Shell Chief: Large investments needed to keep energy flowing; 70% energy will still come from fossil fuels.
Huge sums needed to keep energy flowing
The head of Shell today highlighted the mounting challenges facing the oil and gas industry with particular emphasis on the sheer sums of money needed to be invested to keep energy flowing.
Shell chief executive Jeroen Van De Veer told the Asia Oil and Gas Conference that the only thing that is constant is that the industry is in transition and that a gradual and orderly transition was necessary.
He said energy demand will double between now and 2030 and that the classical oil and gas industry cannot meet this rising demand.
De Veer believes that the industry needs renewables and unconventional fuels added to the energy mix to meet rising demand.
By 2050 renewables will make up 30% of energy demand with fossil fuels accounting for the other 70% he said.
“The energy mix in the world is not the role of companies, I think it is a role for governments as they have the tools to set the energy mix,” said De Veer.
He concluded that more energy needs to be produced with lower carbon dioxide and that both fossil fuels and unconventional fuels are needed to be developed to meet future energy demand.