The 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…
READ MOREWorld 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 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 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…
READ MOREChevron has signed a definitive agreement with fellow energy multinational Hess Corporation to fully acquire the company in a deal valued at USD 60 billion including…
READ MOREThe EU has adopted new green legislation that includes increasing its target for renewable energy consumption to 42.5% by 2030, Upstream Online reported on Monday.
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SLB, Aker Solutions and Subsea7 have joined hands to create OneSubSea, the world’s largest subsea operations company, the global technology providers announced on…
READ MOREThe International Energy Agency (IEA) has forecast that demand for oil, gas and coal will peak before 2030 due to the rapid growth of renewables and electric vehicles,…
READ MOREThe USA and the EU have teamed up to support the Lobito Corridor trade route linking Zambia and Democratic Republic of Congo to Angola’s Port of Lobito, the nations…
READ MOREVenancio Epolua, general manager of G4S, talks to The Energy Year about how the company’s restructuring process has improved its operations in Angola, how it plans to…
READ MOREWood Group has signed a new master service agreement and associated contracts worth USD 330 million for works on Harbour Energy’s North Sea operations, the…
READ MORETiago Dá Mesquita, CEO of Zillian, talks to The Energy Year about how the company has evolved since the creation of the Zillian brand and the key advantages it will…
READ MOREMaurel & Prom has agreed to purchase Gabon-focused oil and gas entity Assala Energy for USD 730 million, the French multinational oil company announced on…
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