SLB, Aker Solutions and Subsea7 have joined hands to create OneSubSea, the world’s largest subsea operations company, the global technology providers announced on…
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 International Energy Agency (IEA) has forecast that demand for oil, gas and coal will peak before 2030 due to the rapid growth of renewables and electric vehicles,…
READ MOREThe USA and the EU have teamed up to support the Lobito Corridor trade route linking Zambia and Democratic Republic of Congo to Angola’s Port of Lobito, the nations…
READ MOREVenancio Epolua, general manager of G4S, talks to The Energy Year about how the company’s restructuring process has improved its operations in Angola, how it plans to…
READ MOREWood Group has signed a new master service agreement and associated contracts worth USD 330 million for works on Harbour Energy’s North Sea operations, the…
READ MORETiago Dá Mesquita, CEO of Zillian, talks to The Energy Year about how the company has evolved since the creation of the Zillian brand and the key advantages it will…
READ MOREMaurel & Prom has agreed to purchase Gabon-focused oil and gas entity Assala Energy for USD 730 million, the French multinational oil company announced on…
READ MOREMajid 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 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.
…
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 MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.