Features / Energy Economics

Vying for Major Recovery in 2021

In 2020, the world economy sufferedfrom the COVID-19 pandemic, which caused cracks in most of the industries, one of which is the oil and gas industry. The economy witnessed lockdowns associated with lower performance and production rates. However, by the start of 2021, the economy commenced its recovery trip thanks to the emergence of the vaccine and the early governments support packages, which were the main drivers for such a recovery. The International Monetary Fund (IMF) estimated that the global economy has grown by 5.9% in 2021, which is the highest in the past ten years, after the sharp decline of the global gross domestic product (GDP) in 2020 recording -3.1%.

Economic Costs of Safety Policy in The Oil and Gas Industry

For years, there’s been a long debate over what constitutes sound safety policy in an industry which is known for its high risks and its volatility. It’s no mystery that the oil and gas industry is not for the weakhearted. Potentially hazardous onsite work, especially in the oil and gas industry, poses a significant risk to drain companies of the vital financial resources that they need to remain competitive in the market. Though many may perceive that safety expenses and revenues have an inverse relationship, economists reveal that the reality is quite the contrary. Case after case has made it evident that safety is a prerequisite to the prosperity of the economy as a whole, and this is especially true for the oil and gas sector.

The Price Tag for A Carbon Neutral Future

Global warming and climate change are among the most dangerous challenges facing the world these days and will have a negative impact in the future. In 2015, 196 parties have signed The Paris Agreement, an international treaty that aims to limit global warming to less than 2°C compared to the levels before the Industrial Revolution. This came after experts painted a gloomy picture of the future, given the increase in global temperatures.

Green Hydrogen: The Fuel To Power Egypt’s Future Economy

Hydrogen as an energy carrier and feedstock has clearly gained momentum in the past years. It is referred to as the “missing link” in the transformation of the energy system. Alan Finkel, Australia’s Chief Scientist, describes it saying, “imagine a zero-emissions fuel that exists on earth in abundance can be easily extracted using basic chemistry and offers jobs… It’s called hydrogen.” Not only can a hydrogen-based economy play a vital role in mitigating the impacts of global warming, but it can also reinvigorate the world economy.

Shale Gas New Game-Changer for Energy Economy

Producing natural gas from shale has increased significantly over the past years. Shale gas was expected by the Energy Information Administration (EIA) to account for 30% of the global natural gas output by 2040.

CNG: An Economically Viable Alternative to Conventional Fuel?

The call to decrease carbon emissions has been growing stronger over the past few years and a plan for energy transition is underway. The oil and gas industry has been repeatedly targeted for its immense carbon footprint and as a result, the industry has been trying to keep up with the world environmental trends and laws to decrease its emissions. Compressed natural gas (CNG) emerges as one of the best solutions for the emission problem. However, one of the important questions that remains is whether natural gas can be the economically viable solution for the energy transition or not?

O&M Costs: Double-Edged Sword for Renewable Energy

Recently, the world trend has turned toward renewable energy to overcome the decline of the conventional resources of energy as well as the climate change caused by greenhouse emissions. However, one of the public debates around renewable power spread is to what extent it can be competitive while renewable Resources suffered from high operation and maintenance (O&M) costs.

Ripple Effect of Cyberthreats

As the world moves forward towards a paperless society, privacy issues and cyberattacks remain a threat to our lives and businesses. Cyberattacks are more likely to happen than not to. With COVID-19, cybercrime has since increased by a whopping 300%. And despite the obvious impending doom, more than 77% of organizations do not have a cybersecurity incident response plan. The oil and gas industry is no stranger to such incidents and whether the industry manages to overcome them or not, the fact remains that these incidents can shift the balance of the market.

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