The one thing you can say about the energy industry is that it’s never short on drama. And 2019 was further proof of that.
Over the last four years since the collapse of the oil price and the resulting downturn in activity, much has been made of the oil and gas industry’s ability to withstand whatever troubles it is faced with. The phrase “survival of the fittest” has often been heard in company office discussions to indicate that only the strong will be able to endure the challenges currently being experienced.
The first offshore mobile drilling platform was constructed in 1949 in just 20 feet of water. Exactly 70 years later, Total is expected to drill 3,600 meters (11,811 feet) later this year, setting a new record.
An impending shortfall in oil supply, a 25 percent increase in energy demand by 2040, the dramatic rise of electricity and a global collective failure to tackle greenhouse gas emissions are some of the key points in the recently-published World Energy Outlook 2018 from the International Energy Agency (IEA).