Is Big Oil Geared Up For Natural Gas Revolution?

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he pipes with natural gas from the Ormen Lange field,

Credit: Bair175 / CC BY-SA 3.0

As per the first Energy Transition Outlook published by DNV GL, natural gas will surpass oil to become the main source of energy by the year 2034 and by the year 2050, it will satisfy 27% of the global energy needs.

DNV GL is an international accredited registrar and a global quality assurance and risk management services provider to the oil and gas, maritime, and power industries. The total gas supply globally is expected to reach its peak in the year 2035.

Big Oil is the term used for the world’s seven or eight largest publicly owned oil companies and supermajors. The supermajors, considered as BP plc, Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc, Total SA and Eni SpA, and sometimes Phillips 66 Company, is also included in the group. The DNV GL report further says crude oils supply will stagnate (without any growth) from 2020 to 2028 and will start declining steadily after that. This forecast is certainly not a piece of good news for the pure oil-producing companies but most welcomed by gas producers. It is also true that Big Oil giants like BP and Shell have already shifted their focus towards gas exploration and are making heavy investments in this sector than oil exploration.

The classic example is the Big Oil BP, shifting its headquarters for its Lower 48 division to Denver in 2018 because it has found a highly productive gas field in New Mexico’s San Juan Basin. DNV report on oil production specifically says renewables will be responsible for reducing fossil fuels by the year 2050. And fossil fuels and renewables will have almost an equal share in global energy production. Thanks to the falling costs of renewable energy installations, especially in solar energy and the rising awareness of global warming worldwide.

Solar PV and wind power generation are likely to double soon, and the costs of these two power generation sources are expected to reduce by 18% and 16%, respectively. DNV further claims, with the technological revolution, the power generation cost for global energy generation will be down from the current 5% of the world’s GDP to less than 3%.

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