DNV GL CEO shares forecasts for energy industry in 2050

Liv Hovem, CEO of DNV GL, spoke with Oil & Gas Middle East about her company's Energy Transition Outlook report, how the energy mix will shift, and the Middle East's changing role in the global energy landscape

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Your company released its Energy Transition Outlook not long ago. What can you tell me about it?

It's a forecast of how we see the energy mix transitioning to 2050. The main finding is that we see an energy peak occurring in th emid 2030s and also we see that going forward towards 2050, oil and gas will still have an important role in the energy mix, accounting for 40% of the energy mix, compared to 53% today. Also, gas well become more important than oil in the global energy mix.

Tell me about the shift to gas and sustainability.

Major oil companies are moving towards renewables, but the renewable energy system will need something to balance it, so that's one reason gas will be important. If you look at emissions, gas is the cleanest of the fossil fuels, and if you look at the carbon budget the world has, towards the Paris Climate Agreement goals, we have to start now to reduce emissions. With natural gas, the technology and infrastructure are available, so getting rid of coal and increasing gas is important because we don't have much time to wait for the perfect solution.

The full interview will be printed in the January 2019 issue of Oil & Gas Middle East.

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