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Shift to green energy creates uncertainty for upstream oil and gas investments

July 27, 2021

The Jakarta Post: 

The Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) expects the global shift to renewable energy to be a key challenge in attracting upstream oil and gas investments over this decade. 

SKK Migas deputy head Fatar Yani Abdurrahman said on July 16 that SKK Migas would continue making regulatory changes to attract investments but its success depended on the policies of oil and gas multinationals such as Shell and British Petroleum (BP). 

Many oil and gas multinationals, led by the European companies, have announced plans to reach net zero emissions by 2050 in line with international climate change commitments. 

Other giants such as Exxonmobil and Chevron have announced weaker carbon-reduction emissions. “A shift to renewables will be a challenge for the next decade,” said Fatar in a virtual press conference on 16 July.

[ Divya Karyza ] 

More: Green energy shift risks upstream oil, gas investment: SKK Migas

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