BP’s Energy Outlook 2040 - 2018 Edition


BP’s Energy Outlook 2040 - 2018 Edition

The BP Energy Outlook – 2018 Edition was presented on March 12, 2018 at Longchamp, Hotel Taj Mahal, New Delhi. This event was jointly organized by Federation of Indian Petroleum Industry and BP. The evening commenced with Dr. R.K. Malhotra welcoming the august gathering and stressing on the importance and relevance of the BP Energy Outlook and the pristine position it holds as a beacon of guidance for the energy sector and especially the oil and gas sector.

Mr. Spencer Dale, Group Chief Economist BP in his presentation of BP Energy Outlook – 2018 edition stated as to how in the light of uncertain energy transition, the energy outlook presents and analyses future energy trends and factors that could affect all of us. He explained as to how the outlook presents and analyses future energy trends and factors that could affect all of us and shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables.

With special emphasis on India, Mr. Dale explained as to how over 80% of the expansion in world output is driven by emerging economies, with China and India accounting for over half of that expansion. Presently petro-based fuels meet about 95% of the requirement of transportation fuels and the demand has been steadily rising. Today, the domestic crude oil is able to meet only about 20% of the demand, while rest is met through imports. In this scenario, India is bound to look out for alternative sources of energy for increasing its self-sufficiency. Looking at the future and the projections made by BP energy outlook 2018, for India it is expected that the demand will grow by 165% by 2040, nearly three times the overall non-OECD growth of 61%, and will also outpace each of the BRIC countries: China (+41%), Brazil (+60%), and Russia (+6%). India's share of global demand will rise to 11% in 2040 from 5% in 2016, accounting for the second largest share of the BRIC countries.

The presentation by Mr. Dale was followed by an engaging question and answer round, post which Mr. Sashi Mukundan Regional President and Head of Country, India, BP Group presented the vote of thanks and expressed his gratitude to Mr. Dale for the invigorating session as well as FIPI for having contributed towards making this event a success.

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