Publication Name: PESA Gazette
Authors: Dale Granger (ed.)
Publication Issue: September 2024
Date Published: September 2024
Number of Pages: 2
https://doi.org/10.36404/JBBJ5994
Abstract:
Despite the accelerating energy transition, oil and gas will remain central to the global energy mix for the foreseeable future as the key hydrocarbon sources continue to satisfy global primary energy demand, which is projected to exceed 650 exajoules (EJ) in the coming years. Rystad Energy estimates that by 2030, more than 75% of total demand will be met by fossil fuels, with emissions climbing as a result. A significant portion of these emissions will originate from upstream activities, particularly hydrocarbon extraction and gas flaring. Approximately three-quarters of these emissions will be linked to the hydrocarbon extraction process, while the remaining quarter will result from gas flaring. This is expected to contribute around 1.1 billion tonnes of carbon dioxide equivalent (CO2e) annually over the next few years.