LONDON/HOUSTON/SINGAPORE, Sept 19 (Bernama-GLOBE NEWSWIRE) — The oil industry possesses a trillion-barrel opportunity within existing fields that could meet global demand through 2050 without major new discoveries, according to groundbreaking analysis from Wood Mackenzie.
“The oil industry’s challenge is enormous,” said Andrew Latham, SVP Energy Research at Wood Mackenzie. “Total liquids demand under our base-case Energy Transition Outlook scenario is just less than 1 trillion barrels through 2050. Without upgrades to current development plans, today’s onstream fields are set to fall short by almost 300 billion barrels. This deficit would grow by another 50 billion barrels under our delayed transition scenario.”