1 Matching Annotations
- Nov 2023
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In a scenario that hits global net zero emissions by 2050, declines in demand are sufficiently steep that no new long lead-time conventional oil and gas projects are required. Some existing production would even need to be shut in. In 2040, more than 7 million barrels per day of oil production is pushed out of operation before the end of its technical lifetime in a 1.5 °C scenario.
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for: stats - oil and gas industry - steep drop in production
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stats - oil and gas industry - steep drop in production
- no new fields can be developed to meet a 1.5 Deg C scenario
- any new developments face the certain risk of being a stranded asset
- by 2040, 7 million less barrels of oil are produced each day to meet a 1.5 Deg C scenario
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