Husky Energy cut C$800 million (USD 549 million) from its 2016 budget and will scale back production guidance by around 15,000 boepd, the Canadian petroleum company…
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 MOREPetrobras will cut its five-year investment plan by USD 32 billion, Brazil’s semi-public multinational energy firm announced on Tuesday.
The company intends to…
READ MOREStatoil has signed two agreements with oil services companies Aker Solutions and OneSubsea Processing, the Norwegian multinational announced in a Friday…
READ MORESweden’s Subsea 7 announced today it was awarded a platform extension and tie-in contract for the first phase of BP’s West Nile Delta development in the Taurus and…
READ MOREBrent crude futures lost around USD 0.50 early Wednesday under pressure from slowing demand and high supplies, as well as reports that the cold weather in Europe and…
READ MOREJay Ibrahim, president of KBR’s engineering and construction business in the MENA region, talks to TOGY about the benefits of being a Saudi Aramco general engineering…
READ MOREBrazil’s state-owned Petrobras met its USD 700-million asset sale goal for 2015 after divesting a minority stake in its gas distribution unit to Japanese…
READ MOREMexico’s state-owned Pemex awarded Dutch multinational Fugro a USD 20-million survey contract as part of its exploration drilling activities in the Bay of Campeche.…
READ MOREWood Group was awarded a $400-million main contractor framework agreement for four Statoil installations on the Norwegian continental shelf, the multinational oilfield…
READ MOREKuwait’s Gulf Cryo chairman Amer Huneidi discusses the new requirements and opportunities for industrial gases in Saudi Arabia due to the improved commercial laws for…
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