Shannon Slocum: Oil and gas to remain key even in transition to renewables

The role of oil and gas in the global economy will not diminish, despite the active transition to renewable energy sources, Shannon Slocum, President of Halliburton's Eastern Hemisphere, said at the SPE Caspian Technical Conference in Baku, Report informs.

He noted that energy consumption statistics reveal a profound imbalance on a global scale.

"One billion people on the planet consume an average of about 13 barrels of oil per person per year. Meanwhile, the remaining 7 billion people use only about 3 barrels annually. As developing countries grow economically, their energy consumption will inevitably increase," he stated.

Slocum noted that energy availability remains a serious issue in many parts of the world: "We teach our children to turn off the lights when they leave the room, while in some parts of the world, people still struggle to find fuel for cooking. For them, even simply pressing a button to turn on a light is an unaffordable luxury."