Oil and gas will remain as leading sources of energy for decades to come on the back of a lagging energy transition, major industry players said at the Energy Asia conference held in Malaysia’s capital Kuala Lumpur this week.
“We think the biggest realization that should come out of this conference … is oil and gas are needed for decades to come,” said John Hess, CEO of U.S. oil company Hess Corporation.
“Energy transition is going to take a lot longer, it’s going to cost a lot more money and need new technologies that don’t even exist today,” he added.
When it comes to clean energy, the world needs to invest $4 trillion a year — and it’s nowhere close, Hess continued.
According to the International Energy Agency, global investment in clean energy is predicted to rise to $1.7 trillion in 2023.
Hess argues oil and gas are key to the world’s economic competitiveness, as well as an affordable and secure energy transition.