At the core of our reset strategy is a plan to grow our upstream oil and gas business. The world is in an ‘energy addition’ phase – consuming increasing amounts of both fossil fuels and low carbon energy to meet growing demand.
Oil and gas will be needed for decades to come. We expect continuing robust demand for oil and gas to 2035, including strong growth in natural gas demand from emerging Asian economies – and we think global demand for North American natural gas is set to expand by around 15% in the same period.
As a result, we now expect oil and gas demand to be sustained to 2040 (no decline vs 2022) in our Energy Outlook Current Trajectories scenario, while our Net Zero scenario shows oil and gas demand in 2040 declining significantly, but still making up around 45% of total energy consumption.