Six members of international activist group Greenpeace illegally boarded a Shell oil rig in the Pacific Ocean on Monday. The activists are protesting the company’s…
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 MORELast week, the supreme court of Nigeria sitting in Abuja warned Chevron Nigeria not to follow through on a plan to complete the sale of some of its Nigeria assets in…
READ MOREThe New Zealand Ministry of Business, Innovation and Employment announced today the start of the country’s yearly petroleum exploration permit tender, dubbed Block…
READ MOREEssar Oil managing director and CEO Lalit Gupta speaks to TOGY about the role of the private sector in the Indian market and the effects of technological innovation and…
READ MOREOil giant BP announced on Monday it would not be renewing its membership in the American Exchange Legislative Council (ALEC), a conservative advocacy group…
READ MOREAustralian exploration and production company Tap Oil and multinational exploration and production company Mubadala Petroleum, shareholders of the G1/48 concession and…
READ MORECanadian exploration and production company Talisman Energy has announced layoffs of 10-15 percent of its workforce.
A company spokesperson said on Wednesday that…
READ MOREReuters reports that multinational corporation ConocoPhillips foresees a production increase of 11 percent over the next three years, rising to 1.7 million barrels of…
READ MORERecent fiscal tax incentives have coincided with growth in exploration in Trinidad and Tobago, yet gas supply is down. Partners in Trinidad law firm J.D.Sellier+Co.,…
READ MOREMaria das Graças Foster, CEO of Petrobras, resigned late on Wednesday, along with five top managers amid a crippling corruption scandal that has plagued the…
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