Leading Oil And Gas Companies Seek New Paths In Renewable Energy

The Contractors of the Oil and Gas Industry Are Making Good Use of Their Assets and Decided to Invest in Renewable Energies

The success of renewable energies is undoubtedly unquestionable, the number of major contractors in the oil and gas industry migrating to the renewable sector has increased by about 40% according to experts.

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The Demand for Renewable Energies Is Maintained Even When Electricity Use Decreases

In recent years, the Latin American renewable energy market has undergone a dramatic transformation compared to the oil and gas market. Political risk factors, investment trends, technological advances, and external shocks affect the sector in numerous ways. As the Covid-19 pandemic brings historic disruptions to the world economies, we outline the trends shaping the Latin American market and our vision for the future of the sector.

This does not mean that everything is well for the energy or oil and gas sectors. The pandemic caused the largest shock to the global energy system in over seven decades, with a 6% drop in demand for 2020 – equivalent to losing all of India’s energy demand, the third-largest energy consumer in the world. Coal, which is primarily responsible for this significant decline, has dropped so much this year that we believe the industry may never recover.

Overall, the decline in demand for nearly all major fuels is enormous, especially for coal, oil, and gas. But renewable energies are adapting and being noticed, according to a new report from the International Energy Agency. It projects that solar photovoltaic and wind energy are on track to increase renewable energy generation by 5% in 2020, as governments seize this opportunity of lower demand to reduce dependence on fossil fuels and transition to clean energy.

Contractors of the Oil and Gas Industry Surrender to Renewable Energies

Subsea 7 has been leveraging idle capacity on its conventional subsea construction vessels through “double hatting” or conversion.

The Mexican contractor Marinsa, part of the CEMZA group, is looking to market the multipurpose support vessel using renewable energies.

Saipem in the oil and gas industry has already taken the lead in floating wind energy with pioneering operations at the Hywind Scotland wind farm, using the Saipem 7000 to couple WTGs and masts.

And in Brazil, we have Petrobras concerning oil and gas which along with Total, a French company, signed a joint document intending to invest in the construction of wind and solar plants in Brazil. The land areas of Petrobras in the Northeast will be utilized along with Total’s technology. The states of Rio Grande do Norte and Ceará are candidates to host wind projects due to strong and abundant winds.