OSLO – New research published by DNV GL finds that the oil and gas industry expects to boost investment in the energy systems of the future this year, as companies seek to transform for the long term.
A record two-thirds of senior oil and gas professionals report that their organization is actively adapting to a less carbon-intensive energy mix in 2021, up from just 44% in 2018. Some 57% plan to increase investment in renewables, up from 44% last year, about half expect to increase investment in green or decarbonized gas.
Just a fifth (21%) say they will increase investment in oil projects in 2021, as the sector increasingly comes to terms with the notion that the world’s demand for oil has peaked or will peak in the short to medium term. Expectations for an increase in natural gas investment remain steady at 37%.