FOCUS ON RENEWABLES
Gas is ‘green economy bridge’ in global energy market shift
World’s oil and gas industry starts recognising the need to change over from a hydrocarbon economy to a carbon-free economy
Global energy markets are undergoing wholesale structural change as the world’s oil and gas industry starts recognising the need to change over from a hydrocarbon economy to a carbon-free economy. The collapse in the oil price in 2014 has seen giant energy companies such as Total and Statoil focus on new forms of energy, including basic renewables such as solar and wind, but also green gases. "Gas is seen by many as a bridge to that carbon-free economy," says Iain Manson, senior client partner at international executive search recruitment group Korn Ferry in London. He was visiting clients in SA this week. The oil and gas sector is confronted with the prospect of a consistently lower oil price. "What is clear is that the global energy sector is disrupted," he says. It needs greater efficiencies and technology innovation. "Oil and gas is a cyclical industry — so is this just a low point? The key decision that has been taken across the sector is that this [time it] is different. You c...