Energy Transition Outlook 2020

Oil and gas

DNV GL presents the outlook for decarbonizing the oil and gas industry, together with the demand, supply, and investment forecast for hydrocarbons and decarbonized and green gases to 2050.

Decarbonizing the oil and gas industry:

  • Pressure is mounting as emissions are set to remain stubbornly high until mid-2030s
  • Decarbonization is on the agenda of industry and government, but not at the pace or depth to meet the Paris Agreement
  • Hydrogen and CCS have the potential to transform the industry. 

Demand, supply, and investment forecast: 

  • We forecast multiple energy transitions: from coal and oil to natural gas, and from fossil fuels to renewables and decarbonized gas 
  • The world is moving from more oil to cheapest oil, as demand declines 
  • LNG is set to thrive in a strong gas market.