Hydrocarbon Energy: A Vestige of the Past or the Basis for Development?

Hydrocarbon Energy: A Vestige of the Past or the Basis for Development?

2 June, 12:00–13:15

More economies making environmental and energy security priority considerations in their energy policies have set in motion a trend towards reducing dependence on hydrocarbons. Russia enjoys immense hydrocarbon reserves, which are accessible, competitively priced, and for which there is broad demand. How – and most importantly how quickly – will global decarbonization policies progress and what technology and trends will speed up this process? Should we expect a ‘demand peak’ for oil? What can be done today to ensure maximum appraisal of hydrocarbon reserves and would it be practical to speed up their monetization? How can we use the successful experience of countries that have diversified their economies by making broader use of natural resources? Considering macroeconomic trends in the oil and gas sector, can market equilibrium be achieved through cooperation between major oil exporters, even if in the short term?


Key moments

The climate change is well recognized as a reality.
H.E. Khalid A. Al-Falih
Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia; Chairman of the Board of Directors, Saudi Arabian Oil Company (Saudi Aramco)
Our industry is an industry of the future because the society needs it and we will continue to invest in it.
Ben van Beurden
Chief Executive Officer, Royal Dutch Shell Plc
OPEC deal moves the oil price into a range that is very healthy for the world: if you have too high prices – it’s a problem of consuming nations, too low prices – it creates real difficulties in some countries of the world.
Robert Dudley
Group Chief Executive, BP
We tend to forget that the use of oil nowadays leans towards petrochemicals and production of consumer goods. Nine out of ten products used today contain some petroleum derivatives.
Alexander Novak
Minister of Energy of the Russian Federation
In the energy field the first fundamental is the cheap energy that the consumers want. But when the oil price is to reach $100 and above it will create a field for new technologies including renewables.
Patrick Pouyanne
Chief Executive Officer, Chairman of the Board, Total
Eventually investments will be going into sustainable technologies because those technologies will be just more efficient than the existing ones.
Kirill Dmitriev