Oil bosses to put decarbonisation ‘at heart’ of spending despite weakening confidence – DNV GL report

Oil companies will put decarbonisation “at the heart” of investment plans this year as factors like the climate emergency knock the industry’s confidence, according to a new survey.

DNV GL, technical advisor to the sector, has released its 10th annual oil and gas industry outlook, a survey of more than 1,000 senior bosses from 78 countries globally.

The study projects a “leap” in the number of firms taking action to decarbonise in 2020, with 71% of respondents expecting to boost or maintain investment in that area, up from 54% 12 months ago.

Meanwhile confidence in growth for the sector as a whole has dropped by 10% to 66%, due to issues such as the lower oil price, suppressed demand, and huge social issues such as climate change, air quality and public focus on plastics.

DNV GL regional manager for UK and West Africa, Hari Vamadevan, said these factors mean it is “perhaps not a surprise” the sector’s confidence has dropped, but this “contradicts” the improving outlook for individual firms.

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