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Oil and gas industry contractors are making good use of their assets and have decided to invest in renewable energy
The success of renewable energy is without a doubt unquestionable, the number of major contractors in the oil and gas industry who are migrating to the renewable industry has increased by around 40% according to experts.
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Demand for renewable energy is maintained even as electricity use declines
In recent years, the Latin American renewable energy market has undergone a dramatic transformation in relation to the oil and gas market. Political risk factors, investment trends, technological advances and external shocks affect the sector in myriad ways. As the Covid-19 pandemic brings historic upheaval to the world's economies, we outline the trends shaping the Latin American market and our vision for the sector's future.
This is not to say that all is well for the energy or oil and gas sector. The pandemic has delivered the biggest shock to the global energy system in more than seven decades, with a 6% drop in demand for 2020 – the equivalent of losing all of India's energy demand, the world's third-biggest consumer of energy. Coal, which is primarily responsible for this significant decline, has fallen so low this year that we believe the industry may never recover.
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- Brazil to auction 78 MILLION barrels of oil! China took the majority in the last auction
- Giant batteries revolutionize solar and wind energy, promising unprecedented efficiency and making electricity bills cheaper: the future of energy is closer than you think!
- PPSA expects R$500 billion in revenue and the Union could reach the top 3 largest oil producers by 2030
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In general, the drop in demand for almost all major fuels is huge, especially for coal, oil and gas. But renewables are catching on and taking notice, according to a new report from the International Energy Agency. It projects that solar PV and wind power are on track to lift renewable power generation by 5% in 2020, as governments seize this lower demand opportunity to reduce dependence on fossil fuels and move to clean energy.
Oil and gas industry contractors embrace renewable energy
Subsea 7 has been taking advantage of idle capacity on its conventional subsea construction vessels through “double hatting” or conversion.
Mexican contractor Marinsa, which is part of the CEMZA group, is seeking to market the multipurpose support vessel using renewable energy.
Saipem of 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 mate WTGs and spars.
And in Brazil we have Petrobras in terms of oil and gas, which together with Total, a French company, signed a document together with the intention of investing in the construction of wind and solar power plants in Brazil. Petrobras' land areas in the Northeast and Total's technology will be used. The states in Rio Grande do Norte and Ceará are candidates to receive wind projects, due to the strong and abundant wind.
