Irfan 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 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.
TechnipFMC has signed a contract worth more than USD 1 billion with Brazilian NOC Petrobras for integrated EPCI works on the…
READ MORENorway has approved PGNiG Upstream Norway as the operator of the Arctic’s first CCS project, its partner local green energy…
READ MOREMirza Aijaz Baig, CEO of Ahlia Chemicals Company, talks to The Energy Year about the Kuwaiti construction and specialty…
READ MOREMaersk is the latest in a slew of global shipping companies to reroute shipments passing through the Red Sea and the Suez Canal due to security reasons, the Norwegian…
READ MOREThe EU has approved a plan for the supply of critical minerals for its green energy and digital transitions, Reuters reported on Monday.
The Critical Raw Materials…
READ MOREPaul 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 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 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 MORE<a href="https://staging.staging.theenergyyear.com/companies-institutions/opec/”>OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd…
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