2022 Event Highlights - Session Three - The New Energy Paradigm

Event Highlights

Session Three: The New Energy Paradigm

The global energy market was turned upside down in a matter of days. We sit down with some of the most influential names in global energy for their unique insights into how we can ensure equitable access to the world’s energy supplies.

Below are some highlights from the session.

Vitol’s Hardy on Global Energy

China’s fuel demand is reviving in a market that is struggling to increase supply, meaning prices are unlikely to drop, said Russell Hardy, Group CEO of Vitol. “The market’s a little bit concerned that we’re running out of spare capacity and is beginning to factor that into prices,” Hardy said.

Chinese cities including Shanghai and Beijing are now emerging from Covid-19 lockdowns that severely hampered demand for transportation and fuel earlier this year. Vitol expects the country’s oil consumption to rise by 1 million barrels per day by the end of 2022.

Africa: The World’s Rising Energy Power?

Jennifer Comalie, Chairperson, National Petroleum Corporation of Namibia termed the discovery of two wells as a massive discovery. “It poses a massive opportunity for us to start playing a crucial role in the oil and gas industry,” she said. Namibia is also positioning itself in the green hydrogen space.

“It is true, the opportunities globally are pointing for Sub-Saharan Africa to have investment in the oil and gas field,” said Tewodros Ashenafi, Chairman & CEO, Southwest Holdings. Ashenafi said China and South Korea have expressed capital-related interest in developing assets along with Ethiopia.

Honeywell’s Adamczyk on Energy Transition

“We all want to get to sources of sustainable energy tomorrow,” said Darius Adamczyk, Chairman & CEO, Honeywell International when asked about the net zero transition. He said the reality is the world is short on energy and recent events such as the Russian invasion have exacerbated the problem. To alleviate that, we need hydrocarbons to avoid further economic hardships.

Standard Chartered’s Winters on Green Finance

“On one hand, the war in Ukraine has led to higher oil prices,” Bill Winters, Group Chief Executive, Standard Chartered said. On the flip side, Winters said prices were already on their way up “on the back of economic growth” and underinvestment in fossil fuels relative to demand, which will accelerate investment in both renewables and fossil fuels.

News Coverage

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Global Banking & Finance Review

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