Paul Simkin, general manager of fireDIRECT, talks to The Energy Year about the company’s service portfolio, its specialisations as a fire protection contractor and…
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 MOREMohamad Haek, CEO of Saudi Drill, talks to The Energy Year about the company’s business philosophy and strategy, its new manufacturing facilities and the advantages…
READ MOREIrfan Mulla, chairman and CEO of Taj Al Mulook, and Shaikh Rafeeque Qureshi, the company’s COO, talk to The Energy Year about how their company has developed its…
READ MOREThe UAE has launched a USD 30-billion investment vehicle aimed at helping combat climate change in global markets by focusing on the energy transition, the government…
READ MOREOPEC+ members have agreed to oil production cuts totaling 2.2 million bopd for early 2024, the oil and gas organisation announced on Thursday.
The cuts are being…
READ MOREOcean thermal energy conversion (OTEC), a technology that generates power by exploiting thermal layers in the ocean, will soon be deployed to power island nations,…
READ MOREValerie Levkov, EDF’s regional vice-president for the Middle East and Africa, talks to The Energy Year about how the company is aligned with the leadership role the UAE…
READ MOREManoj Tripathy, CEO of the industrial and energy division of Yusuf Bin Ahmed Kanoo Group, talks to The Energy Year about how the company – a traditional family…
READ MOREThe International Energy Association (IEA) has predicted that renewable energy projects will supply half of the world’s electricity output by 2030, the global energy…
READ MOREThe European Commission has affirmed the EU can end its reliance on gas from Russia by 2027, highlighting progress in a report released Tuesday.
Since the beginning…
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