The global fossil fuel industry faces a loss of $US28 trillion ($A30.2 trillion) in revenues over the next two decades, if the world takes action to address climate change, cleans up pollution and moves to decarbonise the global energy system.
I am not arguing the figure is wrong, but it is likely not exactly right either. This is because Oil goes into more than just Fuel.
About 51% goes to making Petrol.
A further 15% becomes Diesel (I expected that to be higher)
12% Jet Fuel
That's around 78% total. So 20% goes into everything else, so the industry would lose 80% of that $30trillion dollars.
That $30tillion is not pure profit. It is the overall earnings, and the cost of exploration comes out of that. The loss with exploration is huge. 2018 budget for global exploration is round $37 Billion, which has been ramping down 67% from 2014. A further decrease of 4% is expected by the end of the year. Basically, the industry is getting nervous and pulling back from exploration.