By : Franyi Sarmiento, Ph.D., Inspenet, September 29, 2022
The French company TotalEnergies considers that, even in a scenario of limiting climate change in line with the Paris Agreements, new oil projects are necessary until the mid-2030s to respond to a demand that will increase slightly until the beginning of that decade.
In its annual outlook report published on Tuesday, TotalEnergies points out that natural gas is going to be “a key transition fuel”, with an expected increase of 0.2% per year until mid-century.
In the case of oil, he underlines that new deposits will be needed until the middle of the next decade “to respond to demand and avoid price increases.”
In short, it is estimated that the demand for crude oil will increase slightly to around 100 million barrels per day in 2030 and from there it will decrease at a rate of 2.3% per year in the following two decades.
The gas will be used as a substitute fuel for coal in electricity generation and for industrial uses, specifically as transportation fuel for ships.
This material from the es.investing.com portal has been edited for clarity, style and length.
Photo: ShutterStock
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