SHELL, BP, CHEVRON AND OTHER OIL MAJORS REDESIGN THEIR GROWTH STRATEGIES TO ADAPT TO SHIFTING GLOBAL ENERGY MIX

World energy industry is steadily moving towards stability after the turbulence in recent years. Markets are responding positively to early signs of compliance. Over the near term future, we expect oil prices to remain under pressure despite posing an upward trend in 2017. Most markets will shift towards increased efficiency and low cost oil and gas production. Gas continues to outpace other fuels as a cleaner alternative to coal power and nuclear power. Renewable energy is forecast to witness highest growth rates among all fuels and will become commercial at scales.

US Shale projects, Russia upstream investments, Middle East Producers and Planned African upstream projects are all set to drive the supply of oil and gas. In particular, for gas and LNG, numerous export projects are in the pipeline. However, on the demand front, emerging markets will continue to hold the key. Increase in demand from these countries, in particular, in Asia Pacific will be the key for demand recovery.

Renewable energy sources are rapidly emerging as a competitive fuel to conventional fuels, driven by technological advances, commercial viability and environmental support. Renewable energy is a growing part of World ongoing energy transformation. Reduced initial costs, power storage capacity increases coupled with government support is encouraging markets to prefer renewables as their prime choice for enhancing access to affordable, reliable and cleaner sources of modern energy services. With deeper decarbonisation efforts, growing inclusion of renewables in all end user sectors can be observed. However, the industry needs huge flow of investments, participation of institutional investors, policy support and new business models to support the growth of renewable fuels.

Across verticals, oil and gas companies are opting for cost reduction strategies to sustain in the current challenging times. Driving down expenditures, focus on higher efficiency, quickly adapting new technologies, rebuilding confidence in the industry and investors along with addressing climate changes are observed in most companies.
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