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Multinational Energy Industry

Multinational

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.

KCA Deutag bags $204 million in drilling contracts
NEWS
Multinational - April 12, 2024

KCA Deutag has secured $204 million in land drilling contracts in Oman, Saudi Arabia, Bolivia and Peru.

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PGS wins “large” 3D-seismic campaign in Atlantic
NEWS
Multinational - April 08, 2024

PGS has won a "large" 3D seismic campaign in the South Atlantic Margin for a multi-client company.

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DeepOcean wins Equinor marine services contract
NEWS
Multinational - April 08, 2024

Equinor has awarded DeepOcean a subsea intervention and repair contract for offshore renewables and oil and gasfields.

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Africa Energy Bank on track for $5-billion launch this year
NEWS
Multinational - March 27, 2024

The Africa Energy Bank, a fund created to address gaps in oil and gas project finance in Africa, is on track to begin operations in H2.

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Woodside and LNG Japan seal Scarborough partnership
NEWS
Multinational - March 27, 2024

Woodside has completed the sale to LNG Japan of a 10% interest in Scarborough Joint Venture for USD 910 million.

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Spain’s Iberdrola to invest €41 billion in electrification
NEWS
Multinational - March 21, 2024

Iberdrola plans to invest EUR 41 billion in electrification over the coming three years, including expanding power grids in the USA.

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