French Energy Giant Total Predicts The End Of The Oil Era

According to Oil And Gas Titan Total, Its Business Focus, As Well As That Of Its European Peers, Will Shift To Low-Carbon Energy Sources In The Coming Years As The Oil Market Becomes Increasingly Obsolete

Total anticipates a potential peak for oil in the next decade before hitting a low in 2030, noting that natural gas “remains key” for the energy industry, according to Total’s President of Strategy and Innovation, Helle Kristoffersen.

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End Of The Oil And Gas Era?

Although The French Energy Giant’s Forecast Is Considerably More Conservative Than That Of Its British Rival BP, Which Earlier This Month Said That The Oil Market Era Had Already Ended, It Still Joins The Group Of Investors Predicting Drastic Changes For The Sector.

The Total Energy Outlook Report, Published On Tuesday, Focuses On The Increased Demand For Energy In All The Analyzed Scenarios, But It Is Expected To Be Largely Met By Low-Carbon Energy.

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Search For Alternative Electricity Sources Is Expected To Increase By 30 To 40 Percent, According To Total

The Demand For Electricity Is Expected To Reach 30 To 40 Percent Of The Total By 2050, Significantly Up From The Current 20 Percent, The Report States, Outlining A Positive Outlook For The Company’s Main Product, Natural Gas, An Intensive Bridge Fuel In The Coming Years For A Carbon-Free Priority.

The Company Stated That The Demand For Gas Will Be Led By Asia, Which Will Be Responsible For About 40% Of Global Growth, Doubling Demand From China And India. The Peak Demand And Production Of Gas Is Not Expected Before 2040.

Like Its Other European Partners, Total, One Of The Seven So-Called “Supermajors” In The World, Is Focusing On Clean Alternative Energy Sources, Such As Solar And Wind, Concentrating Its Business On Promising Solar Battery Technologies And Car Charging Networks, Which Are Expected To Be In High Demand Soon.