UAE geophysical company Polarcus has signed a letter of intent (LOI) with US multinational seismic company TGS for the charter of vessels for 3D seismic surveys in…
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 MOREOil spills, their causes, cleanup and methods of prevention are all issues that have been present in Nigeria for decades. While oil firms have settled in court over oil…
READ MORENorwegian multinational Statoil announced today that it would close its offices in Turkey on June 15 after selling its stake in the Shah Deniz oil and gas project in…
READ MORENorwegian multinational Statoil announced today that it has made a gas discovery at the Gymir prospect in the Norwegian Sea. The discovery was made by semi-submersible…
READ MORENorwegian engineering company Kvaerner and US engineering, procurement and construction company KBR have been awarded a $842-million engineering, procurement and…
READ MORETrinidad and Tobago is home to an increasing number of successful independent oil producers. Competing directly with major international oil companies (IOCs), national…
READ MOREEdwin Chávez, CEO for Peru, Ecuador and Bolivia for international engineering firm Siemens, speaks to TOGY about the role of gas in the development of the country’s…
READ MOREThe president for Emerson Process Management’s Middle East and Africa operations, Dave Tredinnick, discusses the security issues companies face in Iraq, the…
READ MOREOn August 1, 2015, oil storage company VTTI is to see operations begin at the second phase of its Tanjung Bin oil terminal in southern Malaysia, Reuters reported on…
READ MORENorwegian multinational Statoil announced Thursday that it had struck oil in the Gulf of Mexico. The company made the discovery at its Yeti prospect in Walker Ridge…
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