Big Oil to be usurped by gas in little more than a decade, experts warn

The fresh findings are reassuring for investors in oil supermajors BP and Royal Dutch Shell which have both ­begun to shift their portfolios towards gas exploration and production in the wake of the global oil price crash.

Mr Eriksen said Big Oil will continue to move towards gas on economic grounds due to its low cost compared to oil, and high demand for gas from electricity generators looking for a fuel which is less polluting than burning oil and coal.

“There will be oil and gas in the future, and there will need to be further exploration of our resources because the depletion of existing ­reserves will be faster than the drop in demand,” he said.

“But it will all depend on cost. The other factor is electric vehicles which by 2030 will really take a bit out of oil consumption from cars,” he added.

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