
The multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the…
READ MOREWorld oil production:89.2 million bopd
World oil consumption:91 million bopd
World gas production:3.88 tcm
World gas consumption:3.85 tcm
The multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the transition takes place, the oil and gas sector remains an important economic pillar for many countries and nations are continuing exploration activities to capitalise on hydrocarbons while the resources remain fiscally and environmentally relevant. Sectors such as aviation, shipping and petrochemicals are expected to continue to rely on oil until alternatives are presented. As the world population rises, the International Energy Agency expects energy demand to grow by 1.3% annually until 2040, underlining the importance of creating infrastructure to fulfil the global need.
Volatility in oil prices and massive advances in the energy industry’s digital revolution have had a huge impact on upping efficiencies in the upstream sector. New innovations in sensors and big data have allowed for unmanned assets and heightened energy security. Recent technological advances have also allowed the industry to advance on more difficult upstream plays, particularly in offshore and shale plays. Major hydrocarbons players are now flocking to unlock unused potential around the world while demand remains.
Cost of power generation sectors relying on renewable resources has declined significantly. This coupled with advances in battery technology have made wind and solar resources competitive with fossil fuels in many parts of the world. Nations are also actively investing in hydrogen as an alternative energy source through electrolysis at renewable assets and carbon capture and storage technologies. However, the pathway to keeping climate change within a 1.5-degree-Celsius margin by 2050 as set down by the Paris Agreement remains a challenge, with McKinsey expecting a 3.5-degree scenario by the target date based on current energy trends.
Chevron has signed a deal to fully acquire US E&P independent PDC Energy for USD 6.3 billion, the multinational energy giant…
READ MOREDr. Rasheed Al-Qenae, chairman of the Middle East, South Asia, and Caspian Region for KPMG and managing partner of KPMG in…
READ MOREMaqbool Al Wahaibi, CEO of Oman Data Park (ODP), talks to The Energy Year about the company’s game-changing role in Oman’s IT sector, its work in providing cloud…
READ MOREG7 ministers have agreed to up 2030 solar and wind targets in an effort to phase out fossil fuels, Reuters reported on Monday.
Under the new commitment, members…
READ MOREWind and solar energy have reached a record 12% of global electricity production, energy think tank Ember announced in its Global Electricity Review on Wednesday.
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Sufyan Al Zamil, CEO of the Zamil Offshore Services Company, talks to The Energy Year about the effect of offshore expansion on the demand for OSVs and how the company…
READ MOREThe multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the…
READ MOREThe multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the…
READ MOREThe multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the…
READ MOREThe multinational oil and gas industry is undergoing massive changes as the energy market actively transitions from fossil fuels to green energy sources. While the…
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