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International companies: The oil market suffers from weak investment and low productivity of fields


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International companies: The oil market suffers from weak investment and low productivity of fields

Post by rocky on Sun 14 Oct 2018, 2:17 am

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International companies: The oil market suffers from weak investment and low productivity of fields

Three global energy companies - BP, Shell and Total - have confirmed that recent oil price rises are a natural result of weak investment and low field productivity, in contrast to strong demand growth, mainly in emerging economies, most notably the fastest growing Asian countries.
The three companies agreed on the broad challenges facing the global energy mix in the coming years and the need to increase reliance on gas and renewable energy resources, particularly in the field of electricity production, pointing out that the gap between supply and demand is not in the interest of market stability or price. Intensive investments in all energy resources available in the market.
The long-term energy prices can not be predicted due to the intertwining of factors and emergency elements and geopolitical risks, which makes it difficult to set up a future investment portfolio in most energy companies. That the environment will be ready for further record highs in the short term, especially with the introduction of sanctions in Iran next month.
The balance sheet of major investors and international energy companies combined now exceeds nearly $ 1 trillion of working capital at the moment, and in any year we invest about 10 percent of that amount or about $ 100 billion .
According to the report, a unique partnership of 13 companies representing 30 per cent of the world's oil and gas production is working together to meet the broad challenges of energy transformation so that oil and gas can play their full part in the energy transition plan. Carbon pricing range supports efforts to introduce carbon tax in the United States.
He noted that cooperation is essential when it comes to improving energy efficiency, which, according to the International Energy Agency (IEA), could make the biggest contribution to meeting the Paris Climate Change objectives as well as improving production efficiency and industry.
The report stressed BP's confidence that the industry could continue to help supply the world with energy, raise people from poverty and maintain society's progress while contributing to significantly reducing emissions in order to achieve the goals of the Paris Agreement. Cooperation and Innovation Our industry and the world have a great future.
Royal Dutch Shell said it has invested heavily in gas over the last 10 years and will continue to implement the strategy. Gas represents one-third of the company's invested capital, and now produces the same amount of gas it produces from crude oil.
France's Total sees changes in the energy mix as a complex global challenge with no easy solution. Changes in this measure require hard work, rethinking business models, promoting cooperation and creating an enabling investment environment for development. A major challenge requires legislation, regulations and incentives to change behaviors and practices.
He stressed that the widely available source of energy will remain fossil fuels as it has the least carbon emissions when it is used to generate energy. Coal substitution with natural gas in power plants will reduce global carbon emissions by five billion tons a year, or about 10 percent. Gas will not achieve its real potential unless we reduce methane emissions associated with production and transport.

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