Oil & gas in pursuit of the energy transition, part 1: Net zero and the trilemma
In the first part of the fifth chapter of our history of oil and gas, we move the story on to the climate crisis and push for net-zero carbon emissions
The COP28 meeting launched a number of initiatives, most of which will have important impact on the greenhouse gas (GHG) emissions. For example, the Global Renewables and Energy Efficiency Pledge commits the signatories to triple the world’s installed renewable energy generation capacity and double the global average annual rate of energy efficiency by 2030. In the oil and gas (O&G) sector, 52 countries signed an O&G Decarbonization Charter, committing to net-zero operations by 2050 at the latest and ending routine flaring, resulting in near-zero upstream methane emissions by 2030. If governments fully implement their pledges, the “oil and gas demand would be 45% below today's leve
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LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
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The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
