Ineos has signed a long-term deal with ExxonMobil and Shell to supply ethane from US shale gas to an ethylene plant in Scotland, the multinational chemicals 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.
As 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 MOREJapanese power generation player JERA has created a London-headquartered renewables company set to be active globally.
READ MOREKCA Deutag has secured $204 million in land drilling contracts in Oman, Saudi Arabia, Bolivia and Peru.
READ MOREPGS has won a "large" 3D seismic campaign in the South Atlantic Margin for a multi-client company.
READ MOREIberdrola plans to invest EUR 41 billion in electrification over the coming three years, including expanding power grids in the USA.
READ MOREArief Susanto, president director of Synergy Engineering, talks to TOGY about how local content regulations have both revived and added further obstacles for foreign…
READ MORERosneft and partner ExxonMobil were awarded the rights to three blocks in Mozambique’s latest licensing round, the state-owned Russian company announced on Thursday.…
READ MOREGE plans to invest in $1 billion in four Indonesian infrastructure projects, the US multinational conglomerate announced Monday.
GE has signed three power sector…
READ MOREConocoPhillips’ plans to drill in Alaska’s federal reserve have been set in motion after receiving permission from the US government, the US multinational energy…
READ MOREGE and US LNG company Cheniere Energy have renewed a $610-million LNG services contract, the US multinational conglomerate announced on Thursday.
Under the terms of…
READ MOREAhmed Dualeh, managing director for Dow Chemical in Kuwait and Iraq, talks to TOGY about the role of Kuwait and the wider Middle East in the economies of developing…
READ MOREChadi Nehme, managing director of PT Energy Logistics, talks to TOGY about the impact of Indonesia’s cabotage law on offshore projects as well as local vessels’…
READ MOREPatricia Gallego, the newly appointed managing director of Equatorial Guinea LNG (EG LNG), talks to TOGY about the role of international companies in strengthening…
READ MOREPemex has granted Dutch multinational surveying company Fugro a $13-million extension to a $31.5-million geophysical and geotechnical contract for work off the coast of…
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