The International Energy Agency’s latest edition of the World Energy Outlook takes a look at the major transformations in the global energy system happening now and over the next couple of decades. Renewables and natural gas were the prominent front runners in meeting the ever-growing demand of energy until 2040.
With a long-term view, oil and gas investment remain important to meet demand and replace declining production. The growth in renewables and energy efficiency lessens the call on oil and gas imports in many countries. Increased LNG shipments also change how gas security is perceived. At the same time, the variable nature of renewables in power generation, especially wind and solar, entails a new focus on electricity security.
According to the latest edition of World Energy Outlook, global oil demand continues to grow until 2040, mostly because of the lack of easy alternatives to oil in road freight, aviation and petrochemicals. However, oil demand from passenger cars declines even as the number of vehicles doubles in the next quarter century, thanks mainly to improvements in efficiency, but also biofuels and rising ownership of electric cars.
Drones have been increasingly used to survey infrastructures offshore. The Oil and gas drone market to said to generate US$1.15bn by the end of 2017.
See how it’s being used:
The international rig count, which includes land and offshore rigs, for July 2017 was 959, down 1 from the 960 counted in June 2017, and up 21 from the 938 counted in July 2016.
Company Focus Focus I Kosmos Energy
Kosmos Energy plans to drill three more wells off Mauritania and Senegal in 2017, starting with Hippocampe well later this month.
Company News I ENI SPA
Eni SPA led a group that signed off on a $7 billion investment in a project to export natural gas from Mozambique. Once built, the floating LNG plant, with a capacity of about 3.4 million tons a year, will draw gas from the Rovuma Basin where Eni made its first major Mozambique find in 2011. Read more
The development of Zohr, off the shore of Egypt, is 80% complete less than two years after the discovery was made, a record in the oil industry.
Company News I Cairn Energy
Cairn Energy has found oil and gas in the SNE North-1 exploration well off Senegal. The well result has positive implications for further hydrocarbon potential to the north of the structural trend containing the SNE field and SNE North-1 discovery well, as well as for broader exploration potential in the permit. This well concludes exploration for the year.
Company News | Windfire Capital
Windfire Capital has signed a letter of intent to buy a stake in an exploration license offshore Namibia. The company laid out its plan to purchase 91.5% of the issued and outstanding shares of Riviera Mina Ltd. (“Riviera”), a company incorporated under the laws of the Commonwealth of The Bahamas, from DMiner.
Country Focus | Cameroon
Cameroon has decided to start exporting liquefied natural gas (LNG) from its newly designed offshore plant by the end of 2017. This will stiffen the competition between LNG exporting countries such as Nigeria, Equatorial Guinea and Angola, who are already exporting more than 20mn tonnes of LNG products each year mainly to Europe and Asia.
Country Focus | Mozambique
Two new liquefied natural gas terminals will be built in Mozambique in the province of Cabo Delgado by Eni and Anadarko, who is developing Mozambique’s first onshore LNG plant consisting of two initial LNG trains with a total capacity of 12-million tonnes per annum. More than $30-billion is estimated to be invested in Mozambique’s natural gas sector in the future, with the first exports due to start in 2021.