The Chairman of Global Resources Partnership (UK) and President of the The Bosphorus Energy Club made this point in his talk at Global Outlook 2016 in Arendal Monday.
“As we see more projects in oil and gas postponed or cancelled, there are less investments in oil and gas and more investments in renewables”, says Ogutcu.
He painted a picture of a changing landscape within the oil and gas sector, with larger and stronger companies coming out of new or newer oil producing countries.
“These companies technologically and financially able to compete with and challenge the larger Exxon, Statoil and other well-established companies”, says Ogotcu.
Energy is a hot topic in his home country Turkey, which is importing 98 per cent of its natural gas and 93 per cent of its oil. For energy, Turkey depends heavily on Russia.