Energy Transition Outlook 2019

Oil and gas forecast to 2050

Our Oil and Gas report discusses how hydrocarbons remain key to the secure supply of affordable energy up to 2050.

Key features include: 

  • Gas becomes the primary energy source from the mid-2020s as oil and gas companies decarbonize portfolios and gas increasingly complements variable renewables 
  • Gas demand growth plateaus in 2033 but it remains the dominant primary energy source, supplying 29% in mid-century. New sources of gas (e.g. biogas, hydrogen and synthetic methane) will be introduced to domestic and commercial energy systems, helping to decarbonize gas consumption 
  • Oil supplies 17% of primary energy in 2050, despite oil demand peaking in the mid-2020s 
  • A need for greater efficiency and investment in new oil and gas production are indicated