Despite the presence of a scenario that already incorporates policies aimed at making the use of energy more efficient compared to the past, the energy world needs will grow by 29% between 2005 and 2020, with an annual growth rate of 1.7%. Fossil fuels will continue to represent the main energy sources due to their availability, flexibility and cost effectiveness. Oil will remain the most frequently used fuel, while natural gas will represent the fossil source with the highest growth. With the exception of hydroelectricity and biomass, the renewable source could only contribute marginally to the global energy requirement in the period considered. The current renewable source technologies used are actually limited in terms of high costs and low specific productivity.
In this scenario, the subject of energy dependence on the importation of hydrocarbons will always be felt more on a global level, especially in the energy-intensive countries/areas with falling and growing internal production dependence on importation (like Europe for natural gas) or in those with strong economic growth (such as China or India).
With regard to the offer, the business context is increasingly difficult and complex for international oil companies (IOC), which are subject to growing competitive pressures both from national oil companies (NOC), which win more space in all business segments, and also from the midstream and downstream operators, which show increasing aggression and a tendency to integrate themselves upstream in the energy sector.