Insight
Are companies pivoting to gas?
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Companies have long talked about the importance of gas in energy transition strategies. But their actions don’t reflect the strategic messaging. The proportion of gas in the forecast production mix in 2030 for our corporate universe fell from 41% to 38% over the last five years. The Majors delivered the biggest shift to oil during this period, with gas falling from 48% to 42% of total expected 2030 output. We think many companies will still favour oil in the near term. But leaning too far into oil could be a strategic mistake. We look at what's needed to incentivise a rebalancing to gas and why it's important.
Table of contents
- Executive Summary
- Corporate portfolios have shifted to oil during the last five years
- Near-term portfolio development may continue to favour oil
- Leaning too far into oil could be a strategic mistake
- How can companies respond?
- Soaring oil prices will drive strategic differentiation
Tables and charts
This report includes the following images and tables:
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Percentage point change in the % share of gas production in 2030 (Q1 2018 versus Q4 2021)*The Majors’ % gas production targets versus Wood Mackenzie’s projectionProduction from conventional reserves sanctioned by the Majors since 2017Production from commercial exploration discoveries made by the Majors since 2017Ratio of sub-commercial gas resources to total commercial reserves (Q1 2018 versus Q4 2021)*
What's included
This report contains:
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