February 2020
Featured in this insight: Climate change & environment, Environment & sustainability, Oil & gas
7 out of 10 oil and gas professionals expect to increase or maintain low-carbon energy investment: An annual survey conducted by DNV GL has found that 71% of senior oil and gas professionals are expecting to invest more, or maintain the same level of investment in renewable energy, decarbonising oil and gas production, and low-carbon technologies this year. This is a significant increase from last year, when the annual survey found just over half (54%) said the same.
The poll of more than 1,000 oil and gas professionals, however, found that the industry was feeling less confident about growth than it was in 2019. Looking at the year ahead, two-third of respondents said they were confident of growth, compared to three quarters (76%) last year.
The survey results also revealed that more than four in ten industry executives (42%) were expecting more investment in hydrogen in 2020 - a significant increase since last year, when the survey revealed just a fifth (20%) said the same.
When asked about the impact of fluctuating oil costs, almost half the participants said their firms would still manage acceptable profits if oil was to average less than $50 a barrel.
Liv A. Hovem, chief executive of DNV’s oil and gas division said: "Our research shows that the oil and gas industry has placed decarbonization at the center of its agenda and it will remain a priority despite uncertainty from volatile market conditions and stalling expectations for industry growth in 2020."
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