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Oil execs: renewable use to grow

13 January 2009

Renewable energy use is set to rise significantly over the next decade, most oil and gas executives believe.

A survey conducted for accounting and consulting firm BDO Seidman LLP revealed that nine out of ten chief financial officers of oil and gas exploration and production companies expect renewables to account for an increasing amount of energy.

The survey, which was shown to the Associated Press, also revealed that 20 per cent expected renewables share of the energy market to double over the next five years.

Charles Dewhurst, head of the accountancy firm's energy industry practice, said that the biggest surprise from the survey was that less than half of those surveyed believed the industry should be left to self-regulate.

He added that executives' views were probably influenced by the drop in demand for oil when it reached a record high of $147 a barrel.

Oil has since dropped back down to about $43 per barrel.

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