Ahmed 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 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 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…
READ MORESwedish upstream company Lundin Petroluem has spudded its Mengkuang-1 well in the offshore Bertam oilfield in Malaysia, the company announced in a Friday press release.…
READ MORESpain’s Repsol is laying off 1,500 people over the next three years, company spokesman Kristian Rix wrote in an email to press.
It was not made clear which sectors…
READ MORESubroto talks to TOGY about the decrease in oil production in Indonesia, unconventional resources and the prospect of rejoining OPEC. Subroto served as Minister of…
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Statoil Brazil has let a contract to Wood Group for operations maintenance at its Peregrino offshore field licence in Brazil.
The four-year contract will…
READ MOREIndian multinational Tata Steel, in conjunction with UK-based BSR Pipeline Services, have announced they will build 53 kilometres of pipeline for Danish player Maersk…
READ MOREKKB Engineering, a Malaysian company, confirmed it is set to win an engineering, procurement and construction contract on Canadian multinational Talisman Energy’s…
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