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Multinational Overview

Multinational

in figures

World oil production:94.7 million bopd

World oil consumption:99.8 million bopd

World energy consumption, all sources combined:13.9 billion toe

World renewable energy consumption:561.3 million toe

The future of the multinational energy mix

The International Energy Agency (IEA) in its World Energy Outlook annual report presents a set of scenarios exploring different futures, measures – or the absence of measures – which make them possible and the interconnections between components of the system.
The “current policies” scenario illustrates what happens if the world continues its current trajectory without the adoption of additional measures. In this scenario, energy demand will grow by 1.3% per year until 2040, and the boom in demand of energy services won’t be limited by any additional effort to improve energy efficiency. If this figure is much lower than the notable growth of 2.3% recorded in 2018, the result will nonetheless be steadily increasing energy-related emissions, as well as increased pressure on most aspects of energy security.
The “stated policies” scenario goes further and integrates the intentions and objectives confirmed by policies. This scenario was renamed in order to emphasize that it only takes into account political initiatives already announced and accompanied by specific programmes. The objective is to present a mirror to the strategies of political decision makers and to illustrate the consequences, not to guess how political priorities will evolve in the future.
In the “stated policies” scenario, energy demand grows by 1% per year until 2040. Low-carbon energy sources, primarily solar photovoltaic (PV), respond to more than half of this growth and natural gas, stimulated by the growth in LNG trade, represents a third. Oil demand plateaus in the 2030s and coal consumption decreases slightly.
Certain energy sectors, in particular the electricity sector, are undergoing rapid transformation. Several countries, especially those aspiring to carbon neutrality, are carrying out a significant overhaul of their supply and consumption. However, the development of low-carbon technologies is not enough to offset the effects of global economic and demographic growth. Although the increase in emissions slows down in this scenario, in the absence of a peak before 2040, common sustainable development goals remain out of reach.
The “sustainable development” scenario proposes a trajectory allowing achievement of the sustainable development objectives relating to energy, which requires profound and rapid changes at all levels of the energy system. This scenario defines a trajectory perfectly in accordance with the Paris Agreement by containing the elevation in global temperatures well below 2 degrees Celsius and continuing the action conducted to limit them to 1.5 degrees Celsius. It also meets the objectives of universal access to energy and improving air quality.

Amy JADESIMI CEO LADOL
Interview
Nigeria - September 24, 2021

Amy Jadesimi, CEO of LADOL, talks to The Energy Year about how the company is supporting the drive for sustainability and moves…

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GE to build world’s largest 3D printer for offshore wind
NEWS
Netherlands - September 17, 2021

GE Renewable Energy has entered a partnership with Fraunhofer IGCV to build the world’s largest 3D printer for offshore wind…

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SBM Offshore completes $1.6-billion FPSO financing
NEWS
Multinational - September 16, 2021

SBM Offshore has completed the largest financing for a single FPSO in the company’s history, the Dutch offshore services provider announced on Thursday.

The FPSO…

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Alan GLYN-CUTHBERT General Manager PETROWORK SOLUTION
Interview
Angola - August 23, 2021

Alan Glyn-Cuthbert, general manager of Petrowork Solution, talks to The Energy Year about how the Local Content Law can support growth in the domestic oil and gas…

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Oil down as Covid-19 concerns dampen demand outlook
NEWS
Multinational - August 13, 2021

Oil was down Friday morning in Asia as concerns over the spread of Covid-19 globally continue to cloud the fuel demand outlook.

Brent oil futures were down 0.57% to…

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Philip Tieku Star oil Ghana
Interview
Ghana - August 12, 2021

Philip Tieku, CEO of Star Oil Company, talks to The Energy Year about challenges in Ghana’s hydrocarbons retail sector and strategies the company has formed to raise…

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Energy players see rebound in Q2 profits
NEWS
Multinational - July 28, 2021

The International Energy Agency (IEA) in its World Energy Outlook annual report presents a set of scenarios exploring different futures, measures – or the absence of…

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Investors await outcome of OPEC+ dispute
NEWS
Multinational - July 12, 2021

The International Energy Agency (IEA) in its World Energy Outlook annual report presents a set of scenarios exploring different futures, measures – or the absence of…

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