Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s, according to a report by DNV GL.
The quality assurance and risk management company said confidence in the case for gas is growing. The vast majority (86%) of the 813 senior industry professionals surveyed agree that gas – the least carbon-intensive fossil fuel – will play an increasingly important role in the global energy mix over the next decade, up from 77% last year.
The findings appear in Transition in Motion, a special report from DNV GL’s research on the outlook for the oil and gas industry in 2018. It reveals the primary driver for investment in natural gas and LNG projects this year is the global energy transition.
The pace of the oil and gas industry’s intentions to lower carbon emissions differs by region, however. Just a third of survey respondents in North America (33%) say that their company is actively preparing for the shift to a lower carbon energy mix this year, compared to more than half (51%) in Middle East and North Africa.
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