Indian multinational Oil and Natural Gas Corporation (ONGC), Oil India, Indian Oil and Bharat Petroresources are set to acquire stakes in Russian assets held by…
READ MOREMultinational 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.
Eni is considering spinning off new satellite companies for high-investment oil and gas projects.
READ MOREAlexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MORESeadrill has won two drillship contracts in South Korea and the US Gulf of Mexico worth $118 million.
READ MORESLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor.
READ MOREAs an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
READ MOREGalp Energia has confirmed more than 10 billion barrels of oil equivalent at the Mopane discovery offshore Namibia.
READ MOREDutch multinational commodity trader Trafigura has to appear before an Amsterdam court over its involvement in dumping toxic waste in Côte d’Ivoire, a Dutch lawyer…
READ MOREExxonMobil has added 1 billion boe of proved oil and gas reserves in 2015, the super-major said in a press release on Friday.
The increase includes replacing 67% of…
READ MOREStatoil signed an agreement with the UK’s Tullow Oil for 35% interest in an offshore block in Uruguay, the Norwegian multinational reported on its website…
READ MOREStatoil has awarded contracts valued around USD 180 million for three new ventures on the North Sea, the Norwegian multinational announced today.
Norwegian…
READ MOREAlirio Recinos, Weatherford’s country manager for the Republic of Congo, talks to TOGY about the effects of the oil price slump and potential for better conditions in…
READ MOREChina has approved a nationwide oil spill response plan that will be ready by 2020, the government announced today.
The country will raise its cleanup capabilities…
READ MOREChevron expects delays on both its LNG projects in Australia, the US multinational oil and gas company said on a Friday conference call with shareholders.
The Gorgon…
READ MOREStatoil won a 15% stake in an offshore exploration block in Uruguay, Norway’s multinational oil and gas company announced on Friday.
The partners are planning to…
READ MORESaad Al Sabti, managing partner at Protiviti, speaks to TOGY about the shortcomings in the auditing sector and the need for qualified auditors. He also calls on oil and…
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