Oil And Gas Will Continue To Power The World For Decades To Come, Big Oil Firms Say  

• Major industry players at the Energy Asia conference held in Kuala Lumpur this week stated that oil and gas will continue to be leading sources of energy for decades to come on the back of a lagging energy transition.
• “Energy transition is going to take a lot longer, it’s going to cost a lot more money and need new technologies that don’t even exist today,” said John Hess, CEO of U.S. oil company Hess Corporation. “When it comes to clean energy, the world needs to invest $4 trillion a year — and it’s nowhere close,” Hess continued.
• “Liquids are projected to remain the world’s leading energy source in 2050, even as demand growth slows beyond 2025,” Erin McGrath, ExxonMobil’s public and government affairs senior advisor, told CNBC.
• “Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America.”          
• In an e-mail exchange Tuesday, the largest U.S. oil producer ExxonMobil reiterated the same sentiment on oil demand. The company expects oil to remain the largest primary source of energy for at least two more decades given its vital place in the commercial transportation and chemical industry.

(Source: CNBC)