Big oil betting on electric vehicles

TOTAL SA's chief energy economist Joel Couse, speaking at the Bloomberg New Energy Finance conference in New York recently, forecast that electric vehicles (EV) will make up 15 to 30 per cent of global new vehicle sales by 2030.

Oil demand for transportation fuel will "flatten out" after 2030, he said. "Maybe even decline."

Colin McKerracher, head of advanced transport analysis at Bloomberg New Energy Finance, sees Mr Couse's forecast as the highest EV (enterprise value) sales margin yet to be forecast by a major company in the oil sector.