Oil and gas will continue to power the world for decades to come, big oil firms say

Oil and gas will remain leading sources of energy for decades to come, major industry players echoed during the inaugural Energy Asia conference.

"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 continued. Likewise, at the the conference's opening address, OPEC's Secretary General projected global oil demand will rise to. The growth comes on the back of rapid urbanization over the next few years, Haitham Al Ghais said.

"Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America."the U.S. and Europe by the end of the year. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay.

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