Mansfield Energy managing director, Dapo Oshinusi, talks to TOGY about the importance of integrated services in the oilfield services segment, the growth of domestic…
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 MORETotal CEO and chairman Christophe De Margerie was killed in an air crash in Moscow on Monday, when his jet collided with a snow plough, three aircrew also died, Russian…
READ MORE– Multinational engineering, procurement and construction company Chicago Bridge & Iron (CB&I) has been awarded a $90-million contract for the overhaul of…
READ MOREIn May 2013, US company GlassPoint announced that the solar enhanced oil recovery (EOR) project at the Amal West oilfield in southern Oman was fully operational. The…
READ MORELast week, the Kuwait Oil Company awarded three contracts for gathering centres, worth a total of $2.3 billion, to Petrofac, Dodsal Group and Larsen & Toubro. The…
READ MOREUS multinational Occidental Petroleum has ceased its efforts to sell an $8-billion minority stake in its Middle Eastern operations to raise cash for drilling operations…
READ MOREGabon’s Oil Minister Etienne Ngoubou announced last Tuesday that three previously announced winners of offshore licences have been dropped from further…
READ MOREDirector of Mozambique’s Centre for Public Integrity, Adriano Nuvunga, criticises the government’s generosity to foreign oil companies. Nuvunga is an expert on…
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