A multibillion-dollar project to tap virgin oil fields in east Africa is expected to get the green light this weekend, highlighting an uncomfortable truth about the energy industry.
Even as Total SE, the supermajor behind the new project straddling Uganda and Tanzania, makes genuine efforts to begin the transition to low-carbon energy, the industry is nowhere close to ending its appetite for oil.
If you accept that petroleum demand may have already peaked -- and that’s still a controversial opinion -- the world is expected to burn hundreds of billions of barrels of oil in the coming decades.
That gives plenty of incentive for giants like Total or Royal Dutch Shell Plc, plus the hundreds of smaller explorers that remain in business, to keep searching the world’s frontiers for the next place to sink their drill bits.
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