Gas and the energy transition—repurposing the system with hydrogen

DNV GL’s “2018 energy transition outlook,” an independent forecast of the world energy mix in the lead-up to 2050, predicts that global upstream gas capital expenditure (CAPEX) will grow from $960 B in 2015 to a peak of $1.13 T in 2025. Upstream gas operating expenditure (OPEX) is set to rise from $448 B in 2015 to $582 B in 2035, when operational spending will be at its highest. Natural gas projects will receive a significant investment boost over the coming years. This will enable gas to overtake oil as the world’s primary energy source in 2026 and account for one-quarter of the world’s energy by mid-century. While DNV GL’s model predicts that global oil demand will peak in 2023, demand