape energy supply and demand through to 2035 and beyond, the latest issue of the annual BP Energy Outlook highlighted, among others, that LNG supplies more than double over the Outlook period (2015-2035), with around 40% of this expansion occurring over the next five years.

Global demand for energy is set to continue to grow over the next two decades as prosperity increases and the world’s population rises. However, the mix of fuels used will change, driven by technological advances and environmental concerns, BP says.

According to the 2017 edition of BP’s Energy Outlook, global energy demand will increase by around 30% to 2035, an average growth of 1.3%/year, driven by increasing prosperity in developing countries, partially offset by rapid gains in energy efficiency.

Ten years ago the energy industry was focused on ‘peak oil’, while the shale gas revolution in the US had yet to start. As 2017 begins, what are the mega-trends that will shape the upcoming decades? BP’s head of long-term planning Dominic Emery identifies what lies ahead, from the rapid growth in renewables to changing demographics.

BP’s Energy Outlook projects that the so-called ‘shale revolution’ will continue, with shale gas more than doubling its share of the market. Technological innovation and productivity gains have unlocked vast resources of tight oil and shale gas, causing us to revise the outlook for US production successively higher.