May 19, 2020

BDO releases report on the future of oil and gas in Africa

electricity
Solar
Renewable Energy
professo
2 min
BDO releases report on the future of oil and gas in Africa

The accounting company, BDO Global, has released a report forecasting the oil and gas industry future up until 2020.

The report, dubbed “Energy 2020 Predictions: The Near Future of Oil & Gas”, addresses five key actions that will take place within the sector.

The report predicts big news for Africa, arguing that through the growth in LNG imports and solar power, four in five African’s will have electricity.

Currently, Africa contributes to 16% of the world’s population, and only 32% of the continent’s population has access to electricity.

“Electricity in Africa has remained expensive—a particularly difficult barrier for its population. However, as noted by the Africa Energy Outlook, “huge renewable resources remain untapped,” with further potential from excellent solar capabilities across all of Africa.”

“BDO predicts that oil prices will be low and subsequently prompt countries within the Gulf Cooperation Council to diversify their energy mix by subsidising renewable energy projects.”

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Energy 2020 Predictions also claims that four other significant changes will happen over the next few years.

“By 2020, at least five countries will see foreign hackers take all or part of their national energy grid offline through Permanent Denial of Service attacks,” the report adds.

“While overall spending on R&D may decline, most of the spending that does occur will go towards technologies that enhance exploration and production (E&P) efficiencies.”

BDO’s final claim is that within the next three years, the average E&P company will use 10% of its big data, improving from the average used in 2017, but very far from full potential.

According to the report, the average offshore rig uses less than 1% of the data it generates from sensors for analysing and decision making.

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Jun 11, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
Sustainability
G7Summit
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve, in terms of sustainability and global trade

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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