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Nafta i Plin, Vol. 40 No. 166, 2020.

Stručni rad

COVID-19, recession and market shocks in 2020 accelerate energy transition of oil companies

Gordana Sekulić orcid id orcid.org/0000-0002-8193-6112 ; JANAF d.d.

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Sažetak

The paper analysed the effects of oil shocks, COVID-19 pandemic worldwide spread and the global economic recession as a consequence, as well as the effects of climate and energy policy on oil sector end companies. A sharp drop in oil prices marked the first quarter of 2020, when coronavirus pandemic started in China and has continued to spread around the world. All countries have answered mostly with lockdown along with closing the boundaries, banning the travel and work in many activities, particularity transport, etc.
It has effected a sharp downfall of gross domestic product (GDP) both globally and locally, as well as the collapse of oil consumption, along with mitigating the decreasing trends from the mid-2020 when countries have opened their economies.
The oil companies have necessarily reduced their activities, which caused the losses in the business operation in the first half of 2020, along with fewer investments. It represents an additional challenge for the oil sector, which is under the influence of the climate and energy policy measures for quite some time, with the aim of reducing the oil consumption, which is realised in some regions and countries, particularly in more developed countries. Therefore, the oil sector undergoes a gradual transition process towards low carbon energy. The oil companies are investing more in non-oil projects and are transforming into complex energy companies. Given the fact that the oil is a dominant energy source and would remain so for the next 10-15 years, the oil companies have the social responsibility of the secure oil market supply in the long term, as well as the responsibility of business profitability towards their shareholders and employees.

Ključne riječi

oil sector; price shock; COVID-19; recession; oil consumption; transition

Hrčak ID:

249858

URI

https://hrcak.srce.hr/249858

Datum izdavanja:

14.1.2021.

Podaci na drugim jezicima: hrvatski

Posjeta: 1.814 *

Publication date: 18 January 2021

Volume: 40

Issue: 166.

Pages: 50-57

DOI:

Article Information (continued)

Categories:

Subject: Stručni rad

Categories:

Subject: Professional Paper

Keywords:

Keyword: naftni sektor

Keyword: cjenovni šok

Keyword: COVID-19

Keyword: recesija

Keyword: potrošnja nafte

Keyword: tranzicija

Keywords:

Keyword: oil sector

Keyword: price shock

Keyword: COVID-19

Keyword: recession

Keyword: oil consumption

Keyword: transition

COVID-19, recesija i tržišni šokovi u 2020. ubrzavaju tranziciju naftnih kompanija

Translated Title (en): COVID-19, recession and market shocks in 2020 accelerate energy transition of oil companies

[ORCID] Gordana Sekulić[1]

Email: gordana.sekulic@janaf.hr

 

JANAF d.d. JANAF Plc. Miramarska cesta 24, 10000, Zagreb

[ORCID] Gordana Sekulić[*][1]

 

JANAF d.d. JANAF Plc. Miramarska cesta 24, 10000, Zagreb

Author notes:

Correspondence to: [*] Gordana Sekulić, JANAF d.d., Miramarska cesta 24, 10000, Zagreb gordana.sekulic@janaf.hr

Abstract

U radu su analizirani učinci naftnog šok, širenja pandemije COVID-19 i posljedično recesije globalnog gospodarstva, ali i učinci energetske politike na naftni sektor i kompanije. Snažan pad cijena obilježio je prvo tromjesečje 2020. kada započinje i pandemija koronora virusa koja se iz Kine širila na cijeli svijet. Sve države uglavnom odgovaraju lockdown-om uz zatvaranje granica, zabrane putovanja i rada mnogih djelatnosti, prvenstveno transporta. To je utjecalo na snažan pad bruto domaćeg proizvoda (BDP) globalno i lokalno te pad potrošnje nafte, uz ublažavanje trendova pada od sredine 2020. kada države otvaraju ekonomije. Naftne kompanije su nužno smanjivale svoje aktivnosti što je uzrokovalo gubitke u poslovanju u prvom polugodištu 2020. uz manje investicije. To je je dodatni izazov za naftni sektor koji je već duže razdoblje pod utjecajem mjera klimatsko-energetske politike čiji je cilj smanjenje potrošnje nafte, što se u nekim regijama i državama posebno razvijenijih zemalja, i ostvaruje. Zbog toga je naftni sektor u procesu postepene tranzicije prema niskougljičnoj energiji. Naftne kompanije sve više investiraju u nenaftne projekte i transformiraju se u kompleksne energetske kompanije. S obzirom da je nafta dominantni izvor energije i to bi mogla ostati još 10-15 godina, naftne kompanije imaju društvenu odgovornost sigurne opskrbe tržišta u dugoročnom razdoblju te odgovornost profitabilnog poslovanja prema dioničarima i zaposlenicima.

Translated Abstract

The paper analysed the effects of oil shocks, COVID-19 pandemic worldwide spread and the global economic recession as a consequence, as well as the effects of climate and energy policy on oil sector end companies. A sharp drop in oil prices marked the first quarter of 2020, when coronavirus pandemic started in China and has continued to spread around the world. All countries have answered mostly with lockdown along with closing the boundaries, banning the travel and work in many activities, particularity transport, etc. It has effected a sharp downfall of gross domestic product (GDP) both globally and locally, as well as the collapse of oil consumption, along with mitigating the decreasing trends from the mid-2020 when countries have opened their economies. The oil companies have necessarily reduced their activities, which caused the losses in the business operation in the first half of 2020, along with fewer investments. It represents an additional challenge for the oil sector, which is under the influence of the climate and energy policy measures for quite some time, with the aim of reducing the oil consumption, which is realised in some regions and countries, particularly in more developed countries. Therefore, the oil sector undergoes a gradual transition process towards low carbon energy. The oil companies are investing more in non-oil projects and are transforming into complex energy companies. Given the fact that the oil is a dominant energy source and would remain so for the next 10-15 years, the oil companies have the social responsibility of the secure oil market supply in the long term, as well as the responsibility of business profitability towards their shareholders and employees.

KIzazovi kojima je bio izložen naftni sektor u 2020. godini imaju dugoročne posljedice za njegov razvoj koji će biti intenziviran u smjeru niskougljične energije i gospodarstva. Nova strategija razvoja već je prisutna u naftnim kompanijama koje imaju snažan ekonomski potencijal za ulaganja u transformaciju u integrirane energetske i energetsko-petrokemijske kompanije. Taj proces tranzicije će biti ubrzan zbog niza razloga: snažnog pad cijena nafte početkom 2020. i njihove nestabilnosti; do sada neviđene zdravstveno-ekonomske krize izazvane pandemijom virusa COVID-19 s posljedicom smanjenja bruto domaćeg proizvoda i potražnje za naftom (posebno u manje razvijenim državama); pada aktivnosti i poslovanja s gubicima naftnih kompanija u 2020.; provođenja mjera klimatsko-energetsko-ekonomske politike usmjerenih na intenziviranje smanjenja emisija stakleničkih plinova, povećanje udjela OIE u potrošnji energije, povećanje energetske učinkovitosti i dr.

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