Deepwater's Role in the Energy Transition Journey
Wednesday, 3 May
Even with the energy transition and the shift to renewable energy, crude oil and natural gas still contribute approximately more than 50% of global energy. On one hand, rapid shift of global energy transition to sustainable energies such as wind, solar, biofuel or geothermal… and lower carbon emission shapes both investment in energy sector and strategy in oil and gas industry, especially the main Operators. On the other hand, global impact of the pandemic, on-going war between Russia and Ukraine, and global inflation resulting in high oil prices require oil and gas exploration and production companies to take action to explore and produce more fossil fuels while minimizing carbon footprint for the environmental impact. EIA’s June 2022 Short Term Energy Outlook estimated that OPEC surplus capacity declined to 3.0 million b/d by May 2022 from 5.4 million b/d in 2021. As a result of the declines of surplus production capacity located in both OPEC and non-OPEC countries, global surplus crude oil production capacity in May 2022 was less than half of its 2021 average (Kreil, EIA 2022). Therefore, journey to net-zero emissions and energy transition at national or global level should not underestimate the fossil fuel demand in the next decades. Deepwater oil and gas, and offshore technologies still play a key role in that journey. This Panel Session will bring to the audience and the investors perspectives from Wood Mackenzie, Operators’ and Technology Companies’ Leaders on Deepwater in Energy Transition and Journey to Net-Zero Emissions.
- American Association of Petroleum Geologists (AAPG)
- Brazilian Petroleum, Gas and Biofuels Institute (IBP)
- Society of Exploration Geophysicists (SEG)
- Society of Petroleum Engineers (SPE)