18/03/2022 by Richard
Policymakers, executives and other players recently gathered at this year’s CERAWeek in Houston, which is part of the S&P Global energy conference, to discuss the current state and future of the energy industry.
Jennifer Granholm, the US Energy Secretary, gave a keynote speech, in which she advocated for greater oil production. In the various sessions of the conference, meanwhile, industry experts debated what should come next in terms of energy security through renewables, the need for more gas and oil drilling, and the role of natural gas as a transition fuel.
CNBC reported a sense of hopefulness among participants from the gas and oil sector, with one attendee saying under condition of anonymity:
“I’m very happy to work in oil and gas…it is an industry of technology [and] innovation.”
Another reflected a similar sentiment:
“I think our industry is leading the way…natural gas infrastructure can contribute to ambitious environmental goals including decarbonisation, and net-zero.”
What is more, even the big gas and oil majors clearly recognise that an energy transition is on its way. Saudi Aramco, the world’s biggest oil producer, had a stand showcasing its decarbonisation efforts, as did Petronas, Oxy and ExxonMobil, the maker of Mobil lubricants like slideway oil.
Nevertheless, the demand for oil is still expected to grow in the short term and peak at more than 100 million barrels per day. The Ukrainian crisis was at the forefront of many people’s minds, with a large oil and gas producer like Russia having a strong influence on the very interconnected and interlocked market.
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