Energy transition brings uncertainty to US$14 trillion oil and gas assets

Sinopec News.

Oil demand may continue to grow for 10 years or more.

According to Wood Mackenzie's estimates, the future pre-tax valuation of the upstream industry will reach a staggering US$14 trillion, ranging from US$9 trillion to US$23 trillion.

Fraser McKay, vice president of Wood Mackenzie, said the industry now finds itself having to supply oil and gas to a world where future demand and prices are highly uncertain.

As the macro environment of the oil and gas industry becomes increasingly severe, delivery and regulation are critical to all aspects of the upstream value chain.

The industry needs to continue to relentlessly improve efficiency, reduce costs, and deliver projects flawlessly.

Hao Fen Translated from Energy World Network

The original text is as follows:

Energy transition brings $14 trillion uncertainty for upstream oil and gas: WoodMac

The energy transition represents $14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Wood Mackenzie.

　　Oil demand may continue to grow for another decade or more.

　　Wood Mackenzie estimates the range of pre-tax future valuations for upstream is a staggering $14 trillion – from $9 trillion to $23 trillion.

　　"The industry now finds itself having to supply oil and gas to a world in which future demand – and price – are highly uncertain.

　　Delivery and discipline are paramount in all aspects of the upstream value chain as the macro environment for oil and gas gets tougher.

　　The industry needs to remain relentless in its push to improve efficiency, drive down costs and deliver projects flawlessly.