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The bulk of doubling energy demand between 2000 and 2050 is predicted to be met by oil and gas according to Royal Dutch Shell plc, the Star Online has reported.
The company’s upstream director Andy Brown said a need for investment and prices will be driven by rising global energy demand.
“We are expecting renewables to take a larger share but by 2050, the vast majority of energy demand would be met by oil and gas,” Brown said at a media roundtable.
On the recent news of Brent oil prices staying at around US $100 per barrel, Brown commented that that provides for ample opportunities for continuous investment in the sector.
He, however, cautioned that costs needed to be kept down to ensure ample returns to shareholders.
“We should be flexible with the oil prices but at the same time we need to drive costs down (more so) if the oil price becomes weak.
“Costs are always a challenge and we have to manage costs as well,” he added.
