At least another 30 years

Investment in oil and gas production will be needed for the next three decades if the world is to avoid more shortages and price swings, BP has warned.

The oil giant said in its annual energy outlook published on Monday that fossil fuels are still likely to account for about 20% of primary energy in 2050 even under a significant tightening of climate policies.

Spencer Dale, chief economist at BP, said investment in new wells would therefore be needed until 2050 to ensure supply of fossil fuels matches demand.

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