Majid Al Minhali, CEO of Pioneers of Global Excellence, talks to The Energy Year about the company’s credentials in the rig-move business, its value proposition 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.
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 MORENigeria’s LNG facility on Bonny Island will continue its force majeure declared in October 2022 due to flooding disrupting supply, Reuters reported on Wednesday.
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Tullow Oil has agreed to sell its operating interest in the offshore Orinduik block in Guyana to independent Eco Guyana Oil and Gas, the London-based multinational oil…
READ MOREEnergy giants Shell, TotalEnergies and Chevron posted lowered profits in Q2 2023 as commodity prices slump following a high in 2022, Reuters reported on Thursday.
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As the Angolan government ramps up its rural electrification efforts, solar mini-grids are gaining importance as a viable option for promoting these efforts. Joana…
READ MOREMohammed Abduldayem, president and CEO of Earth Reservoir for Oil & Gas (EROG), talks to The Energy Year about the attractiveness of Saudi Arabia as a destination for…
READ MORETechnipFMC has signed an EPCI contract with OMV (Norge) for its Berling gas development project in Norway, the multinational technology provider announced on…
READ MOREGalp Energia and French energy giant TotalEnergies have agreed to jointly explore the development of offshore wind projects in Portugal, the Portuguese multinational…
READ MORETrinidadian Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister the Hon. Stuart Young talks to The Energy Year about Trinidad and…
READ MOREOthman Al Zahrani, founder and CEO of Testing Equipment Specialist Team Company (TEST), talks to The Energy Year about the company’s planned inspection facility at…
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