OPEC+ has called for further cuts to crude oil production causing a rise in oil futures, the international oil and gas organisation announced on Sunday.
The members…
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.
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 MOREOPEC+ has called for further cuts to crude oil production causing a rise in oil futures, the international oil and gas organisation announced on Sunday.
The members…
READ MORETotalEnergies has agreed to acquire Spanish energy entity CEPSA’s upstream asset in the UAE, the French energy giant announced on Wednesday.
The deal includes a…
READ MOREShell has completed the acquisition of Europe’s largest producer of renewable natural gas, the UK energy giant announced on Monday.
The agreement to acquire 100%…
READ MOREBP has posted record profits and pivoted on its goal to significantly cut its oil and gas production by 2030, the multinational energy giant announced on Tuesday.
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Astron Energy has reached the final stages in restarting production at its 100,000-bpd refinery in South Africa, the petroleum supplier announced on…
READ MOREThe Trans Adriatic Pipeline has entered its first phase of development to increase gas flow capacity between Turkey and Italy, the asset’s operator announced on…
READ MOREThe World Bank has agreed to spend USD 311 million on a regional renewables project in West and Central Africa, Reuters announced on Wednesday.
The combined…
READ MOREGermany has decided to connect to a proposed hydrogen pipeline linking production hubs in Portugal and Spain to France, officials from France and Germany announced on…
READ MORERWE has signed an MoU with Hyphen Hydrogen Energy for the offtake of 300,000 tonnes per year of green ammonia from Namibia to Germany, the German multinational energy…
READ MOREShell and TotalEnergies have both reported earnings of more than USD 9 billion in Q3 2022, the two energy giants announced on Thursday.
UK’s Shell announced…
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