Galp Energia and French energy giant TotalEnergies have agreed to jointly explore the development of offshore wind projects in Portugal, the Portuguese multinational…
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 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…
READ MOREMohammed Alsubaie, CEO of Jana Marine, talks to The Energy Year about Saudi Aramco’s plans to boost offshore construction and drivers affecting offshore support…
READ MOREChevron has signed a deal to fully acquire US E&P independent PDC Energy for USD 6.3 billion, the multinational energy giant announced on Monday.
PDC Energy…
READ MOREDr. Rasheed Al-Qenae, chairman of the Middle East, South Asia, and Caspian Region for KPMG and managing partner of KPMG in Kuwait, talks to The Energy Year about the…
READ MOREMaqbool Al Wahaibi, CEO of Oman Data Park (ODP), talks to The Energy Year about the company’s game-changing role in Oman’s IT sector, its work in providing cloud…
READ MOREG7 ministers have agreed to up 2030 solar and wind targets in an effort to phase out fossil fuels, Reuters reported on Monday.
Under the new commitment, members…
READ MOREWind and solar energy have reached a record 12% of global electricity production, energy think tank Ember announced in its Global Electricity Review on Wednesday.
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Sufyan Al Zamil, CEO of the Zamil Offshore Services Company, talks to The Energy Year about the effect of offshore expansion on the demand for OSVs and how the company…
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