Heavy emphasis on gas in global hydrocarbon exploration games
Offshore Energy Today
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The offshore energy world has changed a great deal over the past few years, leading to a shift in energy trade dynamics, spurring growth in the merger and acquisition (M&A) appetite, amid a far more pronounced focus on decarbonization moves, the rise of greener innovations, digitalization, AI initiatives, and other low-carbon and clean technologies, paving the way for a transition to a more sustainable energy future. The latest wave of offshore hydrocarbon discoveries puts the spotlight firmly on attempts to boost gas resources. However, this does not mean that oil is now out of the picture, as this is still the fuel that holds the biggest slice of the global energy mix cake.
Recently, the Organization of the Petroleum Exporting Countries (OPEC) confirmed additional voluntary oil production cuts by OPEC+ countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. These eight players agreed to extend their cuts of 2.2 million barrels per day for two months. Therefore, oil production cuts are slated to be gradually phased out monthly from December 1st, 2024. This decision comes a couple of months after Haitham Al Ghais, OPEC 's Secretary General, pointed out that oil was set to play a key role in upcoming years and decades.
As “peak oil demand is not on the horizon,” OPEC 's Secretary General noted that the progress made in renewables and EVs is "nowhere near close enough to replace 80% of the energy mix,” emphasizing how “the development of renewables and EVs requires some oil-related products. Their future expansion will add to oil demand.” Al Ghais is adamant about the need to “prioritize energy security, utilize all available energies, deliver energy affordability, enhance sustainability, reduce emissions and not limit our energy options in the face of expanding demand,” underscoring that “oil can deliver on all those fronts.”
In the meantime, the pivot to gas and LNG continues to gain momentum with the share of gas in the world's energy mix expected to climb to 30% by 2025, but still well below the share of oil, which will dip slightly from around 40% to 37% next year, based on an analysis from OPEC. While the contribution from renewables is set to grow, the technology is still in its infancy, thus, OPEC is convinced all other available resources need to be "accessed, enhanced and utilised to meet the energy needs of mankind and support sustainable development. Petroleum has a big role to play in this."
As a result, the forecast urges full and timely investment in oil production capacity to meet the increase in demand, ensure exhausted reserves are replaced, and enable oil-producing nations to have sufficient spare capacity available to cope with sudden, unexpected shortages in supply. Most importantly, OPEC recognizes the burning desire for oil to be "cleaner, safer and more efficient than ever before, to meet the very high expectations."
🛢️𝐎𝐢𝐥 & 𝐠𝐚𝐬 𝐬𝐭𝐨𝐫𝐢𝐞𝐬 𝐢𝐧 𝐠𝐥𝐨𝐛𝐚𝐥 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐛𝐨𝐨𝐤𝐬 ⛽
◈ Equinor and its partners - Petoro , Vår Energi , TotalEnergies - have found a new gas/condensate discovery while drilling a well in the Norwegian Sea with one of Transocean 's rigs.
◈ China National Offshore Oil Corp. has also confirmed a new gas discovery, describing it as the first major exploration breakthrough in ultra-deepwater carbonate rocks offshore China.
◈ Allseas got hired on a new multimillion-dollar contract with Prime Energy (Prime Energy Resources Development B.V.) for work on a natural gas field in the Philippines to install pipeline and umbilical infrastructure.
◈ While drilling activities go on at its appraisal well on a gas field off the coast of Morocco, Energean disclosed findings from a preliminary analysis show lower volumes in the well than pre-drill estimates.
◈ Prosafe got a hold of a charter extension, which enables its semi-submersible vessel to keep carrying out activities in the U.S. Gulf of Mexico.
◈ Akselos 's structural performance management (SPM) software is envisioned to boost asset performance, enable uninterrupted operations, and augment the asset life of FPSOs.
“𝐼𝑛 𝑡ℎ𝑒 𝑡𝑟𝑢𝑒 𝑠𝑝𝑖𝑟𝑖𝑡 𝑜𝑓 𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦 4.0, 𝑤𝑒’𝑟𝑒 𝑟𝑒𝑣𝑜𝑙𝑢𝑡𝑖𝑜𝑛𝑖𝑧𝑖𝑛𝑔 𝐹𝑃𝑆𝑂 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑙𝑖𝑘𝑒 𝑛𝑒𝑣𝑒𝑟 𝑏𝑒𝑓𝑜𝑟𝑒. 𝑆𝑃𝑀 𝑓𝑜𝑟 𝐹𝑃𝑆𝑂 4.0 𝑖𝑠 𝑎 𝑔𝑎𝑚𝑒-𝑐ℎ𝑎𝑛𝑔𝑒𝑟 – 𝑒𝑚𝑝𝑜𝑤𝑒𝑟𝑖𝑛𝑔 𝑜𝑝𝑒𝑟𝑎𝑡𝑜𝑟𝑠 𝑡𝑜 𝑢𝑛𝑙𝑜𝑐𝑘 𝑢𝑛𝑝𝑟𝑒𝑐𝑒𝑑𝑒𝑛𝑡𝑒𝑑 𝑙𝑒𝑣𝑒𝑙𝑠 𝑜𝑓 𝑒𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦, 𝑜𝑝𝑡𝑖𝑚𝑖𝑧𝑒 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑐𝑜𝑠𝑡𝑠, 𝑚𝑖𝑛𝑖𝑚𝑖𝑧𝑒 𝑑𝑜𝑤𝑛𝑡𝑖𝑚𝑒 𝑎𝑛𝑑 𝑒𝑥𝑡𝑒𝑛𝑑 𝑡ℎ𝑒 𝑙𝑖𝑓𝑒 𝑜𝑓 𝑡ℎ𝑒𝑖𝑟 𝑎𝑠𝑠𝑒𝑡𝑠. 𝑇ℎ𝑖𝑠 𝑖𝑠𝑛’𝑡 𝑗𝑢𝑠𝑡 𝑎𝑏𝑜𝑢𝑡 𝑘𝑒𝑒𝑝𝑖𝑛𝑔 𝑢𝑝 𝑤𝑖𝑡ℎ 𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦 𝑠𝑡𝑎𝑛𝑑𝑎𝑟𝑑𝑠 – 𝑖𝑡’𝑠 𝑎𝑏𝑜𝑢𝑡 𝑏𝑟𝑒𝑎𝑘𝑖𝑛𝑔 𝑏𝑎𝑟𝑟𝑖𝑒𝑟𝑠 𝑎𝑛𝑑 𝑠𝑒𝑡𝑡𝑖𝑛𝑔 𝑛𝑒𝑤 𝑏𝑒𝑛𝑐ℎ𝑚𝑎𝑟𝑘𝑠 𝑓𝑜𝑟 𝑤ℎ𝑎𝑡 𝑖𝑠 𝑝𝑜𝑠𝑠𝑖𝑏𝑙𝑒,” highlighted Dr. Claus Reimers, Chief Product and Technology Officer at Akselos.
◈ bp has brought American Bureau of Shipping (ABS) on board its floating production unit project, which will be used to produce oil from its deepwater project in the U.S. Gulf of Mexico.
◈ BRAVA Energia has tucked the required approval under its belt to deploy Yinson Production 's FPSO but before first oil can start flowing, the firm needs to obtain permission to start production at its field offshore Brazil.
◈ Woodside Energy is awaiting the go-ahead for work it plans to undertake at a gas project in the Carnarvon Basin, which entails new offshore facilities connected by an approximately 430 km pipeline to a second LNG train at the existing Pluto LNG onshore facility. All wells will be tied back to a semi-submersible FPU moored in 950 meters of water close to a natural gas field off the coast of Australia.
◈ With economic, geopolitical, and energy transition woes and opportunities surrounding Mexico’s five largest upcoming hydrocarbon projects, the Latin American country’s energy officials offer a glimpse into the prospects for the exploration and extraction of hydrocarbons not only in the domestic playground but also the international one.
◈ After the government put a dusky sea snake on the endangered list, some fear that this move will jeopardize a project, led by Australia’s Woodside Energy and valued at over $30 billion, to develop what is said to be the country’s largest untapped conventional gas resource, others openly seek to pull the plug on the project and shoot down attempts to bring it to life.
◈ With Hurricane Francine out of the way, the offshore oil and gas facilities in the U.S. Gulf of Mexico are due to be inspected to confirm they can go back online while China National Offshore Oil Corp.'s offshore facilities are said to have managed to hold their ground against the super typhoon Yagi, thus, the reset of production is the next on the agenda off the coast of China.
◈ Since offshore drilling ops with Stena Drilling 's drillship are now complete, Chariot Limited 's CEO highlighted: “The primary exploration objectives were unsuccessful however, we did demonstrate the extension of gas bearing reservoirs in the main appraisal B sands albeit with thinner columns than estimated and data acquired from the other reservoirs will be useful for our understanding of the field. We will now work with our joint venture partners to determine the forward plan.”
◈ One of the two bills introduced in the Victorian Parliament by Minister for Energy and Resources Lily D’Ambrosio and Minister for Planning Sonya Kilkenny is expected to bolster energy security by enabling gas to be stored in empty offshore gas reservoirs. The bill will become available for consultation in December 2024.
◈ Saipem 's multibillion-dollar deal with QatarEnergy 's QatarEnergy LNG is expected to help maintain natural gas production from the biggest field off the northern coast of Qatar, as it entails the engineering, procurement, fabrication, and installation of six platforms as well as approximately 100 km of corrosion resistance alloy rigid subsea pipelines of 28’’ and 24’’ diameter, 100 km of subsea composite cables, 150 km of fiber optic cables and several other facilities.
🌊𝐑𝐢𝐠 𝐥𝐨𝐠𝐬 𝐢𝐧 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐝𝐢𝐚𝐫𝐲⚡
◈ Transocean 's deepwater drilling job with bp has added more work to the offshore drilling giant's first eight-generation drillship's backlog in the U.S. Gulf of Mexico, where the rig is currently working for Beacon Offshore Energy .
◈ Shelf Drilling is pursuing a triangular merger, which will take place between the company as the issuer of the merger consideration shares, its indirect subsidiary SHLF MergCo, and Shelf Drilling North Sea (SDNS) as the surviving entity in the proposed business combination.
◈ Saipem 's semi-sibmersible rig has won more drilling work with Aker BP ASA offshore Norway in connection with the previous three-year contract from March 2022.
🚢𝐋𝐍𝐆 𝐜𝐡𝐚𝐩𝐭𝐞𝐫𝐬 𝐢𝐧 𝐠𝐥𝐨𝐛𝐚𝐥 𝐞𝐧𝐞𝐫𝐠𝐲 𝐭𝐨𝐦𝐞 🛳️
◈ QatarEnergy confirmed naming ceremony activities for two vessels, which are part of 12 conventional-size LNG ships contracted with the Hudong-Zhonghua Shipyard under the Qatari player's historic shipbuilding program.
◈ BW Group ’s BW LNG won a ten-year contract with National Electric Power Company (NEPCO) , thanks to which it will convert one of its LNG carriers into an FSU destined for work at an LNG terminal in Jordan.
◈ According to MET Group , LNG Croatia has received the 100th LNG shipment, which arrived at the floating LNG terminal in Krk.
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◈ LNG Alliance Pte Ltd 's Amigo LNG has struck a deal with OQ Trading to deliver liquefied natural gas from its liquefaction facility, currently under development, on Mexico’s west coast.
◈ With headwinds looming over the court’s ruling, NextDecade 's LNG export project at the Port of Brownsville in Texas suffered a new setback which forced it to hit the brakes until further legal action in the form of an appeal overturns the decision.
While emphasizing that it is unprecedented to vacate an existing order for an LNG project under construction, the developer underscores that the court’s move threatens to snuff out “𝑎 𝑟𝑒𝑙𝑖𝑎𝑏𝑙𝑒 𝑠𝑢𝑝𝑝𝑙𝑦 𝑜𝑓 𝑐𝑙𝑒𝑎𝑛𝑒𝑟 𝑏𝑢𝑟𝑛𝑖𝑛𝑔 𝑛𝑎𝑡𝑢𝑟𝑎𝑙 𝑔𝑎𝑠 𝑡𝑜 𝑅𝑖𝑜 𝐺𝑟𝑎𝑛𝑑𝑒 𝐿𝑁𝐺’𝑠 𝑐𝑢𝑠𝑡𝑜𝑚𝑒𝑟𝑠 𝑎𝑡 𝑎 𝑐𝑟𝑖𝑡𝑖𝑐𝑎𝑙 𝑡𝑖𝑚𝑒 𝑤ℎ𝑒𝑛 𝑜𝑢𝑟 𝑎𝑙𝑙𝑖𝑒𝑠 𝑎𝑟𝑜𝑢𝑛𝑑 𝑡ℎ𝑒 𝑤𝑜𝑟𝑙𝑑 𝑛𝑒𝑒𝑑 𝑒𝑛𝑒𝑟𝑔𝑦 𝑡𝑜 ℎ𝑒𝑙𝑝 𝑟𝑒𝑑𝑢𝑐𝑒 𝑡ℎ𝑒𝑖𝑟 𝑑𝑒𝑝𝑒𝑛𝑑𝑒𝑛𝑐𝑦 𝑜𝑛 ℎ𝑖𝑔ℎ𝑒𝑟-𝑐𝑎𝑟𝑏𝑜𝑛 𝑖𝑛𝑡𝑒𝑛𝑠𝑖𝑣𝑒 𝑒𝑛𝑒𝑟𝑔𝑦, 𝑠𝑢𝑐ℎ 𝑎𝑠 𝑐𝑜𝑎𝑙.”
“𝑇ℎ𝑒 𝑑𝑒𝑐𝑖𝑠𝑖𝑜𝑛 𝑟𝑒𝑎𝑐ℎ𝑒𝑑 𝑏𝑦 𝑡ℎ𝑒 𝐷.𝐶. 𝐶𝑖𝑟𝑐𝑢𝑖𝑡 ℎ𝑎𝑠 𝑐ℎ𝑖𝑙𝑙𝑖𝑛𝑔 𝑎𝑛𝑑 𝑓𝑎𝑟-𝑟𝑒𝑎𝑐ℎ𝑖𝑛𝑔 𝑖𝑚𝑝𝑙𝑖𝑐𝑎𝑡𝑖𝑜𝑛𝑠. 𝐼𝑓 𝑡ℎ𝑒 𝑟𝑢𝑙𝑖𝑛𝑔 𝑠𝑡𝑎𝑛𝑑𝑠, 𝑡ℎ𝑒 𝑝𝑟𝑒𝑐𝑒𝑑𝑒𝑛𝑡 𝑡ℎ𝑎𝑡 𝑤𝑜𝑢𝑙𝑑 𝑏𝑒 𝑠𝑒𝑡 𝑏𝑦 𝑡ℎ𝑒 𝐷.𝐶. 𝐶𝑖𝑟𝑐𝑢𝑖𝑡’𝑠 𝑎𝑐𝑡𝑖𝑜𝑛 ℎ𝑎𝑠 𝑡ℎ𝑒 𝑝𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑡𝑜 𝑖𝑚𝑝𝑎𝑐𝑡 𝑡ℎ𝑒 𝑣𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑜𝑓 𝑎𝑙𝑙 𝑓𝑒𝑑𝑒𝑟𝑎𝑙𝑙𝑦 𝑝𝑒𝑟𝑚𝑖𝑡𝑡𝑒𝑑 𝑖𝑛𝑓𝑟𝑎𝑠𝑡𝑟𝑢𝑐𝑡𝑢𝑟𝑒 𝑝𝑟𝑜𝑗𝑒𝑐𝑡𝑠 𝑏𝑒𝑐𝑎𝑢𝑠𝑒 𝑖𝑡 𝑤𝑖𝑙𝑙 𝑏𝑒 𝑑𝑖𝑓𝑓𝑖𝑐𝑢𝑙𝑡 𝑓𝑜𝑟 𝑝𝑟𝑜𝑗𝑒𝑐𝑡𝑠 𝑡𝑜 𝑎𝑡𝑡𝑟𝑎𝑐𝑡 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠 𝑢𝑛𝑡𝑖𝑙 𝑡ℎ𝑒𝑦 𝑟𝑒𝑐𝑒𝑖𝑣𝑒 𝑓𝑖𝑛𝑎𝑙 𝑢𝑛𝑎𝑝𝑝𝑒𝑎𝑙𝑎𝑏𝑙𝑒 𝑝𝑒𝑟𝑚𝑖𝑡𝑠,” highlighted Rio Grande LNG project developer.
◈ Eagle LNG Partners has managed to obtain an extension to complete the construction of its proposed small-scale LNG facility in Jacksonville, Florida. While the previous deadline was slated to end in September 2024, the new one provides the developer with some breathing room, as it has until September 19, 2029, to wrap all the work up.
◈ With a new LNG supply deal in the bag, Glenfarne Energy Transition, LLC 's believes to be ready to start the sanctioning process of its proposed facility in Texas’ Port of Brownsville.
◈ Crown LNG has moved the timeline for a final investment decision, delaying it from late 2024 to Q2 2025, for its planned floating LNG import terminal in Scotland’s Firth of Forth, which will be developed with an FSRU.
◈ ABB is in charge of delivering permanent magnet shaft generator technology for 15 LNG vessels, which Samsung Heavy Industries is constructing for assignments with QatarEnergy .
🍃𝐄𝐧𝐞𝐫𝐠𝐲 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐚𝐠𝐞𝐬 𝐢𝐧 𝐧𝐞𝐭 𝐳𝐞𝐫𝐨 𝐭𝐚𝐥𝐞𝐬 ☀️
◈ Equinor has stepped up its carbon reduction by enabling partial electrification of two offshore platforms at one of its fields in the North Sea offshore Norway. The Norwegian player also continues to move forward with the full electrification of one of these platforms to slash almost 4% of the total emissions from oil and gas production, representing about 1% of total emissions in Norway.
Kjetil Hove, Equinor’s Executive Vice President for Exploration & Production Norway, underlined: “𝘞𝘦 𝘩𝘢𝘷𝘦 𝘮𝘢𝘥𝘦 𝘴𝘦𝘷𝘦𝘳𝘢𝘭 𝘯𝘦𝘸 𝘥𝘪𝘴𝘤𝘰𝘷𝘦𝘳𝘪𝘦𝘴 𝘪𝘯 𝘵𝘩𝘦 𝘛𝘳𝘰𝘭𝘭 𝘢𝘯𝘥 𝘍𝘳𝘢𝘮 𝘢𝘳𝘦𝘢 𝘪𝘯 𝘳𝘦𝘤𝘦𝘯𝘵 𝘺𝘦𝘢𝘳𝘴. 𝘛𝘩𝘢𝘯𝘬𝘴 𝘵𝘰 𝘛𝘳𝘰𝘭𝘭 𝘉 𝘢𝘯𝘥 𝘊 𝘦𝘭𝘦𝘤𝘵𝘳𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘸𝘦 𝘤𝘢𝘯 𝘥𝘦𝘷𝘦𝘭𝘰𝘱 𝘢𝘯𝘥 𝘱𝘳𝘰𝘥𝘶𝘤𝘦 𝘵𝘩𝘦𝘴𝘦 𝘳𝘦𝘴𝘰𝘶𝘳𝘤𝘦𝘴 𝘸𝘪𝘵𝘩 𝘷𝘦𝘳𝘺 𝘭𝘰𝘸 𝘦𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘴. 𝘛𝘩𝘦 𝘛𝘳𝘰𝘭𝘭 𝘢𝘳𝘦𝘢 𝘸𝘪𝘭𝘭 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘥𝘦𝘭𝘪𝘷𝘦𝘳 𝘭𝘢𝘳𝘨𝘦 𝘷𝘰𝘭𝘶𝘮𝘦𝘴 𝘰𝘧 𝘭𝘰𝘸-𝘤𝘢𝘳𝘣𝘰𝘯, 𝘩𝘪𝘨𝘩-𝘷𝘢𝘭𝘶𝘦 𝘦𝘯𝘦𝘳𝘨𝘺 𝘧𝘰𝘳 𝘮𝘢𝘯𝘺 𝘺𝘦𝘢𝘳𝘴 𝘵𝘰 𝘤𝘰𝘮𝘦.”
◈ Many factors play a role in the race to net zero, including trust in the technologies being used to achieve this goal such as carbon capture and storage. Worley has looked into the impact trust in CCS or lack of it has in the deployment of this decarbonization tool in the United States. The findings indicate that distrust is among the main reasons preventing the industry from reaching its full potential.
◈ Greensand Future partners have handed over a final report for their CO2 storage pilot project, laying the groundwork to establish a large-scale carbon capture and storage hub in Denmark.
◈ While acknowledging the decarbonization progress made so far, North Sea Transition Authority (NSTA) points to the need for more effort to enable the UK's energy industry to reach its emission reduction goals and usher in a net-zero future.
“Cutting greenhouse gas emissions by more than a quarter in five years is an impressive achievement in the North Sea, where operators have taken real action and made substantial investments. However, for domestic production to be justified, it must continue to become cleaner. The NSTA will hold industry to account on emissions reductions, including on decisions today that could have an impact for decades to come, to ensure the nation can benefit from its domestic resource even as we transition,” highlighted Hedvig Ljungerud, NSTA’s Director of Strategy.
◈ Closing the net zero gap is said to call for technology deployment, policy, and incentives across the entire energy system to accelerate climate action by deploying and adopting renewable energy sources (RES), electrification technologies, carbon capture, utilization, and storage, green and blue hydrogen, and other sustainable fuels.
McKinsey & Company 's energy scenarios point out that these decarbonization tools alongside nuclear, long-term duration energy storage, battery energy storage systems, and energy efficiency investments, among others, are the cornerstone of endeavors to curb the GHG emissions footprint.
“𝑇𝑟𝑎𝑛𝑠𝑓𝑜𝑟𝑚𝑖𝑛𝑔 𝑡ℎ𝑒 𝑒𝑛𝑒𝑟𝑔𝑦 𝑠𝑦𝑠𝑡𝑒𝑚 ℎ𝑖𝑛𝑔𝑒𝑠 𝑜𝑛 𝑡ℎ𝑒 𝑐𝑜𝑜𝑟𝑑𝑖𝑛𝑎𝑡𝑒𝑑 𝑑𝑒𝑝𝑙𝑜𝑦𝑚𝑒𝑛𝑡 𝑜𝑓 𝑖𝑛𝑡𝑒𝑟𝑙𝑖𝑛𝑘𝑒𝑑 𝑎𝑛𝑑 𝑖𝑛𝑡𝑒𝑟𝑑𝑒𝑝𝑒𝑛𝑑𝑒𝑛𝑡 𝑡𝑒𝑐ℎ𝑛𝑜𝑙𝑜𝑔𝑖𝑒𝑠. 𝐴 𝑠𝑙𝑜𝑤𝑑𝑜𝑤𝑛 𝑖𝑛 𝑑𝑒𝑝𝑙𝑜𝑦𝑚𝑒𝑛𝑡 𝑖𝑛 𝑜𝑛𝑒 𝑎𝑟𝑒𝑎 𝑜𝑓 𝑡ℎ𝑒 𝑒𝑛𝑒𝑟𝑔𝑦 𝑠𝑦𝑠𝑡𝑒𝑚 𝑐𝑎𝑛 𝑐𝑎𝑢𝑠𝑒 𝑐𝑎𝑠𝑐𝑎𝑑𝑖𝑛𝑔 𝑑𝑒𝑙𝑎𝑦𝑠 𝑎𝑛𝑑 ℎ𝑎𝑚𝑝𝑒𝑟 𝑡ℎ𝑒 𝑔𝑟𝑜𝑤𝑡ℎ 𝑜𝑓 𝑜𝑡ℎ𝑒𝑟 𝑡𝑒𝑐ℎ𝑛𝑜𝑙𝑜𝑔𝑖𝑒𝑠," highlighted Humayun Tai, Senior Partner at McKinsey.
Regarding projects with longer lead times in specific technologies, such as offshore wind, the research notes the industry’s ongoing trend of reaching the stage at which FID status projects will become operational after 2030, which affects the countries’ abilities to meet the 2030 Paris Agreement goals.
“𝑇ℎ𝑖𝑠 𝑑𝑎𝑡𝑎 𝑐𝑜𝑛𝑓𝑖𝑟𝑚𝑠 𝑡ℎ𝑒 𝑟𝑒𝑎𝑙𝑖𝑡𝑦 𝑔𝑎𝑝 𝑡ℎ𝑎𝑡 𝑤𝑒 𝑏𝑒𝑙𝑖𝑒𝑣𝑒 𝑡ℎ𝑒 𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦 𝑖𝑠 𝑒𝑥𝑝𝑒𝑟𝑖𝑒𝑛𝑐𝑖𝑛𝑔, 𝑒𝑠𝑝𝑒𝑐𝑖𝑎𝑙𝑙𝑦 𝑡ℎ𝑟𝑜𝑢𝑔ℎ 𝑖𝑛𝑓𝑙𝑎𝑡𝑖𝑜𝑛 𝑎𝑛𝑑 𝑠𝑦𝑠𝑡𝑒𝑚 𝑠ℎ𝑜𝑐𝑘𝑠 𝑎𝑙𝑜𝑛𝑔𝑠𝑖𝑑𝑒 𝑔𝑒𝑜𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑢𝑛𝑐𝑒𝑟𝑡𝑎𝑖𝑛𝑡𝑦, 𝑤ℎ𝑖𝑐ℎ 𝑖𝑠 𝑠𝑒𝑒𝑖𝑛𝑔 𝑖𝑛𝑡𝑒𝑟𝑛𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑠𝑢𝑝𝑝𝑙𝑦 𝑐ℎ𝑎𝑖𝑛 𝑡𝑒𝑛𝑠𝑖𝑜𝑛𝑠 𝑎𝑛𝑑 𝑡𝑟𝑎𝑑𝑒 𝑑𝑖𝑠𝑟𝑢𝑝𝑡𝑖𝑜𝑛𝑠. 𝐼𝑡 𝑓𝑢𝑟𝑡ℎ𝑒𝑟 𝑢𝑛𝑑𝑒𝑟𝑠𝑐𝑜𝑟𝑒𝑠 𝑡ℎ𝑒 𝑛𝑒𝑒𝑑 𝑓𝑜𝑟 𝑐𝑜𝑚𝑝𝑎𝑛𝑖𝑒𝑠 𝑡𝑜 𝑟𝑒𝑎𝑠𝑠𝑒𝑠𝑠 𝑡ℎ𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑠𝑡𝑟𝑎𝑡𝑒𝑔𝑖𝑒𝑠 𝑡𝑜 𝑓𝑢𝑟𝑡ℎ𝑒𝑟 𝑑𝑟𝑖𝑣𝑒 𝑡ℎ𝑒 𝑡𝑟𝑎𝑛𝑠𝑖𝑡𝑖𝑜𝑛,” underlined Tai.
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𝑴𝒆𝒍𝒊𝒔𝒂 Č𝒂𝒗č𝒊ć
Senior Editor at Offshore Energy Today
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