O&G companies are increasingly exploring clean energy avenues. Energy transition: Prudently allocating capital and effectively executing clean energy policies Downstream industry: Revamping the refining industry in alignment with evolving demand patternsġ.Technology adoption: Harnessing the power of generative AI for innovative solutions and new value creation.Global energy trade: Embracing the growing dynamism in energy trade and relationships.Critical minerals: Participating in the energy transition by securing a position in the supply chain to tackle perceived end-market risks.Energy transition: Prudently allocating capital and effectively executing clean energy policies.The 2024 oil and gas industry outlook explores five trends and industry drivers that are expected to play an important role in shaping the strategies and priorities of O&G companies in the upcoming year: These expectations may serve as a driving force, spurring companies to focus even further on both emission reduction and economic performance. However, this continued financial strength of the industry is likely to raise expectations of investors, regulators, and other stakeholders, who may anticipate further progress in emissions reduction, augmented investments in low-carbon energies, and amplified returns for shareholders. The global upstream industry, for example, is projected to maintain its 2023 hydrocarbon investment level of about US$580 billion (an increase of 11% year over year) and generate over US$800 billion in free cash flows in 2024. This strength of the industry will likely enable it to finance both investments and dividends, and thus support its disciplined capital program and shareholder-focused strategy. The industry is expected to have a solid start in 2024 due in part to its strong financial position and high oil prices, barring further deterioration in the macroeconomic environment.
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