Energy,
Utilities,
Oil and
Gas Sector
Utilities,
Oil and
Gas Sector
The energy industry is critical to the world’s economy and an indispensable part of the modern society. By 2025, over £200 billion will have to be invested in energy infrastructure to meet increasing consumption needs and sustainability demands. The Government’s decarbonisation goals will undoubtedly drive the industry’s future developments. Thanks to its excellent research foundations, the UK has the potential to lead the market in numerous areas of the sustainable energy sphere.
Regulation drives the energy and utilities sectors, and the government often determines market demand. Therefore, strategic partnerships with the government are imperative to guarantee growth in these sectors.
By 2025, over £200 billion is projected for investment in the energy infrastructure
Oil and gas industry delivers 75% of the country’s primary energy
In order to extend the life of the existing oilfields, new technology is being used to minimise the cost of the discovery and production of oil and gas. Over the last decade, oil and gas companies have undergone considerable rises in service, production, drilling and operating costs. The increased complexity of operations renders them costly, along with a series of global financial factors.
The UK has promised to cut carbon emissions by at least 80% by 2050. This means that the country is expected to achieve a reduction of greenhouse emissions by 29% until 2020.
Key challenges of the sector are:
Reduction of crude oil demand
Fluctuation of prices
Setbacks in major energy investments
Consistent re-evaluation of business and IT strategy
Firm policy pressure for the reduction of carbon emissions
The adoption of technologies to integrate renewable energy sources
Inefficiency to handle Big Data
The construction of 7,500 offshore turbines within the next four years