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Multinational Energy Industry


in figures

World 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 future of the multinational energy mix

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 acquires US shale assets for $6.3 bln
USA - May 23, 2023

Chevron has signed a deal to fully acquire US E&P independent PDC Energy for USD 6.3 billion, the multinational energy giant…

Rising demand for digital transformation solutions TEY_post_Rasheed_Al_Qenae
Kuwait - May 22, 2023

Dr. Rasheed Al-Qenae, chairman of the Middle East, South Asia, and Caspian Region for KPMG and managing partner of KPMG in…

Pioneers in cloud services Oman Data Park_Maqbool-AL-WAHAIBI.jpg
Oman - May 04, 2023

Maqbool 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…

G7 members agree to increase renewables capacity
Multinational - April 17, 2023

G7 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…

Wind and solar reach 12% of the global energy mix
Multinational - April 13, 2023

Wind and solar energy have reached a record 12% of global electricity production, energy think tank Ember announced in its Global Electricity Review on Wednesday.

The demand for offshore support vessels TEY_post_Sufyan_Al_Zamil
Saudi Arabia - April 12, 2023

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…




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