The future of energy

 The energy sector is one of the global economic warlords. The current campaign in the global market places a deep pressure on the current hydrocarbon energy sector with both petroleum and non petroleum empires working hard for a cleaner and safer energy sector. Greener energy sources such as solar, wind and electric have emerged favored by industrial innovation that has brought forward solutions and products that are of high demand and place little or no threat to the environment. New innovations such as the carbon capture technologies has been introduced by big Oil to beat this competition. Carbon capture technology is a process by which carbon dioxide is trapped and stored in safer cylinders and not allowed to reach the atmosphere. This is usually achieved in big carbon dioxide emitters like cement factories and milling factories. And Europe has so far seen the biggest growth in Electric cars as compared to Africa, North America and other regions.   

Oil and gas remain dominant energy products but clean energy innovation have come to weaken global petroleum demands. Though today crude oil is trading at $64 (Brent crude), a price boosted by OPEC cuts in supply and also Texas fall in oil production due to freezing which knocked out 40% USA's oil production. 

The new player in the market has been the invention of electric cars, where companies such as Tesla, Revel and ChargePoint have come to take advantage of open market for greener energy. Today, according to Blue wave consulting, the demand for electric cars is expected to grow from USD 121.8 billion in 2020 to USD 236.3 billion by 2027, with a CAGR of 10.6% during the forecast period(2021-2027). 

Governments for example the Joe Biden, the United States of America's 2020 president elect has promised to reduce oil production and expand electric car charging stations.

Oil and gas companies have a role to play by ensuring they supply petroleum products low in carbon and sulfur which are the biggest polluters and contributors in greenhouse gases. They also have a role in funding innovations with ability to keep petroleum products valuable and reliable again.