• About Us
  • Partners
  • Contact
Monday, June 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
The Energy Intelligence
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
  • Home
  • Solid Minerals
  • Oil
    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    Maersk Drilling secures $12.1 million contract from Dana Petroleum Netherlands B.V.

    SPE ex-Chair picks holes in petroleum subsidy removal

    SPE ex-Chair picks holes in petroleum subsidy removal

    Axxis Geo Solutions names

    Axxis Geo Solutions names Ronny Bøhn as new CEO

    Equinor transfers operatorship of Bressay project to EnQuest

    Equinor transfers operatorship of Bressay project to EnQuest

    Aker Solutions Secures Brownfield Services Contract for Hebron Platform in Canada

    Aker Solutions secures Brownfield services contract

    We have also been able to maintain stable operations and implemented several measures to safeguard our financial strength,” says Eldar Sætre, President and CEO of Equinor ASA.

    Amid Covid-19, Equinor presents impressive Q2 results

    The two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.

    Norwegian oil services firm Aker Solutions announces merger with Kvaerner, names new CEO

    Aker Solutions won several new contracts for projects on the Norwegian Continental Shelf in June, and the order intake is expected to be about NOK 7 billion in the quarter.

    Improved Q2 results for Aker Solutions

    On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026.

    Aibel awarded Oseberg portfolio agreement

  • Marine Services
  • Industry News
    Sweden, Denmark leading the energy transition

    Sweden, Denmark leading the energy transition

    Nigeria dominates solar offgrid sales in West Africa

    Nigeria dominates solar offgrid sales in West Africa

    Logos of The Energy Intelligence, The Energy Leaders Dialogue and REEEA-ALLIANCE

    REEEA-ALLIANCE Becomes Official Partner of Energy Leaders Dialogue 2023

    West Africa’s largest renewable energy group announces Ayo Ademilua as new West Africa’s largest renewable energy group announces Ayo Ademilua as new president smiling

    REAN announces Ayo Ademilua as new president

    REAN appoints Salamatu Tunzwang as new executive secretary

    REAN appoints Salamatu Tunzwang as new executive secretary

    Eplan Senior Vice President Strategy & Corporate Program Marco Litto

    New service: Eplan Marketplace

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    MAXXDRIVE® industrial gear units – NORD’s toughest for every situation

    Student Energy announces $150m  youth-led UN Energy Compact

    Student Energy announces $150m  youth-led UN Energy Compact🇨🇦

    Nidec-Leroy-Somer-LSA-473-alternator

    Nidec Leroy-Somer announces launch of LSA 47.3 industrial alternator with increased performance and an optimized cooling system

  • Insights
  • Partners
No Result
View All Result
The Energy Intelligence
No Result
View All Result
hhh hhh hhh
ADVERTISEMENT
Home Oil

Oil, gas to provide more than half of the world's energy needs till 2040- Barkindo

by Ayobami Adedinni
February 21, 2018
in Oil
0
OPEC’s Barkindo says Southern Gas Corridor changing energy landscape

OPEC’s Barkindo says Southern Gas Corridor changing energy landscape

0
SHARES
Share on FacebookShare on Twitter
Oman Petroleum and Energy Show
ADVERTISEMENT
ADVERTISEMENT

By Ayobami Adedinni
The Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC), Mohammed Barkindo has said Oil and gas together are still expected to provide more than half of the world’s energy needs from 2016 to 2040.
He made this statement at the Nigerian International Petroleum Summit, (NIPS) in Abuja on Monday.
According to him, global energy demand is expected to increase by 35 per cent in the reported period adding that the majority of this rising demand will come from developing countries, increasing by almost 24 mb/d, to reach 67 mb/d by 2040.
Speaking further, Barkindo said to meet the projected increase in global oil demand, investments worth an estimated $10.5 trillion will be required. This he says underscores the absolute necessity of a sustainable and stable oil market, conducive to encouraging the type of long-cycle investments necessary to prevent supply gaps in the future.
He described the Declaration of Cooperation as one of the most innovative enterprises ever known in the history of oil which he said was as a response “to an unprecedented market turbulence which had a devastating effect on our industry.
“We should note at this point, that price cycles are not new in the history of oil: indeed, in its research on price cycles, OPEC has identified six since the early 1970s.
“This current price cycle should be considered unique for several reasons. Firstly, it is the most overwhelmingly supply-driven of all the cycles we assessed in this exercise. Secondly, the magnitude of the price drop is the highest in real terms.
“Thirdly, the recent oil price drop has been considerably sharper than the decline in prices for other commodities, which is in stark contrast to the oil price collapse of 1985-1986, when all commodity prices declined in a similarly steep manner. And finally, the downward cycle had equally negative ramifications for consumer countries in the OECD.
“The multiplier effects of this cycle were reflected in the deflationary pressures experienced by these countries.
“From 2014 to 2016, world oil supply growth outpaced that of oil demand, with world oil supply growing by 5.5 mb/d, while world oil demand increased by 4.1 mb/d.
“By July 2016, OECD commercial stock levels reached a record high of about 386 mb over the five-year average. The OPEC Reference Basket price fell by an extraordinary 80 per cent between June 2014 and January 2016.
“Investments were choked-off, with exploration and production spending falling by an enormous 27 per cent in both 2015 and 2016. Additionally, nearly one trillion dollars in investments were frozen or discontinued, and many thousands of high quality jobs were lost. A record number of companies in our industry filed for bankruptcy,” he said.
He therefore said OPEC remains fully engaged and supportive of the Paris Agreement.
In his words, “We firmly believe that a global consensus from the multilateral process remains the best and most inclusive way for all nations to collectively counter climate change in a fair and equitable manner.
“The world will continue to need all energy sources, especially for the 1.1 billion people in developing countries that have no access to electricity and the 2.3 billion deprived of commercial energy.
“Therefore, rather than discriminate against any energy source, it is vital that we collectively develop and adopt technologies, as well as all-inclusive energy policies, that transform the environmental credentials of all energies, including the 1.5 trillion barrels of proven reserves which currently exist,” he added.
 

Tags: barkindogas to provide more than half of the world's energy needs till 2040- BarkindoOil
Ayobami Adedinni

Ayobami Adedinni

Ayobami founded The Energy Intelligence in 2017. He is an experienced energy journalist having previously worked for two national dailies. At The Energy Intelligence, Ayobami provides market intelligence to leaders in the African clean energy space. When he's not writing, he's busy daydreaming.

Hyundai marks nearly three decades of hydrogen fuel-cell electric vehicle (FCEV) powertrain development by unveiling the Initium concept that also displays an entirely new design language.

Hyundai unveils latest hydrogen fuel-cell concept

November 3, 2024
Air pollution levels in Lahore rise 40 times above WHO limit

Air pollution levels in Lahore rise 40 times above WHO limit

November 3, 2024
EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

EXCLUSIVE: Norway launches program to tackle climate change in Nigeria, others

November 1, 2024

Popular News

    Tweet at us!

    Connect with us

    Newsletter

    Join thousands of other senior energy decision makers and gain access to exclusive stories and reports
    SUBSCRIBE

    Category

    • Amazons in Energy
    • Bio Energy
    • Clean Cooking
    • Climate Change
    • EnergyPreneur
    • Environment
    • Events
    • Food and Pharmaceuticals
    • Gas
    • Geothermal Energy
    • Governance
    • GreenTech Made in Africa
    • Hydro Power
    • Hydrogen Power
    • Industry News
    • Insight
    • Logistics
    • Magazine
    • Marine Services
    • Nuclear Power
    • Oil
    • Partners
    • Press Release
    • Recycling
    • Solar Energy
    • Solid Minerals
    • Sustainable Mobility
    • Technergy
    • Uncategorized
    • Wind Power

    Our Mission

    The Energy Intelligence is dedicated to focusing on all the key trends and developments that are emerging from within the Global Energy industry through Business Intelligence, Networking and Strategic Communications.

    • About Us
    • Partners
    • Contact

    © 2020 The Energy Intelligence. All rights reserved

    No Result
    View All Result
    • Home
    • Solid Minerals
    • Oil
    • Marine Services
    • Industry News
    • Insights
    • Partners

    © 2020 The Energy Intelligence. All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    You cannot copy content of this page