EMEA News
Oil Products' Bunker Market Share at 10% by 2050, Says BP
The energy transition in the global bunker market should see oil products' market share within it fall to around 10% by 2050, according to oil major BP's latest energy outlook.
Its Energy Outlook 2024 slots the transition into two phases.
"Over the first half of the outlook, this transition is spread across liquefied natural gas, biofuels (bio-methanol and biodiesel), and hydrogen-derived fuels (ammonia and methanol).
"Further out, the marine sector transition accelerates in both scenarios as new ships come online and the existing fleet is retrofitted, allowing alternative fuels to be adopted more quickly."
As shipping and its adjunctive bunker sector move towards net zero, "hydrogen-derived fuels and biofuels [will] take an increasingly large share of the marine energy mix".
The multi-fuel bunker market by 2050 is likely to be made up or around 10% oil products, 40% hydrogen-derived fuels and 30% biofuels, the outlook concluded.
In addition to the change in product composition, the marine energy transition will be "supported by significant development of bunkering facilities, including fuel storage and refuelling barges", the report said.
For the full report, click here.
