It is difficult to predict exactly how long we will be dependent on oil-based products, as it will depend on a variety of factors such as technological advancements, changes in policy and regulations, and shifts in global energy demand.
However, it is expected that oil will continue to play a significant role in the global energy mix for the foreseeable future. While there has been a growing trend towards renewable energy sources such as solar and wind power, oil and natural gas are still the primary sources of energy for transportation and many industrial processes. Additionally, oil and gas are also important feedstocks for the production of a wide range of products such as plastics, fertilizers, and chemicals.
That being said, the global energy transition is ongoing, and oil consumption is decreasing in developed countries and will probably decrease in developing countries as well. Therefore, the dependence on oil based products will decrease over time as the world economy shifts towards cleaner and more sustainable sources of energy.
At Zog we realise that Technology is playing a massive role in reducing the environmental impact of oil production. One of our partner companies has produced a game changing technology that improves oil production and massively reduces environmental impact.
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