Oil and gas supply about 55% of the world’s energy.1 The world consumes around 100 million barrels of oil a day, and around 4,000 billion cubic metres of natural gas a year.2 It’s energy that keeps the lights on, gets us from A to B, and heats our homes. 

Without continued investment, oil and gas production would fall suddenly, not gradually. It is now clear that in this energy addition phase, that fall would be faster than the world can build lower carbon alternatives.  

Further investment in oil and gas, therefore, helps to meet the world’s growing energy consumption. And it can help to fund the transition to lower carbon energy as well.