A joint venture was formed on December 4 between Mexican multinational firm Alfa S.A.B. and Canada’s Pacific Rubiales Energy Corporation with the purpose of bidding…
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.
SLB 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 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 MOREIberdrola plans to invest EUR 41 billion in electrification over the coming three years, including expanding power grids in the USA.
READ MOREEgypt’s Carbon Holdings expects to finalise the financing arrangements for the Tahrir Petrochemicals Complex, to be built in Ein Sokhna, in the first quarter of 2015.
READ MOREIn May 2014, Austria-based multinational oil and gas company OMV, together with its partner, Germany’s Wintershall, spudded Shuweihat-5, the first appraisal well at…
READ MOREMansfield Energy managing director, Dapo Oshinusi, talks to TOGY about the importance of integrated services in the oilfield services segment, the growth of domestic…
READ MORETotal CEO and chairman Christophe De Margerie was killed in an air crash in Moscow on Monday, when his jet collided with a snow plough, three aircrew also died, Russian…
READ MORE– Multinational engineering, procurement and construction company Chicago Bridge & Iron (CB&I) has been awarded a $90-million contract for the overhaul of…
READ MOREIn May 2013, US company GlassPoint announced that the solar enhanced oil recovery (EOR) project at the Amal West oilfield in southern Oman was fully operational. The…
READ MORELast week, the Kuwait Oil Company awarded three contracts for gathering centres, worth a total of $2.3 billion, to Petrofac, Dodsal Group and Larsen & Toubro. The…
READ MOREUS multinational Occidental Petroleum has ceased its efforts to sell an $8-billion minority stake in its Middle Eastern operations to raise cash for drilling operations…
READ MOREGabon’s Oil Minister Etienne Ngoubou announced last Tuesday that three previously announced winners of offshore licences have been dropped from further…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.