The global oil and gas sector has been hit hard by the COVID-19 fall-out, accelerating long-term trends that will fundamentally reshape the industry’s future. As the transition to more sustainable energy gains pace − with spending on renewables outstripping oil and gas exploration for the first time − oil’s position in the global energy mix is coming under increasing threat.
The COVID-19 crisis has helped lower our energy usage and emissions dramatically. Now is our window of opportunity to avoid a ‘carbon throwback’. Yasushi Fukuizumi, VP of Energy Systems at Mitsubishi Heavy Industries, looks at how the pandemic is accelerating three trends already transforming the energy industry: decarbonization, decentralization and digitalization.
Price volatility has gone into overdrive as a pandemic-ravaged oil market looks to the future. But what will that future look like? While nobody knows for sure what lies over the horizon, some industry experts give their thoughts on global oil’s prospects as the market battles the ups and downs of both demand and supply swings, and an energy mix deep in transition.
As America prepares to go to the polls, the outcome of the looming U.S. presidential election could have serious consequences for an oil industry that has suffered turbulent times recently. The Democratic nominee has put sustainable energy on his campaign election agenda, so what would a Joe Biden win mean for the oil and gas industry?
The oil and gas industry has been gradually adopting digital technologies like cloud computing and the Internet of Things for some time. But digitalization plans have found a new urgency in the wake of the COVID-19 pandemic, which is boosting efficiency and accelerating the drive towards greater sustainability.
Abundant, cheap, and accessible oil and gas reserves could be here for some time, leading to decarbonization plans dropping down the agenda at some energy companies. But the long-term horizons of investors mean environmental imperatives will continue to drive the energy transition through current and future price fluctuations.
Long-held oil and gas practices could help shape the future of sustainable energy storage. Mitsubishi Hitachi Power Systems’ chief regional officer for the Americas, Paul Browning, tells us how his company is working to transform vast underground salt caverns in Utah into one of the world’s biggest energy storage facilities using oil and gas techniques. He also gives his views on hydrogen’s contribution to decarbonization.
We are approaching a point where simply cutting CO2 emissions will not suffice to meet climate targets. To reach net-zero, removing CO2 from the atmosphere is the next challenge, taking out more emissions than we generate. Technologies like Direct Air Capture could slow the wave of CO2, while feeding a growing market for captured carbon.
Synthetic fuels can be produced using carbon captured from industrial processes using CCUS technology, which could help decarbonize hard-to-electrify transport sectors like aviation, haulage and shipping. Closing the carbon loop is a vital part of achieving net-zero emissions.
As global economies seek to decarbonize, the energy industry will need to embrace change. In this interview, Professor Emmanouil Kakaras of MHPS Europe, explores how hydrogen could provide a unique opportunity for oil and gas companies to expand their business.
The U.S. is entering a “second wave” of new LNG plants, driven by surging global demand, and its impact is being felt within the oil & gas industry throughout the world. Developing these new LNG plants will be very different from the first wave of construction, as players compete for access to the growing global export market.
LNG production and regasification is moving offshore. In a booming market, the appearance of floating gas plants is transforming the supply of, and demand for, natural gas.
Much of the discussion at Gastech 2019 centered on the pivotal role natural gas will play in the energy transition. It can help rapidly cut carbon emissions by replacing fuels like coal in baseload power generation, while supporting the greater rollout of renewables by providing backup capacity to overcome intermittency challenges.
Small and mid-scale LNG operators are innovating to meet the needs of customers who want to buy their LNG on a flexible basis, rather than through long-term contracts. New business models are changing how projects are financed and built.
Hydrogen could help decarbonize hard-to-green sectors, while offering a storage solution for excess energy generated by renewables. Here are some ways it can help energy move to a low-carbon future.
There is a spike in LNG demand as countries pursue cleaner energy sources. And the market is increasingly characterized by shorter-term contracts. In this video, MHI America Senior Vice President Mike Sicker discusses the issues raised at Gastech 2019.
The oil & gas industry is facing both economic and environmental challenges. Here are four key ways to boost sustainability. Energy-efficient measures alone could reduce carbon emissions equivalent to those created by 146 million cars every year.
LNG exports from the US and elsewhere continue to grow as natural gas takes a central role in meeting global energy needs. Speakers at Gastech 2019 in Houston, Texas highlighted five key reasons why the world is currently living in ”the reign of gas”.
While the world continues to demand more reliable and affordable energy, it also expects the oil & gas sector reduce its CO2 emissions. This video highlights five technologies that help meet this dual challenge.
Liquid hydrogen took the U.S. into space and onwards to the moon. 50 years on, hydrogen is once in focus – this time as a source of energy that can help mitigate climate change by dramatically reducing CO2 emissions from power stations.
The US became a net exporter of natural gas for the first time in early 2018, after more than 60 years as a net importer. As it continues to build out this position the biggest impact of US LNG will be in aiding global economic growth, particularly in Asia, where demand is accelerating rapidly.
Hydrogen is on the agenda at this year’s Gastech Conference in Houston, Texas. In this article, Professor Kakaras argues that hydrogen and other Power-to-‘X’ technologies will be an essential part of the effort to decarbonise society.
The technology exists to produce liquid fuels like methanol from renewable energy sources and blend with petrol or replace it altogether, creating a cleaner fuel with lower emissions. This year’s Gastech conference in Texas will provide a valuable forum to reflect on the latest developments.
As industry leaders focus attention on large-scale natural gas turbines, flexible aero-derivative turbines are proving to be an effective tool for projects that large-scale generators might not otherwise be able to service.
The Isle of Wight is home to a record-breaking wind power hub, helping bring more renewable energy to the UK than ever before.
The energy industry is going through a significant period of transformation. Countries are decarbonizing their energy grids to lower the impact on the environment.
While fossil fuels are set to remain a significant part of the global energy mix, renewable technologies have emerged as an appealing complementary solution in order to make the industry greener.
Oil and gas companies are experiencing a period of unprecedented change, where even the idea of what it means to be a business in the sector is being transformed.
In this era of unprecedented uncertainty in the energy industry one thing is clear: the world needs more power. But the days of energy at any cost are over, as countries seek cheaper energy supplies that also demonstrate their green credentials.
Robots designed for the demanding world of the oil and gas sector can help with round-the-clock surveillance and maintenance. But they can also help keep their human co-workers out of harm’s way.
Natural gas is paving the way to cleaner power consumption, supporting the transition from traditional fossil fuels to renewable energy resources.
