New Report Out

The International Energy Agency has published a report "The Oil and Gas Industry in Net Zero Transitions." Some interesting observations such as:

• Offshore wind currently provides around 1% of global electricity generation but has huge untapped potential.

• In most markets offshore wind could generate enough electricity to meet total electricity demand in aggregate.

• The involvement of the oil and gas industry in the offshore wind market is only just beginning with around 2% of offshore wind capacity in operation today was developed by oil and gas companies.

• However plans for the oil companies are expanding. In 2022, TotalEnergies announced a project pipeline of 6GW of offshore wind which would take it to a total of 11GW.

• Shell has around 9GW in the pipeline. Equinor has plans to instal 12-16GW by 2030.

• These capacity additions would rival those of pure-play developers such as Orsted.

• In 2023, BP and TotalEnergies bid $13 billion for the right to build wind farms in the North Sea and Baltic Sea.

TheOilandGasIndustryinNetZeroTransitions.pdf

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