EV charger market potential for oil companies

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【Summary】Oil companies are expected to invest in EV charging as demand for oil gradually decreases due to the rise of electric vehicles. While it may take a few decades for oil demand to significantly decline, O&G companies are recognizing the need to adapt and invest in the EV charging market. Doron Frenkel, CEO of Driivz, discusses the challenges and opportunities in transitioning from oil to EV charging.

FutureCar Staff Aug 28, 2023 11:54 PM PT

EV charger market potential for oil companies

A July 2023 report from Wood Mackenzie predicts that the demand for oil will reach its peak at 108 million barrels per day in the early 2030s. However, the report also suggests that the demand will gradually decrease in the following decades. Several factors, including the use of fuel cells and synthetic fuels in vehicles, are expected to contribute to this decline. But according to the consultancy, the displacement of demand by electric vehicles (EVs) will be the most significant factor.

While it may take until the late 2040s for oil demand to fall below 100 million barrels per day, oil and gas (O&G) companies are not likely to ignore the long-term impact on their profits. This realization has prompted O&G companies, such as Hungarian oil firm MOL Group, to invest in EV charging infrastructure. One such company is Driivz, a smart EV charging management software developer, which has experience assisting O&G firms in their transition to EV charging.

Doron Frenkel, the Chief Executive and Founder of Driivz, discusses the challenges of shifting from oil to EV charging and how it can be accomplished. He also highlights the growth opportunities that still exist in the EV charging industry. Frenkel's insights provide valuable information on the future of the O&G industry and the potential of EV charging as a sustainable alternative.