INDUSTRY REPORT
“ The energy landscape is changing as the world moves towards a more sustainable model …”
INDUSTRY REPORT
The Power Principle
Oil and gas will meet 46 per cent of global energy demand in 2040 , according to the International Energy Agency ’ s ( IEA ) Sustainable Development Scenario , published in its 2020 World Energy Outlook . However , the COVID-19 pandemic has hit revenues for the global oil and gas exploration and production industry , causing various supply chain disruptions .
“ Oil and gas remains the backbone of global energy supply ,” said Gordon Ballard , Executive Director of the International Association of Oil & Gas Producers ( IAOGP ). With a world facing a global crisis and tremendous uncertainties , access to reliable and affordable energy is one of the key enablers for economies to recover and for improving living standards of billions of people . Despite the temporary drop in demand , the IAOGP believes that oil and gas will maintain a significant role in meeting global energy demand .
“ But the energy landscape is changing and so is the oil and gas industry ,” added Ballard . “ Whilst helping satisfy the global hunger for energy , we are also taking responsibility for a more sustainable energy future . We are supporting the international communities ’ commitment to address the global challenges of climate change by mitigating methane emissions and developing low-carbon technologies such as Carbon Capture Utilisation and Storage ( CCUS ) or blue hydrogen .”
We highlight new initiatives , challenges and changes in global oil and gas markets for manufacturers
The COVID-19 pandemic has hit revenues for the global oil and gas exploration and production industry , causing various supply chain disruptions
22 | sheetmetalplus . com | ISMR June 2021