The IEA, the U.S. Energy Information Administration and OPEC all project the worldwide demand for oil reaching 100 million bpd soon
CALGARY — Executives at Canada’s five largest oil companies pushed back against suggestions Tuesday their industry was in the twilight of its industrial life, as each company detailed growth plans in the face of carbon taxes and pipeline constraints.
“I think we’ve come through a period, and I think we’re closer to the end of it, of people looking at the oil and gas industry almost as a twilight industry,” Husky Energy Inc. president and CEO Rob Peabody told a Calgary investment conference, adding there was a “huge” demand for oil products for at least the next 50 years.
“It’s going to grow for a couple of decades and then it’ll probably plateau for another couple of decades after that,” Peabody said of future oil and gas demand, which he said was the envy of other industries.
The International Energy Agency, the U.S. Energy Information Administration and OPEC all project the worldwide demand for oil reaching 100 million barrels per day soon despite the rise of electric vehicles and the growth of renewable energy sources.
Peabody and his rivals at Suncor Energy Inc., Canadian Natural Resources Ltd., Cenovus Energy Inc. and Imperial Oil Ltd. have all seen their companies’ share prices hurt by negative investor sentiment toward the oilsands as a result of concerns about carbon intensity as well as regulatory, tax, pipeline and price problems.
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