Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019.
He said oil and gas reserves are depleting at 5-7% annually, and output will decline if companies stop investing to replace them.
The Canadian government has not finalised subsidies for projects to capture and sequester emissions and is developing a cap on oil and gas emissions.
Not all oil companies are reducing spending on production.
Greater oil production could provide the revenue to pursue net-zero aims, Rath said.
Persons:
Agustin Marcarian, Darren Woods, Amin Nasser, ", Aditya Ravi, Rystad's, Alex Pourbaix, Pourbaix, that's, Chris Severson, Baker, Omar Farouk Ibrahim, Ranjit Rath, Rath, Carlos Travassos, Yrjo Koskinen, Rod Nickel, Nia Williams, David Gregorio Our
Organizations:
REUTERS, Rights, World Petroleum Congress, Exxon Mobil, Aramco, Rystad Energy, International Energy Agency, Cenovus Energy, Canadian, European Union, Deloitte, African Petroleum Producers ' Organization, United Nations, Oil India, Investment, Petrobras, PETR4, University of Calgary, Thomson
Locations:
Vaca, Patagonian, Neuquen, Argentina, Rights CALGARY , Alberta, Calgary, United States, Paris, Pembina, India, SA, Calgary , Alberta