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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.


Puni tekst: hrvatski pdf 2.252 Kb

str. 21-32

preuzimanja: 411

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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: 1.238 *




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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