BP plots three scenarios with renewables driving growth
BP's Energy Outlook report considers Rapid, Net Zero and Business As Usual outcomes as befits these uncertain times but it is confident renewable energy, led by wind and solar power, will increasly sharply in all three scenarios.
Strong growth will be underpinned by continuing pronounced falls in the cost of both renewable energies as they move down their learning curves, with solar costs falling by close to 60 percent or more during the next 30 years, the report states.
Each scenario differs due to alternative assumptions about policies and societal preferences. Both Rapid and Net Zero assume a significant increase in carbon prices, which reach $250/tonne of CO2.
While demand for oil will fall over the next 30 years, the importance of electricity in final energy consumption is likely to increase materially over the same time period. Oil will be increasingly challenged as society shifts away from its reliance on fossil fuels, while the outlook for natural gas is "more resilient". The energy mix will become more diverse, driven increasingly by customer choice rather than resource availability.
"The world is on an unsustainable path," the report warns. "A rapid and sustained fall in carbon emissions is likely to require a series of policy measures, led by a significant increase in carbon prices. Delaying these policies measures and societal shifts may lead to significant economic costs and disruption."
Many of the findings dovetail with BP's corporate transformation, as it diversifies from an international oil company producing resources to an integrated energy company providing solutions for customers.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."