Global energy transition is creating uncertainty for an estimated $14 trillion worth of oil and gas assets that have long depended on an indefinite rise in demand to offset risks despite a pandemic boost this year, consultancy Wood Mackenzie said on Thursday.

As the world recovers from the COVID-19 pandemic, oil and gas demand is set to go beyond the record 160 million barrels of oil equivalent per day reached in 2019, it said in a report.

"After six years of weaker prices, upstream is fitter and leaner than ever," Woodmac said, adding that the sector will generate as much cash flow this year at $60 per barrel as it did at $100 prior to the 2014 price crash.

While the industry has enjoyed a century of near continuous demand growth, it now finds itself having to supply oil and gas to a world in which future demand and price are highly uncertain, Wood Mackenzie vice president Fraser McKay said.