Energy Focus Summer 2024

energy focus

INDUSTRIES COUNCIL

VIEW FROM THE TOP

Ana Amicarella, CEO, EthosEnergy

Carbon capture: Europe leads, world follows FROM THE ENERGY

ENERGY TRANSITION

OIL AND GAS

Shifting landscapes, emerging opportunities

NET ZER

NUCLEAR

Global partnerships pave the path to sustainability

Our sustainable future hinges on peaceful relations, worldwide cooperation, and robust trade to achieve net zero

Bertling – where excellent operational performance speaks for itself. Stay informed about your carbon footprint and take proactive measures to reduce and offset emissions with our comprehensive transport tracking solution. Join us today on our Road to Zero!

Visit www.bertling.com/sustainability to find out more.

5 Foreword From the Chief Executive

6 View from the top Ana Amicarella, CEO, EthosEnergy

10 News and events Updates from EIC

12 The big question

How should supply chain leaders navigate geopolitical challenges?

14 Op ed: Stuart Broadley, CEO, EIC

Net zero needs peace and trade

34 My business

Marina Castro dos Santos, Head of Patent, Industrial Design and Software, Vaz e Dias Advogados & Associados

ENERGY TRANSITION

18 Unveiling global leaders: carbon capture around the world Aadam Sufi, Energy Analyst, and Fleur Pomeroy, SupplyGap Lead, EIC

Op-ed: Stuart Broadley

View from the top: Ana

RENEWABLES

22 Renewable energy prospects across Europe, Asia-Pacific, the Americas, and Sub-Saharan Africa

Nabil Ahmed, Energy Analyst, Beatriz Corcino, EICDS Analyst, and Hazwani Izzati, Energy Analyst, EIC

OIL AND GAS

26 Expanding horizons: Oil and gas opportunities across Europe and the Americas Muhammad Arif Syafiq, Senior Energy Analyst, and Lucas Ramos, Energy Analyst (Oil and Gas), EIC

POWER

30 Japan’s leadership in Southeast Asia’s energy transition

Firdaus Azman, Energy Analyst, EIC

NUCLEAR

32 The geopolitics of nuclear energy: partnerships, progress, and prospects

Firdaus Azman, Energy Analyst, EIC

Amicarella

From the Chief Executive:

In this edition, we consider the huge role that international trust and free trade will play in our attempts to reach net zero – a pertinent issue as the world faces increasing geopolitical tension

This time of the year is always an exciting one for all at EIC: the Energy Exports Conference (EEC), our annual flagship event, is approaching once again at P&J Live, Aberdeen, on 11 and 12 June 2024. EEC is designed with the aim of making it easier for the supply chain to learn about the world’s energy project opportunities across all technologies. We bring together many of the world’s key energy project decision makers, including 20 international delegations, to present and discuss their requirements. We also enable more than 1,000 supply chain companies to attend and showcase their technologies, innovations and capabilities, hopefully shortcutting their journey to new or continued international success. This year we welcome 100 speakers during the two days, so we hope to see you there. Go to www.the-eic.com/ EEC to register for free.

At EEC, we are always privileged to welcome some of the world’s top energy companies, which travel to the UK to discuss their initiatives and want to meet the best supply chain innovators. Aramco, Petrobras, Petronas and Ørsted are just some of the major operators, developers, original equipment manufacturers and contractors that will be in Aberdeen. Of course, an export and international trade conference needs a few things to make it work, including companies that want to trade around the world. To do this, they need to see the business opportunity, as well as a pathway to access those opportunities quickly, making profits and managing risks while doing so.

Unfortunately, the world has not become safer or lower risk in the past five years, has it? COVID, war in Europe and the Middle East, and geopolitical tensions between the US and China are all worsening the risk profile. Companies are growing despite these challenges, but are also feeling cautious about what the future may hold and therefore holding back.

Meanwhile, net-zero investments are slowing as hydrocarbon markets boom.

That’s why we ask the fundamental question in this edition: is net zero achievable at all if trade and trust break down? Yes, companies may still find ways to grow, but will this be in harmony with net-zero ambitions? Countries may find pathways to partially decarbonise their economies, but how far can they get without free market access and trade, and how much will it cost? And, without collaborating with China, is it even possible to close the loop on the net-zero conundrum?

Certainly, it’s becoming clearer that net zero is no longer a gimme, no longer a one-shoe-fits-all solution. Each country and each company has to find its own path, stand accountable and be transparent about its efforts. Is there enough of this accountability and transparency at the moment? Probably not, and that needs to change.

To encourage the discussion, I’m pleased to welcome EIC member EthosEnergy’s inspirational and award-winning CEO Ana Amicarella as this edition’s interviewee for View from the top. Her insights on the gas and liquefied natural gas markets, growing energy demand, the secrets to global resilience and futureproofing a business, as well as clues on how to rise to the top as a woman in energy, are timely and deeply thought-provoking.

I hope you find this edition informative and a little inspiring, and feel free to get involved in this debate. Contact us anytime to share your views or join our discussion forums. Or perhaps I’ll see you at an EIC event soon – maybe at the Energy Exports Conference?

Stuart Broadley Chief Executive Officer, Energy Industries Council stuart.broadley @the-eic.com

View from the top

Ana Amicarella, CEO, EthosEnergy

We are actively working with customers to help them with their decarbonisation strategies

Energy Focus talks with Ana Amicarella about EthosEnergy’s focus on extending asset life through equipment reuse, global collaboration for sustainable energy solutions, and navigating changing business landscapes amid geopolitical uncertainties

What is the market, product, service, scope and core business model of EthosEnergy?

EthosEnergy is a global independent service provider for rotating equipment used in power generation, oil and gas, industrial and aerospace sectors. Our services encompass three key areas: maintain, enhance and operate. We provide routine maintenance services, including repairs, parts manufacturing and field services throughout the year. Additionally, we offer off-the-shelf or customised solutions to optimise or enhance asset use. This includes our ability to help increase power output, reduce emissions or enhance steam production. Furthermore, EthosEnergy operates entire power plants on behalf of our customers, ensuring their assets are well-maintained and efficiently managed.

EthosEnergy is jointly owned by Wood and Siemens Energy; what do both parties bring to the joint venture?

Wood and Siemens Energy primarily interface with EthosEnergy at the Board of Directors level. They provide oversight of our financial performance and offer guidance on our strategic growth plans for the company. In addition, there are times where we have partnered with our shareholders to provide an expanded scope of services and solutions to our customers.

How has EthosEnergy adapted as a business to net-zero policies, and how are decarbonisation and low-carbon affecting your business approach?

We are actively working with customers to help them with their decarbonisation strategies. There are solutions we can provide that can be ‘fit for purpose’ to help reduce emissions from rotating equipment. Whether it’s an offshore oil and gas operator or a power plant in Texas, there are economical ways to lower emissions and still generate power. We are also big proponents of reuse versus buy new. Many of the parts we offer customers are refurbished, which can lower the supply chain’s carbon footprint and help extend an asset’s life.

What’s your view of the US Inflation Reduction Act (IRA)? How will it impact EthosEnergy’s operations and investments in the US?

The direct impact of the IRA can be felt and seen in how our customers are using the incentives and tax credits in their individual power generation activities. We are participating in conversations on how to provide solutions for reducing greenhouse gas emissions, implementing carbon capture and using alternative fuels (such as hydrogen). In addition, the IRA has a positive impact on job creation and the strengthening of domestic supply chains, which can benefit EthosEnergy.

What’s your view of the gas and liquefied natural gas (LNG) market? Do you agree with the US policy regarding LNG exports to Europe and its cooling relationship with China?

The need for gas and LNG still exists and will be needed throughout the energy transition, especially when you apply the lens of energy availability and energy security. Regardless of geopolitical happenings, the demand and need for LNG are clear and present. EthosEnergy sees a tremendous opportunity in the LNG space, where operators are looking for alternatives to reliable maintenance services and cost reduction.

Oil and gas has regained its position as a central element of energy policy due to energy security. Do you see this changing?

Do you see oil and gas declining quickly, and if so, how is EthosEnergy preparing?

I’ve spent most of my career providing services to the oil and gas industry, which has always seen cyclical activity. As we go through the energy transition, we will continue to see the need for a mix of energy sources to ensure energy demand and energy security. Every energy source has a role to play, and with the demand we see coming, it’s even more important. While not our biggest sector, we support rotating equipment operating on offshore oil platforms and in downstream activities such as petrochemicals and refining.

About Ana Amicarella

As CEO of EthosEnergy since 2019, Ana Amicarella leverages more than 30 years of experience in the energy sector. She previously held executive positions at Aggreko and General Electric, overseeing various business units. Ana, a Six Sigma Black Belt, holds an electrical engineering degree from the Ohio State University and an MBA from Oakland University. She is recognised as an industry leader, honoured as POWER Magazine ’s 2021 Energy Executive of the Year and listed among Hart Energy’s Influential Women in Energy for 2023 and 2024.

right processes, systems and trained people that can all flex as market conditions fluctuate. We are also working to secure global supply chains in order to mitigate risks from those affected by geopolitical occurrences.

Which regions of the world are most active to trade with, and which are least?

Everyone needs energy – we cannot live without it. Energy is a basic human need – it must be equitable

Are you seeing energy demand growing? If so, why? And what might this mean to net zero and energy affordability?

Energy demand is absolutely growing, and the need to ensure available, accessible and sustainable power is ever-increasing. The ‘electrification of everything’, the rise of artificial intelligence and the need for more data centres, as well as extreme weather events, are putting a strain on the existing supply. As a power generation industry, the challenge we face is the need to continue to innovate while working with governments and the private sector to ensure that energy demand can be met while reducing emissions and keeping energy affordable.

Which technologies are most exciting for EthosEnergy in terms of growth potential, net-zero impact, profitability and skills?

The energy industry can improve its adoption of equipment reuse. Rather than disposing of equipment nearing decommissioning, we should explore reusing it.

At EthosEnergy, our mission is to extend the life of existing assets through economically, socially and environmentally beneficial solutions. Our efforts reduce CO₂ emissions in two ways: by reducing new equipment production and by deferring or eliminating the recycling of older assets. Additionally, we are currently collaborating with Politecnico di Torino in Italy to identify ways to use lower-carbon alternative fuels such as hydrogen in gas turbines.

Do you worry about an increasingly uncertain business and geopolitical climate? How do these factors influence EthosEnergy’s operations and strategic decisions? There’s one thing you can count on with business and geopolitical climates – they are always changing landscapes. While these are discussed and can influence our strategic and operating decisions, we are working to futureproof EthosEnergy to be nimbler and more adaptable to change. This means ensuring we have the

EthosEnergy does business with customers worldwide, in more than 100 countries. We are predominantly active in North America and Europe but see significant growth opportunities in Latin America, the Middle East and Asia-Pacific. We are focusing our efforts on ensuring our ability to operate locally while also using our global network of shops and field service specialists. We want to get the right people, tools and equipment where they need to be for our customers to ensure maximum availability and reliability of power.

What can governments around the world do to encourage more collaboration and sharing of lessons to help reach net zero by 2050?

Governments can be facilitators, enablers and catalysts for global collaboration. By fostering partnerships, providing resources such as research and development funding, facilitating the sharing of data and best practices and aligning policies, they can accelerate progress toward a sustainable future.

What role do you see for the energy industry in promoting global peace, trust and trade relations?

Everyone needs energy – we cannot live without it. Energy is a basic human need – it must be equitable. The industry must work with all governments, organisations and stakeholders to ensure this need is met sustainably. I also think everyone in the industry, regardless of the source of energy they provide, needs to realise we are in this together. While we are in this energy transition, working together goes further than us working in silos.

As a successful leader in energy, what advice would you give other women considering a role in the energy industry or unsure how to get to the top?

As professionals, acknowledge that your position is well-deserved. Seize your seat at the table and amplify your voice. Be authentic, embracing your distinct viewpoints and insights. Remember that diverse perspectives drive innovation, so embrace challenges as chances to showcase your expertise. Believe in your abilities – you belong in this industry just as much as anyone else. Trust your skills, knowledge and expertise. Connect with other women in the industry. Seek out mentors who can guide you, share their experiences and provide valuable insights or be a mentor for the younger generation of future women leaders.

(Left) Ana Amicarella meeting with Asia-Pacific customers

news&events

Upcoming events in 2024

Offshore Northern Seas 2024

Date: 26–29 August 2024

Location: Stavanger, Norway

About the EIC

Established in 1943, the EIC is the leading trade association for companies working in the global energy industries. Our member companies, who supply goods and services across the oil and gas, power, nuclear and renewables sectors, have the experience and expertise that operators and contractors require. As a not-for-profit organisation with offices in key international locations, the EIC’s role is to help members maximise commercial opportunities worldwide.

Events

EIC LIVE events

In the coming months, we have a bustling schedule of events and initiatives. From the prestigious EIC and UK Pavilions showcasing at major industry gatherings across the globe to the eagerly anticipated new edition of our successful EIC Connect event series, there is something for everyone. Plus, we are excited to announce a trade delegation heading to Latin America.

Remember, this is just a glimpse into everything that we have in store. To discover other events, including webinars, check out our calendar at the-eic.com/ events/calendar

Why attend? We are proud to be organising and managing the UK and EIC Pavilion at Offshore Northern Seas 2024, the leading conference and exhibition connecting the broad energy industry. With more than 1,000 exhibitors, it has grown into a global energy meeting place that links international suppliers and operating companies.

The event is one of the world’s leading meeting places for our industry and the reference point for energy transition to new cleaner renewable solutions. Whether you are an established exhibitor or a newcomer, this is the perfect opportunity to position yourself in front of the international energy industry.

If you are interested in exhibiting with us or want to learn more, email internationaltrade@the-eic.com or visit the-eic.com/Events/Exhibitions/ OffshoreNorthernSeasONS2024

EIC Connect Singapore

Date: 28 August 2024

Location: Singapore Expo

Why attend? EIC Connect is our flagship meet-the-buyer event series, organised in multiple and changing energy markets around the world each year. This time, EIC Connect will be hosted in Singapore, building on the success of Asia-Pacific (APAC) Energy Conversations.

Set to take place at the Singapore

Expo, this premier conference is designed to facilitate meaningful connections, stimulate innovation and explore the trends shaping the future of energy in the APAC region. Join industry leaders, experts, and innovators for insightful discussions, groundbreaking ideas and invaluable networking opportunities.

Reports

EIC Insight SustainableReport:Aviation Fuel

To secure your spot or to fi out more, email danial.hakim@ the-eic.com or visit the-eic.com/ EventDetail?dateid=4131#BookNow

Trade

delegation to ColombiaConference 2024

Date: 2–6 September 2024

Location: Bogotá and Colombian Caribbean

Why attend? The EIC is organising another trade delegation in Latin America, this time to Colombia. The all-energy mission will take delegates to Bogotá and the Colombian Caribbean, offering opportunities to engage in meetings with key local players in the oil and gas, hydrogen and offshore wind sectors. The delegation also includes briefing meetings presented by qualified speakers with in-market experience, and a networking reception.

To express interest or gather further information, email international trade@the-eic.com or visit the-eic. com/Events/OverseasDelegations/ TradeDelegationtoColombia2024

Other news

EIC celebrates 20 years in the Middle East

This year, the EIC celebrates 20 years of its regional office in Dubai, commemorating two decades of commitment and service to the Middle East energy sector. The Dubai office was inaugurated in 2004 to help members to facilitate business opportunities and foster industry advances.

Ryan McPherson, EIC Regional Director for the Middle East, Africa, and Commonwealth of Independent States, said: “As Regional Director for the past five years, it fills me with immense pride to mark the 20th anniversary of the establishment of our Dubai office. I wish to extend my heartfelt gratitude to all those, past and present, who have contributed to our remarkable journey of success. Our dedicated team consistently exceeds expectations, ensuring that our members derive maximum value from their association with EIC”.

The aviation industry is one of the hardest sectors to decarbonise. Sustainable aviation fuel (SAF) has emerged as a leading solution in the short to medium term. With aviation contributing up to 14% of transport emissions and up to 3% of all CO2 produced, countries worldwide are striving to integrate it into their net-zero targets. More than 100 SAF projects are proposed on EICDataStream, underscoring the industry’s momentum. The EIC Insight Report: Sustainable Aviation Fuel delves into the primary markets driving SAF adoption and highlights key industry players. It offers a thorough analysis of trends, opportunities, and challenges within each market.

NEW REPORT OUT NOW

To access this report and other EIC market intelligence, visit the-eic.com/ MediaCentre/Publications/Reports.

EIC Survive and Thrive VIII Insight Report 2024 g

The eagerly anticipated eighth edition of the EIC’s prestigious Survive & Thrive Insight Report series is well underway! Promising to showcase success stories from even more companies this year, this forthcoming report will delve even deeper into current trends within the energy industry, offering invaluable perspectives from EIC members across the globe. With a wider scope and richer content than ever before, this Survive and Thrive Report is poised to deliver unparalleled insights and inspiration to industry stakeholders worldwide. Stay tuned for its imminent release.

The BIG question

How should supply chain leaders navigate geopolitical challenges?

Supply chain leaders must exhibit strategic agility amid geopolitical challenges. But how can companies adapt to global uncertainties, fortify resilience and mitigate risks to capitalise on opportunities? Energy Focus puts the big question to three members

Stuart White

Operations Director at Blaze Manufacturing Solutions Ltd

The usual considerations of understanding your buying habits, knowing your supply chain and managing risks by having alternative sources and solutions, has become ever more difficult with the shifting risk landscape.

While Blaze is in the fortunate position to be independent and not tied to specific products or suppliers, others aren’t so lucky and need a more in-depth strategy. In these cash-constrained times, building up stocks is not possible for most – especially SMEs. There are also the practicalities of storage, deterioration and obsolescence to consider. And this is not to ignore skills shortages, especially in Western economies where skilled tradespeople and engineers are in short supply.

Managing your supply chain requires considerable effort, and regular review, to maintain awareness of the risks and solutions

Wherever the risks lie, maintaining close relationships with key suppliers is essential, as you will better understand their resilience and contingencies should disruption occur. They can also help to manage disruption for their core clients. However, alternative solutions are often required.

Leaders therefore need to be ever more innovative in building resilience and agility in supply chain management. This includes considering supplies that

may be higher priced but more local, building relationships with suppliers in new geographies and even considering product design to accommodate alternative types of component, as well as in-house solutions, where practical.

In short, managing your supply chain requires considerable effort, and regular review, to maintain awareness of the risks and solutions.

Blaze Manufacturing Solutions Ltd provides fire safety protection, detection and loss prevention solutions for the energy sector. Originally set up to serve the oil and gas sector, Blaze has expanded its safetycritical solutions to allow for early intervention and mitigation of a major accident hazard to ‘high asset value’ sites where the result would be catastrophic for both personnel and plant. Blaze has a track record of delivery in the renewable energies, nuclear, mining, commercial and industrial sectors and overseas to markets across the globe.

Neelakandan

Partner and Head of Construction

Claims

Suppliers must adopt prudent and proactive forecasting, incorporating geopolitical challenges Shamila

& Expert Services Asia

Pacific at HKA

In today’s world, geopolitical risks arise from strained international relations, manifesting in various forms. These include military conflicts (Middle East and Europe), uncertain domestic political landscapes (for countries holding elections this year) and systemic regional polarisation through economic ostracisation of nations such as China and North Korea. All of these cause uncertainty in supply chain management.

Adverse geopolitical environments cause disruption in the supply of natural resources (oil, gas, minerals and so on). It also contributes to material scarcity, workforce shortage, protracted trade routes (and thus increased freight and insurance premiums) and abnormal increases in inflation, compounded by uncertain fiscal regulations on national taxes and policies.

In addressing the complexities of geopolitical risks, sustainability emerges as a pivotal strategy to be considered. Supplier diversification, especially through local production hubs, stands as a potent tool to reduce trade barriers. Empowering suppliers, supported by subsidies and incentives, enables them to offer resilient commercial alternatives, mitigating the adverse impacts of geopolitical disruption.

Embracing non-exclusive framework contracts with suppliers not only ensures stability but also secures better rates while managing uncontrolled risks. And implementing pre-agreed caps on inflation rates serves as a crucial measure to control the rising costs.

In summary, suppliers are advised to mitigate risks through diversified strategies while adopting prudent and proactive forecasting, incorporating geopolitical challenges into their financial projections.

HKA provides multi-disciplinary expert and specialist services in risk mitigation and dispute resolution within the capital projects and infrastructure sector. It has extensive experience advising clients on the economic impact of commercial and investment treaty disputes and forensic accounting matters across all industry sectors. HKA also supports companies that conduct business with the US federal government, providing them with consulting services on complex government contracting matters. From concept to closeout, HKA’s services deliver incisive interventions that provide clarity and certainty, getting to the bottom of time, technical and cost overruns, and resolving claims and disputes.

Dan Kerr

Managing Director at Samuel Knight Energy

As the transition to renewable energy continues, companies across the supply chain are increasingly encountering talent challenges. Hiring and retaining the best people within wind, solar, storage, and transmission and distribution is ever more competitive. The challenge now is having the right talent available with all the experience required. We are often trying different initiatives to inject new talent into the industry or bring talent from other markets with transferable skills.

With more than 6,000 renewable energy projects all hiring across development, construction and operations, there is high demand for talented engineers, technicians, project managers, technologists and business leaders. Therefore, a long-term proactive

approach to talent attraction, development and retention should be central to the growth strategy of any company operating within renewable energy. We are looking to invest in people and upskill individuals in order to get new talent into the industry.

Directly recruiting replacements for those who leave can be difficult and expensive, so it’s important to take a longer-term approach, attracting and developing entry-level talent. Investing heavily in employee skills, qualifications and experiences can help to increase retention by up to 50%.

Yes, hire for attitude – but skills are critical in what can be a highly technical career. Companies should be looking for opportunities to hire people with transferable skills from aligned industries such as conventional energy, chemical and pharmaceutical, and automotive.

The challenge now is having the right talent available with all the experience required

A proactive, long-term talent strategy should be central to every company operating within renewable energy.

Samuel Knight International is on a mission to build a greener world by working with the global community to achieve zero-carbon emissions by 2050. Through its specialist companies, Samuel Knight Energy, Samuel Knight Projects and Samuel Knight Technology, the company provides global recruitment and manpower solutions for the renewable energy market.

Samuel Knight International specialises in enabling its customers to fulfil their project needs by sourcing contract and permanent talent in various sectors, including onshore and off shore wind, solar energy, battery storage, transmission and distribution, power generation, hydrogen and hydroelectricity.

NET ZER TRADE

Our ability to avert the worst effects of climate change is in jeopardy if governments and countries around the world do not start prioritising diplomacy and nurture trust to allow trade and global cooperation to flourish.

An op ed by

Stuart Broadley, CEO, EIC

It wasn’t long ago that every country and region was faced with a singular threat, one to which the solution – the development, production, and distribution of COVID-19 vaccines – was realised via multinational cooperation.

Lockdowns slowed economies, reducing demand for energy and thus the corresponding greenhouse gas emissions. Simultaneously, many governments saw net zero as a way to enable economic recovery from COVID-19. In 2020, both Europe and China released their respective net-zero targets, with Europe setting 2050 as its deadline and China 2060. That same year, EIC tracked a significant jump in energy transition projects around the world, including hydrogen and carbon capture projects. In September 2020, the UN’s climate change division announced that the number of net-zero emissions commitments by local governments and businesses worldwide had roughly doubled in 2020.

Today, though, the world is in a different place. Russia’s invasion of Ukraine; rising living costs and the resurgence of right wing isolationist politics in the West; fears over China’s threat to cybersecurity and concerns about our dependency on the country for critical materials; the conflict in the Middle East – these are all preoccupying governments. It is little wonder that transitioning energy systems and economies to net zero in order to mitigate climate change – something once seen as a unifying global aim – has fallen down the list of priorities.

But without disparaging or playing down today’s challenges, unaddressed climate change will result in mass migration as people move across borders to reach less hostile temperatures and climes. Food security and other strategic resources will also be impacted – which is likely to inflame geopolitical tensions.

A recent report by Wood Mackenzie highlights that, as half of the global population heads to polls in 2024, “political realities and climate scepticism in the

major emitting countries, such as the US and Europe, could reduce the support for the transition as voters seek economic security and price stability”. The consultancy has modelled a scenario of a five-year delay to the energy transition that could see the global average temperature rise to 3°C above preindustrial levels.

The worst effects of climate change can only be averted if leaders around the world quickly acknowledge the interdependency of peace, trust and trade, all of which are critical if net zero is to be achieved. In a less safe world, there is less trust. Trust is what allows friendships and business relationships to flourish, which leads to trade. If trust is lost, so is trade.

Few countries have the luxury of their own natural resources and local political stability to deliver their net-zero commitments without collaborating with other countries – buying technologies, materials, minerals, capacities and skills at competitive prices to offset their local shortcomings. Trade is collaboration in its most commercial and legal form. Without trust, there is no trade, no collaboration and no net zero.

An unsafe world threatens the energy trilemma

Energy affordability, the energy transition and energy security are all threatened by an unsafe world. A more conflict-riven world reduces countries’ ability to import and trade resources and technologies for energy production. This will put the brakes on net zero while driving up energy costs, and will also limit countries’ ability to ensure that they have sufficient access to energy.

Few countries have the luxury of their own natural resources and local political stability to deliver on their net-zero commitments without collaborating with other countries

Global cooperation is key to achieving net zero

Achieving net zero will require expansion of renewable sources of power, such as wind, solar hydropower and geothermal, and low-carbon sources such as nuclear, whether to supply demand for electrification or to convert to molecules to make hydrogen. Achieving net zero will require more flexibility, provided by

Stalled progress means net-zero policies are more critical than ever

Achieving the Paris Agreement by 2030 is now unrealistic, but every effort should be made to reduce the impact as much as we can because every degree of warming matters. Just because we are far from meeting our ambition, we should not relent but should instead double down and put in place policies and incentivise the technologies that will empower us to achieve a cleaner and greener future.

Viken Chinien, Head

of

Department,

Markets & Risk, Energy Systems Region UK & Ireland, DNV

Urgent transformation action needed to meet climate goals and energy demands

This COP marks the first global stocktake since the Paris Agreement, and its conclusions are not in doubt. We are way off track. The bottom line is this: the world needs to cut emissions by 43 per cent in the next seven years to keep 1.5°C alive.

“In the course of those same seven years, the global population will exceed 8.5 billion and is on its way to 10 billion by 2050. Meeting the scale of the world’s fast-growing energy needs, while dramatically reducing emissions, is one of the most complex challenges humanity has ever faced. Nothing short of transformational progress will do across mitigation, adaptation, climate finance and loss and damage.

Dr Sultan Al-Jaber, COP28 President, speaking at a special roundtable in Paris hosted by the International Energy Agency (March 2023)

The importance of UK-Sino relations for net zero

The UK is fortunate in that it has lots of options, lots of capabilities but not the supply chain capacity. This is true of net-zero technologies like offshore wind turbines. Peace with China and keeping trade open is necessary. China is the only country to have industrialised nuclear energy production due to the scale and frequency required to deliver new reactors. Few other countries can achieve the economies of scale, the cost efficiencies that China has with its supply chain and these benefits can be passed on to other countries.

EIC President Campbell Keir

Threats to global trade

International trade began weakening following the 2008 financial crisis. More recent events have exacerbated it, such as Russia annexing Crimea in 2014, more isolationist policies in the US under Trump and the more recent onshoring focus of Biden’s Inflation Reduction Act. But it was COVID-19 that exposed the fragility of supply chains and how countries are reliant on just a few hubs to obtain materials and components, a good example being Taiwan for semiconductors, an integral technology.

“The just-in-time model is being replaced by the just-in-case model, which focuses on ensuring supply chains are resilient for energy security as well as other areas. Geopolitical tensions and climate change, which is leading to more extreme weather events, are highlighting the fragility and the risk of relying on a single source for critical components, materials and technology.

Viken Chinien, Head of Department, Markets & Risk, Energy Systems Region UK & Ireland, DNV

batteries at scale and interconnectors.

Very few countries have enough renewable resources or the capacity to make all the wind turbines, solar panels, batteries, substations, cables and other components needed to totally decarbonise their energy systems. Every nation has its own natural resources, policies and trading relationships. Some have minerals. Some see nuclear as viable, others do not. Individual countries will need to see what technologies are available to them, how much of the journey is achievable under their own steam and how much of it will require help from others.

Net zero teN orez

Peace + trust + trade = climate success

Germany, at the heart of Europe, has energy demands that exceed its domestic renewable production capacity. This has led it to push clean hydrogen heavily, and to start tapping countries such as Canada, Denmark, Scotland and the UAE.

Japan has limited potential to generate clean energy from renewables due to space constraints on its land, and harnessing its offshore wind resource relies on commercialising floating wind at scale. Without nuclear, and requiring energy security, it relies heavily on coal supplied by Australia, and of course, gas.

The lowest possible cost solution to solving technical and supply chain issues is open borders for trade. Brexit was a self-inflicted wound. It wasn’t good for trust or friendship with our nearest neighbour, but we still have trade, and we still have open and strong trading relationships all around the world.

Trust and trade are critical to competitive supply chains

Countries with strong, trusting and open trading relationships also have highly competitive supply chains. They can access technologies,

raw materials, labour, and funding and finance at the lowest cost of capital rates. They can scale up more quickly, so they can become more competitive. When a country loses trust and friends, it is no longer competitive.

Nuclear is a case in point. At COP28, 25 countries pledged to triple nuclear capacity to meet climate change targets. However, in this industry, only a handful of countries can deliver the reactors, technology and fuel. One of these, Russia, is no longer a viable option for many Western governments. China is one of the few countries in the world that can build nuclear reactors at the scale required to meet demand – but that is only one part of the equation.

We need to start prioritising diplomacy again, acknowledging that peace leads to trust, which nurtures trade, which leads to the cooperation and competition needed to deliver net zero

Russia has historically been a key supplier of nuclear fuel enrichment. Now that many countries, including those with nuclear ambitions, have cancelled their trade with Russia, they are faced with the question of whom to turn to. Step forward the UK, where Urenco, which is one thirdowned by the UK government, is to build an enrichment facility. This will come online in time to supply reactors being built in the UK and in Europe.

Path

to net zero:

Peace and trade as foundations

Trade edarT

Speaking on Radio 4’s Today programme, Urenco CEO Boris Schucht said the UK government worked with Urenco to get a fuel production facility in place in Cheshire, observing that the UK is unique as being one of the few countries, aside from Russia, with the nuclear fuel cycle skillsets.

Time for a global net-zero mission

Chang’e 6’s recent mission to the other side of the Moon has been heralded as a rare example of constructive international collaboration. The Chinese-built probe is carrying instruments contributed by France, Italy and the European Space Agency, while a small satellite from Pakistan is aboard the orbiter. Further cooperation between China and other countries has been pledged in the context of lunar and deep space exploration.

We need to make net-zero a global mission of the highest priority, but let’s be realistic: we need cooperation to do it. It is easy to work together and solve problems in the fastest, most cost-effective way if countries work well together. Government-togovernment trust, exemplified through good diplomacy, good relations, good common understanding and good structural agreements, paves the way for companies to collaborate to solve problems, whether they are customer-related problems or policyrelated problems such as net zero.

The need for global stability

If the largest nations in the world are engaged in conflict, either direct or threatened, then we all fail – and averting

Peace and diplomacy

Essential for trust and collaboration

Trade and open borders

Critical for affordable and efficient supply chains

Energy transition Requires global collaboration on renewable technology

Economic cooperation Necessary for funding and scaling up green initiatives

Global stability through peace and trade is the foundation for a sustainable future

climate change through achieving net zero becomes impossible to achieve.

Trust needs diplomacy, long-term stability and the ability for people to move freely across borders. It requires financial stability and stable currencies, and fewer military threats. We need to start prioritising diplomacy again, acknowledging that peace leads to trust, which nurtures trade, which leads to the cooperation and competition needed to deliver net zero.

The pandemic showed what can be achieved when countries work

together to overcome a global threat. COVID-19 treatments and protective measures relied on global supply chains, a multinational logistics network and frictionless trade, especially with China. And it was during the pandemic that major economies, governments and businesses around the world coalesced around net zero.

We need to acknowledge that net zero rests on global stability, so countries and economies can start to collaborate in earnest to achieve it.

Exploring the global surge in carbon capture, EIC’s Aadam Sufi and Fleur Pomeroy highlight key regions driving innovation and investment, from Europe’s policy-driven initiatives to North America’s extensive project pipeline and Asia-Pacific’s emerging markets

world global leaders: Unveiling

carbon capture around the

Carbon capture has seen unprecedented growth in recent years, with legalisation, project announcements and funding schemes all progressing at a rapid pace. EIC is currently tracking more than 360 projects under development

Europe

Europe is poised to be a global leader in the carbon capture industry, thanks to supportive EU policy laying out the regulatory landscape for the technology and cross-national collaboration. Consequently, an integrated infrastructure network is likely to take shape across the continent in the coming years, extending from the UK to the Nordic countries to Central Europe.

In the region, carbon capture is expected to primarily target industrial decarbonisation, particularly in the concrete, steel and chemicals industries, along with the development of new blue hydrogen facilities. The EU’s Green Industrial Plan is underway and aims to streamline regulatory procedures and bolster project funding through instruments such as the InvestEU, RePower EU and the Important Projects of Common European Interest. Legislation is provided by the Net

Zero Industry Act, which targets 50 million tonnes per year (mtpa) of CO2 injection by 2030, with individual contributions from oil and gas producers determined proportionally based on their fossil fuel production levels. Incentives include the aforementioned funding as well as the high carbon prices under the EU Emissions Trading System. The EU has also approved several funding schemes by individual states across the bloc.

Countries leading the way in Europe

UK

The UK is a world leader in its carbon capture initiatives, with more than 60 projects in the pipeline. These projects primarily focus on decarbonising power and using storage sites and depleted oil and gas fields in the North Sea. Strong government

backing has seen £20bn promised over the next 20 years for the industry, with the cluster approach being employed to mitigate risk by integrating several regional capture projects into a central network for transportation and storage.

Norway

Norway is one of the most advanced countries for carbon capture. It has decades of experience, being one of the

North America

North America is leveraging its substantial expertise in carbon capture to become a global trailblazer for deployment. The region has announced multiple large-scale CCS plans, including several of the world’s most prominent proposed facilities.

US carbon capture prowess

The US leads globally in carbon capture, utilisation and storage (CCUS), with more than 100 projects tracked across the country. A key driving force behind carbon capture in the US is its well-established Enhanced Oil Recovery (EOR) industry, which uses captured CO2 to maximise oil extraction from underground wells. With a robust infrastructure already in place, the US boasts more than 5,000 miles of CO2 pipelines and ample storage potential in the Gulf of Mexico.

The country’s Inflation Reduction Act (IRA) stands as the greatest incentive for carbon capture, with the 45Q tax credit being increased to up to US$85/tonne for point source carbon capture and up to US$180/tonne for direct air capture (DAC). The changes

first countries to use the technology in 1996. The country has invested heavily in its flagship Northern Lights carbon capture and storage (CCS) project and offers several incentives for deployment.

Netherlands

The Netherlands has ambitious plans for carbon capture, largely centred around the Port of Rotterdam. Many of these planned projects involve using carbon capture to produce

allow more projects to qualify, and the capture threshold has been lowered. The upcoming presidential election may invite uncertainty regarding the future of IRA tax credits and other supporting policies.

Canada’s commitment

Canada has prioritised carbon capture in its decarbonisation plans, with a target of 15 million tonnes of CO2 to be captured and stored by 2030. Incentives exist on both the federal and provincial level, with EOR and the decarbonisation of the country’s vast greatly polluting oil sands likely to be the biggest drivers. The CCUS Investment Tax Credit, introduced in 2021, offers a refundable investment tax credit of up to 60% for carbon capture equipment costing more than US$4bn. This credit is likely to become active later this year. However, the upcoming 2025 elections could impact federal-level support for the technology.

low-carbon hydrogen. The Porthos project stands out as one of the most important first-mover projects around the world and one of the largest to now reach financial investment decision. The country’s Sustainable Energy Production and Climate Transition Incentive Scheme serves as a significant boost for new projects, providing a 15-year subsidy support contract to help make the technology profitable and bring it to market.

Supply chain constraints

Most of the equipment and services required for deploying CCS projects have commonalities with those in the oil and gas sector. Despite these transferable skills, there are concerns that the current global supply chain is insufficient to meet the demands of the current project pipeline. Carbon capture is not the only industry with significant demands on its supply chain; other energy transition sectors, such as hydrogen, as well as traditional oil and gas, are also expected to require extensive resource.

Large-scale fabrication is a specific area of concern, especially in Northern Europe. The UK lacks the capability and capacity to support many of these projects. In contrast, other regions, such as North America and Asia-Pacific, show better resilience to supply chain capacity concerns. However, the extent of how other regions and industries using these supply chains will affect the availability of these manufacturers is yet to be determined.

Interested in exploring energy transition opportunities?

Inform your decisionmaking with the latest contracting activity and market research from EIC.

To discuss your needs, email Sharanya Kumaramurthy at sharanya.kumaramurthy @the-eic.com

Quest CCS facility in Fort Saskatchewan, Canada

Storage tanks at the Northern Lights CCS project, controlled by Equinor ASA, Shell plc and TotalEnergies SE, at Blomoyna, Norway

Asia-Pacific is positioned as an emerging carbon capture market, with several countries planning to invest in the technology to reduce reliance on fossil fuels, particularly coal. Around a third of global CO2 emissions come from the region, with fossil fuels accounting for 90% of Southeast Asia’s energy mix. Carbon capture hubs are expected to be developed in the region, with captured CO2 transported from East Asia, particularly Japan, towards storage sites in offshore Southeast Asia and Australia.

Australia

Australia is one of the region’s most

Asia-Pacific Middle East

The Middle East and North Africa region is set to become a leading carbon capture advocate, given its dependence on oil and gas and its determination to decarbonise while continuing to power its economies through the industry.

Saudi Arabia’s carbon-free drive

Saudi Arabia, one of the world’s highest per capita emitters, has shown a strong commitment to carbon capture. State-owned oil company Aramco has set a capture target of 11mtpa by 2035, while Saudi Arabia aims to reach 44mtpa. The country has declared that it will not build any new power stations without carbon capture technology.

Gulf cooperation on CCUS

The UAE is one of the first movers in the region, with an operational carbon capture plant and expansion plans underway. Additionally, it has plans to co-operate with the US on DAC. Meanwhile, Qatar and Bahrain have also established targets and committed to CCUS.

mature markets for carbon capture, with Santos the largest developer. The company aims to use carbon capture to decarbonise and thereby extend its oil and gas operations. There is huge storage capacity offshore – estimated at more than 20bn tonnes.

Indonesia and Malaysia

Indonesia and Malaysia are gearing up to establish themselves as regional CCS centres, with plans for multiple hubs in both countries. Stateowned oil and gas operators are

set to work with foreign players, notably from Japan and Korea, to construct projects.

China and Japan

China is planning several carbon capture projects focused on the chemical industry, and has prioritised the technology in its latest Five-Year Plan, as well as incentivising the technology through its carbon tax system. Japan is also expected to play a significant role, announcing its roadmap in January 2023; it aims to store up to 240mtpa by 2050, and has seven hubs under development.

Where are the opportunities?

Europe

157 projects under development with a total investment of US$83bn

Top countries by project count

1 UK 78 projects

2. Norway 14 projects

3. Netherlands 10 projects

4. Germany 9 projects

North America

US$42.4bn

US$9.3bn

US$5.9bn

US$8.8bn

129 projects under development with a total investment of US$86bn

Top countries by project count

1 US 111 projects

2. Canada 16 projects

Asia-Pacific

US$52.5bn

US$32.9bn

55 projects under development with a total investment of US$16bn

Top countries by project count

1 Australia 15 projects

US$3.4bn

2. Indonesia 10 projects US$4.6bn

3. China 7 projects US$2.2bn

4. Japan 7 projects US$0.8bn

Middle East

13 projects under development with a total investment of US$7.4bn

Top countries by project count

1 UAE 6 projects

2. Saudi Arabia 2 projects

3. Qatar 2 projects

UK

Net Zero Teesside

Value: US$3bn

Startup: 2029

Stage: Engineering, procurement and construction (EPC)

Status: Contract awarded

Operator: Oil and Gas Climate Initiative

Norway

Northern Lights

Value: US$1.5bn

Startup: 2024

Stage: EPC

Status: Contract awarded

Operator: Northern Lights JV

Netherlands

Porthos CCUS

Transportation and Storage

Value: US$1.3bn

Startup: 2026

Stage: EPC

Status: Contract awarded

Operator: Port of Rotterdam Authority

Canada

Pathways Alliance

Value: US$16.5bn

Startup: 2030

Stage: Front-end engineering design (FEED)

Status: Planning consent applied

Operator: Pathways Alliance Group

US

Baytown Project

Value: US$2bn

Startup: 2029

Stage: FEED

Status: Contract awarded Operator: ExxonMobil

Australia

Bayu-Undan

Value: US$1.1bn

Startup: 2028

Stage: FEED

Status: Contract awarded

Operator: Santos Ltd

Saudi Arabia

Jubail Industrial City

Value: US$4.5bn

Startup: 2027

Stage: EPC

Status: Tendering and bidding

Operator: Aramco

UAE

Al Reyadah

US$2.3bn

US$4.6bn

US$200bn

4. Oman 2 projects US150bn

Source: EICDataStream (April 2024)

Value: US$1bn

Startup: 2030

Stage: FEED

Status: Contract awarded Operator: Al Reyadah

Source: EICDataStream (April 2024)

Nabil Ahmed, Beatriz

Corcino and Hazwani

Izzati at EIC discover how geopolitical shifts, legislative changes and technological advancements are shaping renewable energy landscapes across Europe, Asia-Pacific, the Americas and SubSaharan Africa, driving unprecedented growth and transformation

Renewable energy

Europe across Europe, Asia-Pacific, the Americas and Sub-Saharan Africa prospects

Following the Russian invasion of Ukraine in February 2022, there has been a major geopolitical shift within Europe. The urgency of reducing dependence on Russian gas and enhance energy security has prompted a significant reevaluation of the region’s energy sources. Consequently, the renewable energy sector has

undergone profound growth and transformation to foster greater self-reliance among nations.

In November 2023, the amended Renewable Energy Directive came into effect. The EU’s legal framework, which looks to transpose its provisions into national law in 18 months, supports cooperation between EU countries towards a goal 42.5% of clean energy by 2030.

According to EICDataStream, there are more than 2,000

renewable projects in the pipeline to be completed by 2030, totalling 467GW and with a CAPEX of US$761bn. These predominantly focus on wind and solar energy. While some European nations have abundant renewable resources, others must rely on imports to meet their targets. As a result, countries are exploring diplomatic alliances and trade agreements to secure access to these crucial technologies.

Nordic leadership

The Nordic countries, including Norway, Sweden and Denmark, boast stable political environments and robust supply chains for renewable technologies such as wind turbines, solar panels and hydropower equipment. The region is home to key players such as Vestas and Vattenfall, which have been heavily involved in many offshore wind projects, especially in the UK,

Asia-Pacific

Asia-Pacific (APAC) is undergoing a renewable energy shift, driven by environmental imperatives, technological advances and economic opportunities – with countries such as India, China and Australia leading the charge.

India’s solar focus

projects with a potential capacity of up to 6GW, and Orsted’s plans to develop 1.6GW of offshore wind near Incheon.

Philippines’ offshore wind

India is placing significant emphasis on solar energy, leveraging its abundant sunlight. With an existing solar generation capacity exceeding 80GW, it aims to increase this figure to 500GW by 2030. Foreign investments in solar power generation in India have surged, totalling nearly US$20.7bn between 2010 and 2019.

China’s offshore wind dominance

China leads in offshore wind capacity, achieving an installed capacity of more than 31GW by mid-2023 – the world’s largest operational offshore wind capacity.

Renewable momentum in Australia

In Australia, renewable energy sources, including solar, wind and hydro, accounted for 32% of total electricity generation in 2022, with the government pledging to increase this to 50%. The growing interest in green hydrogen is further driving the growth of the region’s renewable energy market.

Offshore wind boom in South Korea

EICDataStream is currently monitoring 66 offshore wind projects in South Korea, totalling more than 52GW. Major players include Korea Electric Power Corporation and Deep Wind Offshore, with foreign developers also entering the market. Notably, in November 2023, Corio Generation and bp proposed a US$1.092bn investment plan in South Korea’s offshore wind market. Other recent activities include bp’s partnership with Deep Wind Offshore for four

establishing cross-border trade between the markets.

Challenges facing UK wind

While the UK is hugely dependent on offshore wind capacity to meet its net-zero targets, inflationary pressures have led to delays and shelved projects. Speculation that there will be a new government following the upcoming general election suggests that there are changes ahead, particularly for

Despite being a long-term prospect, the World Bank estimates that the Philippines has vast offshore wind potential of more than 178GW. Copenhagen Infrastructure New Markets Fund (CINMF) has signed contracts with the country’s Department of Energy for three offshore wind projects, totalling 2GW. Other key players include Vestas, AC Energy and PetroEnergy Resources Corp. BlueFloat Energy is also proposing four projects, totalling 7.5GW. A policy allowing 100% foreign ownership in renewable projects has been introduced to attract more investments – as shown by CINMF’s commitment. The Department of Energy has also granted numerous offshore wind energy service contracts.

Policy initiatives driving growth

Australia’s Offshore Electricity Infrastructure Act 2021 provides clear guidelines for operations and licensing. The government encourages investment in renewables through mechanisms such as reverse auctions. Contracts for Difference offer investors protection against price fluctuations, guaranteeing a fixed rate for generated output. Meanwhile, South Korea’s Green New Deal, launched in 2020, shows a significant commitment to renewable energy adoption. With a targeted investment of US$6.8bn by 2025, the stimulus package focuses on wind, solar and hydrogen projects, paving the way for sustainable energy development in the country.

The various policies and investment initiatives, plus an expanding pipeline of projects, reflect a growing commitment to renewable energy across APAC. This is evidenced by an expanding pipeline of projects and a concerted effort to transition to cleaner and more sustainable energy solutions.

sectors such as onshore wind, which continue to encounter political hurdles.

Sweden pushes solar, Germany dominates offshore wind

Sweden is expanding its solar ambitions and has recently unveiled a 1.2GW solar module plant in an effort to tackle its dependence on imports from China and South Asia. It is also expected to supply its solar

SubSaharan Africa

Sub-Saharan Africa is in the early stages of its energy transition, with fossil fuels still playing a large role in the energy mix. Approximately 250 projects, totalling 140GW, are slated to come online by 2030, according to EICDataStream. Progress has been slow, largely due to a lack of legislative frameworks and policies to drive ambitious renewable energy goals. Nonetheless, certain countries, including South Africa, Congo and Nigeria, are pushing for greater adoption of clean energy, with solar and hydroelectric power comprising a significant portion of their energy portfolios. Due to limited local supply chain capabilities, the region relies on international suppliers, particularly from China and Europe – a trend expected to persist in the coming decade. Additional support is provided through initiatives such as the African Development Bank’s ‘Desert to Power’, which aims to enhance solar resources in the Sahel region, contributing to sustainable economic development across African nations.

modules to many European countries in the next decade. Meanwhile, Germany, known as an economic powerhouse, owes much of its strength to its extensive manufacturing and supply chain networks. This dominance is reflected in numerous offshore wind projects across the North Sea region, including the largest offshore wind farm to date –the 1.2GW Hornsea offshore wind farm.

Interested in exploring global renewables opportunities?

Inform your decisionmaking with the latest contracting activity and market research from EIC.

To discuss your needs, email Khairun Suffia Sulaiman at khairun. Suffia@the-eic.com

on solar panels in a village in India

The Americas

Building renewable energy capacity is central to transition strategies across the Americas, with EICDataStream tracking more than 785GW of projects set to commence operations by 2030. Offshore wind is an emerging segment in the US, Brazil and Colombia. The US has a considerable pipeline of fixedbottom and floating developments, Colombia is holding its first auction for offshore wind areas and Brazil has more than 90 projects under environmental licensing. Beyond offshore wind, solar PV and onshore wind developments account for most renewable energy projects – EICDataStream is tracking 1,648 projects, with a total potential CAPEX of US$447bn.

North American political influence

Politics will shape energy trends in North America this year. There is speculation over the impact of a Trump administration on US clean energy development. One question is whether the Inflation Reduction Act will be discontinued. It is improbable that established renewable technologies such as wind and solar will be affected, especially in Republican strongholds. Investments in job-generating sectors such as manufacturing facilities for clean energy equipment are also likely to remain unaffected.

In Mexico, Lopez Obrador’s focus on oil and gas has deterred private investment in clean energy for five years. Claudia Sheinbaum, frontrunner in this year’s presidential election, is expected to adopt a more pragmatic approach, which could boost clean energy.

Renewable growth in South America

The outlook in South America appears promising, particularly in Brazil, Chile and Colombia. Brazil has allocated substantial investments to renewable sources, with projects scheduled for startup

until 2030 totalling up to US$139.6bn.

Regulatory discussions in Congress are underway regarding offshore wind, hydrogen and carbon capture and storage (CCS) frameworks, and the first offshore wind auction could take place in 2024 or 2025. Petrobras has unveiled an ambitious investment plan for

2024 to 2028 that includes allocations for offshore wind, CCS and biofuels.

In Argentina, a financial crisis has made many wind and solar projects ‘unbankable’, hindering its renewable energy potential. Chile, by contrast, has more than 231 projects at various stages of development, with many linked to clean hydrogen facilities.

Where are the opportunities?

Europe

2,646 projects under development with a total investment of US$1,500bn

Top countries by project count

1UK 892 projects US$387bn

2. Spain 349 projects US$816bn

3. Germany 138 projects US$642bn

Asia-Pacific

1,660 projects under development with a total investment of US$1,570bn

Top countries by project count

1Australia 359 projects US$418bn

2. India 311 projects US$259bn

3. Indonesia 153 projects US$73bn

SouthAmerica

1,051 projects under development with a total investment of US$897bn

Top countries by project count

1Brazil 520 projects

US$705bn

2. Chile 231 projects US$680bn

3. Colombia 123 projects US$366bn

North America

1,011 projects under development with a total investment of US$460bn

Top countries by project count

1Canada 91 projects US$554bn

2. Mexico 77 projects US$165bn

3. US 747 projects US$376bn

Sub-Saharan Africa

210 projects under development with a total investment of US$235bn

Top countries by project count

1South Africa 53 projects

2. Zimbabwe 17 projects

3. Zambia 13 projects

Source: EICDataStream (April 2024)

US$125bn

US$7.4bn

US$6.5

Iceland

Greenvolt

Value: US$180m

Startup: 2027

Stage: Feasibility

Status: Planning

Operator: Greenvolt Energies

Renovaveis SA

Denmark

Thor

Value: US$2.4bn

Startup: 2027

Stage: EPC

Status: Contract awarded

Operator: Thor Wind Farm I/S

Mozambique:

Mphanda Nkuwa Hydro Power Plant

Value: US$5bn

Startup: 2031

Stage: Feasibility

Status: Planning

Operator: TotalEnergies

South Africa

Oya Energy solar farm

Value: US$150m

Startup: 2026

Stage: FEED

Status: Government/ authority approved

Operator: Engie

South Korea:

Floating offshore wind farm

Firefly (Bandibuli)

Value: US$2.5bn

Startup: 2028

Stage: FEED

Status: Contract awarded

Operator: Equinor

US

New England Solar Farm Phase II

Value: US$350m

Startup: 2025

Stage: FEED

Status: Government/ authority approved

Operator: UPC Renewables

Coastal Virginia Offshore

Wind

Value: US$9.8bn

Startup: 2026

Stage: EPC

Status: Contract awarded

Operator: Dominion Energy

Brazil:

Costa Branca 2 Offshore Wind Farm

Value: US$5.25bn

Startup: 2033

Stage: Feasibility

Status: Planning consent applied

Operator: Petrobras

Source: EICDataStream (April 2024)

Solar panel park with wind power mill in Brazil

The oil and gas industry in Europe and the Americas is undergoing significant shifts driven by energy independence imperatives, climate commitments and geopolitical dynamics. Despite facing political and fiscal challenges, these regions offer significant prospects as they continue to navigate a complex landscape, say Muhammad Arif Syafi q and Lucas Ramos at EIC

Expanding horizons

Oil and gas opportunities across Europe and the Americas

(Below) Mobile offshore drilling units stand in the Port of Cromarty Firth in Cromarty, UK

Oseberg

Europe

Europe’s upstream oil and gas is at a critical crossroads, with offshore opportunities gaining prominence amid growing energy security concerns and ambitious climate pledges. The market outlook remains robust as operators strive to balance the demand for reliable energy supplies with the urgent need for sustainable practices.

North Sea dominance

Interest in upstream exploration and production (E&P) continues to centre around the North Sea, with as many as 10 regional projects anticipated to reach final investment decisions within the next two years.

As Europe intensifies its focus on energy independence and carbon neutrality, the offshore sector is poised to play a key role in driving economic growth and environmental stewardship in the coming years.

EICDataStream currently tracks more than 260 proposed and ongoing European upstream oil and gas projects, valued at more than US$132bn and scheduled for startup between

The Americas

In the coming years, the Americas’ oil and gas industry will show robust activity across upstream, midstream and downstream sectors. This sustained growth is underpinned by the understanding that while energy transition efforts gain momentum across the continent, oil and gas will continue to play a significant role.

EICDataStream projects a CAPEX of US$1.1tn for nearly 900 projects set to commence by the end of the 2020s. These ventures span field development/ redevelopment in the upstream

now and 2030. Most of these projects originate from the North Sea’s major producing countries – the UK and Norway. These two countries alone contribute more than 80% of the region’s projects, with a combined CAPEX exceeding US$109bn. However, only 24% of the 260 projects slated for startup by 2030 have entered the construction phase, leaving 76% yet to commence construction.

Norway’s strategic energy role

As a non-EU member within the European Economic Area, Norway is pivotal in ensuring the continent’s energy security, supplying 25% of its natural gas needs. Renowned for its stable political environment and transparent governance, Norway stands out as a reliable energy supplier in the European oil and gas market. Key developments such as the Yggdrasil area, Valhall-PWP, SSPs and Utsira High Clusters underscore its significance. Norway’s steadfast stability

positions it as a preferred partner for European nations seeking to secure their energy supplies. Major players like Equinor, Aker BP and Vaar Energi are committed to expanding hydrocarbon production. At the same time, Norway aims for consistent oil and gas output through targeted exploration efforts in frontier and existing infrastructure-rich areas.

Challenges for UK E&P

Conversely, the future of the UK E&P sector remains volatile

due to ever-worsening political and fiscal barriers impeding investment and project progress. While the tax rate remains unchanged, the extension of the Energy Profits Levy to March 2029 has raised concern within UK North Sea supply chains, exacerbating the fiscal instability and bleak timeline for developments in the pipeline. As the UK election looms, the Labour Party’s tax proposal places the UK’s E&P sector in a precarious ‘lose-lose’ situation.

sector, greenfield platforms, liquefied natural gas (LNG) liquefaction projects in the midstream sector, and biofuels/ sustainable aviation fuel (SAF) plants in the downstream sector.

Understanding the geopolitical dynamics is crucial to gauge the feasibility of future energy projections. In 2024, significant political developments have unfolded across South, Central and North America, directly impacting the energy sector.

Upstream developments

According to EICDataStream,

there will be upwards of US$300bn in opportunities across over 130 offshore upstream projects in the Americas by 2030. South America leads in offshore growth, driven by a robust pipeline of Petrobras’ floating production storage and offloading units (FPSOs) in Brazil’s pre-salt region and ExxonMobil’s FPSOs in offshore Guyana. Additionally, discoveries by TotalEnergies in Suriname and by LLOG, Shell and Woodside in the Gulf of Mexico are expected to come online. However, beyond the 2020s, the escalating

challenges in securing financing agreements among operators, engineering, procurement and construction (EPC) bidders and international banks could add complexity in advancing new E&P projects.

In early April 2024, Venezuelan President Nicolás Maduro enacted legislation to designate the Essequibo region, encompassing two-thirds of Guyana’s land area, as a new Venezuelan province. This has escalated the long-standing border dispute between the two nations, with Venezuela seeking

(Below)

A offshore gas platform operated by Equinor in the Norwegian North Sea

The Americas (continued)

control over resources in Guyana’s Stabroek block, operated by ExxonMobil and estimated to hold 11bn barrels of recoverable resources. Since 2015, Guyana has garnered attention as an oil and gas hotspot, following more than 30 discoveries at Stabroek.

Meanwhile, in the Caribbean, Trinidad and Tobago authorities have pursued a temporary private permit from US authorities to develop the Manakin-Cocuína shared gas fields along the Venezuela border. This unfolds amid the US’s decision not to renew General Licence 44, a six-month licence granted in October 2023 authorising limited oil and gas business with Venezuela.

Midstream turmoil

In early 2024, the Biden administration’s decision to temporarily stop licensing new LNG projects stirred controversy within the US’s thriving LNG export sector.

Throughout the late 2000s, advances in hydraulic fracturing and horizontal drilling techniques propelled US onshore natural gas production to historic levels, paving the way to establish and expand a national LNG export industry over the subsequent decade.

Between 2016 and 2023, US LNG production skyrocketed from negligible exports to global leadership, driven by Europe’s energy security concerns following Russia’s invasion of Ukraine and escalating calls for decarbonisation.

The freeze on LNG projects is anticipated to remain until November 2024, coinciding with the country’s presidential elections. Should Donald Trump emerge victorious, he is expected to reverse the freeze and advocate for industry interests while prompting a reassessment of the Bureau of Ocean Energy

Management’s plans to conduct no more than three oil and gas lease sales in the US Gulf of Mexico in 2025, 2027 and 2029.

Rise of low-carbon fuel initiatives

The region is witnessing a notable increase in newly announced low-carbon fuel projects to produce renewable diesel and SAF. Drop-in SAF initiatives are increasing in North America as the aviation industry seeks alternatives to conventional jet fuel. Boosted by funds from the Inflation Reduction Act, the US Department of Energy is playing a leading role in this nascent industry by investing in the scale-up of various innovative

technologies for domestic fuel production.

Furthermore, the Brazilian ethanol industry offers significant synergies with the expanding SAF market and could supply billions of litres of feedstock annually to support US SAF production.

Future outlook

The Americas are poised to remain key players in the global oil and gas industry in the foreseeable future. Numerous opportunities are set to emerge in both traditional and innovative energy markets as energy security and energy transition concerns drive the industry’s evolution.

By Muhammad Arif Syafiq, Senior Energy Analyst, and Lucas Ramos, Energy Analyst (Oil and Gas), EIC

Where are the opportunities?

Europe

645 projects under development with a total investment of US$526.29bn

Top countries by project count

1Norway 130 projects US$64.2bn

2. UK (offshore) 113 projects US$41.1bn

3. Russia 94 projects US$232.1bn

North America

562 projects under development with a total investment of US$816.20bn

Top countries by project count

1US 398 projects US$506.6bn

2. Canada 94 projects US$194.5bn

3. Mexico 48 projects US$93.9bn

SouthAmerica

325 projects under development with a total investment of US$329bn

Top countries by project count

1Brazil 230 projects US$178bn

2. Argentina 39 projects US$57.2bn

3. Guyana 13 projects US51.4bn

Source: EICDataStream

US

Rio Grande LNG Export

Terminal (Phase 1)

Value: US$14.8bn

Startup: 2027

Stage: EPC

Status: Contract awarded

Operator: Next Decade

Canada

Ksi Lisims FLNG

Value: US$8bn

Startup: 2028

Stage: Front-end

engineering design

Status: Contract awarded

Operator: Ksi Lisims LNG

Guyana

Whiptail Oil Field (Jaguar FPSO)

Value: US$12.7bn

Startup: 2027

Stage: EPC

Status: Contract awarded

Operator: ExxonMobil

Brazil

Raia Manta/Raia Pintada Gas Fields (Raia FPSO)

Value: US$9bn

Startup: 2028

Stage: EPC

Status: Contract awarded

Operator: Equinor

Norway

Yggdrasil Area

Value: US$10.8bn

Startup: 2027

Stage: EPC

Status: Contract awarded Operator: Aker BP

UK

Bressay Heavy Oil Field

Value: US$5.5bn

Startup: 2028

Stage: Conceptual design

Status: Contract awarded Operator: EnQuest plc

Source: EICDataStream

Interested in exploring global oil and gas opportunities? Inform your decision-making with the latest contracting activity and market research from EIC.

To discuss your needs, email Pietro Ferreira at pietro.ferreira@ the-eic.com

(Above) Lake Maracaibo, Venezuela

THURSDAY 10 OCTOBER 2024

As Southeast Asia grapples with the urgent need to slash its carbon emissions in line with COP21 targets, Japan is fundamentally reshaping the region’s approach to combating climate change, says Firdaus Azman atEIC

SJapan’s leadership

outheast Asia faces a challenging journey towards reducing carbon emissions and adopting sustainable energy sources. Japan emerges as a pivotal ally in this endeavour, providing crucial financial support and cutting edge technology. From biomass co-firing programmes in Indonesia to liquefied natural gas (LNG) to-power projects in Vietnam, Japanese conglomerates and financial institutions are essential to advancing the region’s energy transition agenda.

in Southeast Asia’s energy transition

Indonesia’s innovative carbon reduction

Despite the challenges of transitioning away from coal in Southeast Asia and the wider Asia-Pacific (APAC) region, Indonesia’s approach to curbing carbon emissions from power plants has garnered recognition, particularly from major Japanese conglomerates such as JERA.

In 2019, state-owned PT Perusahaan Listrik Negara (PLN) launched a programme to reduce emissions from coal-fired power plants through biomass co-firing

trials. Up to 1m tonnes of biomass sourced from PT PLN Energy Primer Indonesia was initially used in 2023. In February 2024, PT PLN announced its intention to supply an additional 2.56m tonnes of biomass this year, following a reduction of greenhouse gas emissions by 1.05m tonnes in 2023.

By the programme’s completion, 114 operating coal-fired assets will have been retrofitted with the capability to

co-fire locally sourced biomass from the agriculture industry, addressing supply chain concerns. Japanese corporations, as the original suppliers of the gas turbines, have shown interest in participating in this programme, spearheading the feasibility studies that preceded the co-firing trials. One example is the Mitsubishi Heavy Industries’ (MHI) M701F coal turbine used in the Suralaya Coal Power Plant in Jakarta, which is currently

undergoing a feasibility study for biomass co-firing.

MHI is also investigating the co-firing of alternative fuels such as ammonia and hydrogen alongside biomass, which would further advance efforts towards achieving carbon-neutral emissions. However, sourcing ammonia and hydrogen poses a challenge as both industries are still nascent, demanding substantial time and funding to realise this ambition fully.

Vietnam’s LNG-to- power

Since 2020, EIC has reported a significant uptick in proposals for LNG-to-power plants in Vietnam, with a collective capacity of approximately 65GW in electric generation. These projects, slated for construction between 2024 and 2035, underscore the country’s dedication to transitioning towards cleaner energy sources.

Vietnam’s government is actively advocating for establishing LNG-fuelled plants – something that is aligned with its commitment to combat climate change, laid out in its 2021-2030 National Plan. The National Plan targets the installation of at least 22.4GW of

LNG-fired thermal units by 2030 – a goal Vietnam has already exceeded, with more than 40GW in the project pipeline.

However, additional efforts will be imperative, especially in financing. Estimates from the UN Development Programme suggest that up to US$100bn in funding is needed for the successful execution of the plan.

Vietnam has a steadfast financial partnership with Japan, mainly through the multilateral framework established in the Asia Zero Emission Community initiative. This facilitates loans and financial assistance from the

Japan’s role in AsiaPacific’s conundrum

Transitioning away from coal remains a challenge in the APAC region, primarily due to the upfront costs associated with establishing traditional renewable energy infrastructure such as wind and solar, and constructing a reliable transmission grid. The region has long enjoyed a partnership with Japan, which offers financial and technological assistance to support the export of its products.

This support extends beyond traditional renewable energy projects, encompassing emerging sectors such as ammonia and

Suralaya

Japan Bank for International Cooperation for various Japanese entities operating within Vietnam.

Projects such as the 660MW O Mon 1 gas-fired power plant, which received funding from Japan in 2002 and completed construction in 2016, show Vietnam’s successful partnership with Japan. The recent announcement of the 1,500MW Thai Binh LNG-toPower Plant, by a consortium including Tokyo Gas Company, Truong Thanh Joint Stock Company and Kyuden International, shows ongoing collaboration. With a feasibility study underway, construction is expected to begin in 2025 and be completed by 2030.

Top 3 regions leading the way in power projects

hydrogen production in Malaysia and Indonesia. Japan’s hydrogen sector remains nascent, driving collaboration with APAC partners to foster growth.

As the energy transition gains momentum, Japan is poised to take the lead in providing funding and expertise. With ongoing efforts to support clean energy initiatives, Japan’s partnership will likely play a pivotal role in the transition from coal.

By Firdaus Azman, Energy Analyst, EIC

1. Asia-Pacific

2. Middle East and North Africa 3.South America

Combined CAPEX US$617bn 646 projects

Where are the opportunities in Asia-Pacific?

1Indonesia 54 projects US$27,387bn

2. India 51 projects US$77,505bn

3. China 51 projects US$43,526bn

4. Vietnam 41 projects US$86,880bn

5. Bangladesh 19 projects US$35,995bn

Vietnam

Hai Lang LNG-fired Power Plant – Phase 1

Value: US$2.3bn

Startup: 2030

Stage: Feasibility

Status: Planning consent applied

Operator: KOGAS (Korean Gas Corporation)

Quang Tri LNG-fired Power Plant

Value: US$2bn

Startup: 2028

Stage: Feasibility

Status: Planning

Operator: SK E&S

Thai Binh LNG Power Plant

Value: US$1.5bn

Startup: 2028

Stage: Feasibility

Status: Government/ authority approved

Operator: Thai Binh LNG Power Joint Stock Company (TBLP)

Indonesia

Grasberg Mine CCGT Power Plant (PTFI)

Value: US$1bn

Startup: 2027

Stage: FEED

Status: Government/ authority approved

Operator: PT Freeport Indonesia

PLTGU Batam Bintan 1 Gas-fired Power Plant

Value: US$200m

Startup: 2026

Stage: EPC

Status: Tendering and bidding Operator: PLN Batam

Source: EICDataStream

Interested in exploring global power opportunities? Inform your decision-making with the latest contracting activity and market research from EIC.

To discuss your needs, email Firdaus Azman at firdaus.azman@ the-eic.com

(Below)

Power Station, a coal-fired plant in Indonesia

(Below) A power plant in Vietnam

Amid shifting geopolitical landscapes and energy demands, countries are forging strategic partnerships to advance nuclear power initiatives, promising both challenges and opportunities for a sustainable energy future, says Firdaus Azman at EIC

While liquefied natural gas and gas power plants offer an interim solution to the pressing issues of energy security and climate change, nuclear energy is emerging as a key contender for long-term clean power.

EIC has seen an increase in the number of nuclear projects achieving final investment decision and advancing, fuelled by bilateral relationships between nations with established nuclear capabilities and those striving to develop them. These relationships have played a crucial role in expanding the presence of Generation III pressurised water reactors (PWRs). However, there is anticipation around small modular reactors (SMRs), a variation of PWRs known for their improved safety features and reduced space requirements.

partnerships, progress, and prospects geopolitics of nuclear energy: The

Asia-Pacific: Leading the nuclear energy charge

China and India are pivotal nuclear markets in the AsiaPacific region. China, boasting self-reliance in reactor design, construction and the nuclear fuel cycle, leads with the majority of projects and confirmed final investment decisions (FIDs), representing around 44% of the region’s total CAPEX value. India is close behind, contributing 37% of this value. Noteworthy in India are two major power plant projects: the 9,600MW Jaitapur nuclear power plant (NPP) in Maharashtra and the 7,428MW Kovvada NPP in Andhra Pradesh.

India’s collaborations

French involvement in India’s nuclear sector dates back to 2009, when Areva was contracted as the reactor supplier for the Jaitapur NPP. French electric-utility provider EDF assumed the role in 2021, following Areva’s bankruptcy. Approval is pending for use of EDF’s six PWRs, based on the European Pressurised Reactors design, set for commercial operations by 2031.

This partnership between the Indian and French governments has stimulated discussions on advancing an ‘SMR and Gen III+

nuclear programme’. These talks gained traction during President Macron’s 2023 visit to India as part of the 25th India-France Strategic Partnership. This collaborative endeavour could herald a new era of nuclear innovation, possibly marking the commencement of SMRs in India.

US reactor supplier Westinghouse has worked with the Indian government as far back as 2016, notably in developing the Kovvada NPP. This stemmed from a bilateral agreement that pre-dates the project by more than a decade, originating in the

2005 US-India Civil Nuclear Agreement. India’s status as the sole signatory to the Nuclear NonProliferation Treaty gave it access to nuclear trade with the US, despite possessing nuclear arms. While the US remains interested in supplying India with Westinghouse’s SMR line, specifically the AP300 series, uncertainties loom over this alliance due to India’s relations with the Russian government. This includes the US$13.5bn Kudankulam NPP expansion series, slated for its first firing in May 2025.

(Left) A nuclear power plant under construction at night in India

European nuclear dynamics

The nuclear sector’s supply chain is being disrupted by US and other Western nations’ sanctions against Russia, over Ukraine – but new alliances are emerging. To mitigate reliance on Russian fuel for their water-water energetic reactors (VVERs), the Czech Republic’s CEZ has excluded Russia and China from participating in the proposed

1,200MW fifth unit of the Dukovany NPP. An engineering, procurement, and construction contract is currently in progress, with South Korea’s KHNP and EDF considered as contractors. Despite Westinghouse’s bid being cancelled, it managed to provide specially made fuel for the Dukovany NPP’s operating units, bridging the void left by Rosatom.

Hungary’s strategy

Hungary stands out in the region in intensifying its cooperation with Russia, pledging to overlook any sanctions imposed on the country. This commitment has secured the ongoing construction of the second unit of the US$13.6bn Paks II NPP, expected to be completed in the early 2030. The Hungarian government persists in blocking further rounds of EU sanctions, extending its stance to countries such as China and India. Presently, the consequences of Hungary’s refusal to adhere to EU sanctions remain uncertain.

Russian influence in the MENA region

Despite Western sanctions on Russia, nuclear projects in other regions are progressing, partly due to Rosatom participation. Projects in the Middle East and North Africa (MENA) that had secured FIDs by 2024 show Russian influence, including Rosatom’s involvement in the initial concrete pouring of the fourth VVER-1200 unit at Egypt’s US$30bn El-Dabaa NPP in January.

At the International Forum Atomexpo 2024 in Sochi, TSS Group announced it was establishing a joint venture (JV) with Rosatom subsidiary Atomenergomash. The goal is to deploy and manage a fleet of floating power units (FPUs) equipped with RITM-200M reactors abroad. Targeted regions

include Africa, the Middle East and Southeast Asia. Each FPU is projected to have a minimum electrical generation capacity of 100MW and an operational lifespan of up to 60 years.

The plan set out by the JV will take shape during 2029–2036. Russia’s involvement in the overseas market will likely catapult the progression of NPPs, especially in countries with stable relations such as Iran and Egypt.

A sustainable future

The convergence of various factors – such as a volatile geopolitical environment, inflationary pressures and supply chain disruptions – presents a multifaceted challenge, but also an opportunity for nations striving for clean and affordable

Where are the opportunities?

Countries with the highest FID rates

energy solutions.

As geopolitical tensions persist, countries with limited nuclear capabilities may find themselves dependent on legacy nuclear powers. As the deadline for COP21 emissions reduction looms, collaboration to develop safe, efficient nuclear technology will be indispensable.

Top three regions leading the way in nuclear projects with confirmed FIDs

India: Jaitapur Nuclear Power Plant

Value: US$51bn

Startup: 2031

Stage: Feasibility

Status: Planning consent applied

Operator: Nuclear Power Corporation of India Ltd

Andhra Pradesh (Kovvada)

Nuclear Power Plant

Value: US$25bn

Startup: 2030

Stage: Feasibility

Status: Government approved

Operator: Nuclear Power Corporation of India Ltd

Kudankulam Nuclear Power Plant (Units 5 & 6)

Value: US$25bn

Startup: 2030

Stage: Feasibility

Status: Government approved

Operator: Nuclear Power Corporation of India Ltd

Hungary: Paks II Nuclear Power Plant

Value: US$13.6bn

Startup: 2032

Stage: EPC

Status: Contract awarded

Operator: Paks Nuclear Power Plant Co. Ltd

Czech Republic: Dukovany Nuclear Power Plant (Unit 5)

Value: US$6.4bn

Startup: 2037

Stage: EPC

Status: Bids under evaluation

Operator: CEZ

Source: EICDataStream (April 2024)

Interested in exploring global nuclear opportunities? Inform your decision-making with the latest contracting activity and market research from EIC.

Combined CAPEX US$461bn 48 projects

To discuss your needs, email Firdaus Azman at firdaus.azman@ the-eic.com

(Below) Construction of the Xudapu nuclear power plant in Huludao, China

Europe

Middle East and North Africa

Marina Castro dos Santos Vaz e Dias Advogados & Associados

Head of Patent, Industrial Design and Software Marina

Castro

dos Santos

takes Energy Focus behind the scenes at Vaz e Dias

Can you tell us a little about Vaz e Dias?

Vaz e Dias Advogados & Associados is a law firm specialising in intellectual property law. We help companies to safeguard their intangible assets, while also providing legal support for commercial transactions geared towards exploiting intellectual knowledge and technological innovations.

As Brazilian firms increasingly engage in the global market, it has become imperative to ensure the protection of intangible assets in key foreign jurisdictions. Consequently, Vaz e Dias has expanded operations internationally, acquiring expertise in diverse legal systems to effectively serve clients in

trademark and patent protection across major global markets.

How is a day in your role?

My daily responsibilities involve overseeing our Patent and Innovation team, ensuring our solutions align with both national and international patent, industrial design, and software filing standards. This presents several challenges, particularly in fostering strong bonds in the team to facilitate professional growth and relationships.

I also engage in frequent meetings with local and foreign businesses to draft strategies for protecting technological advances through patents, utility models and confidentiality measures. These strategies are crucial given the protection restrictions on the Brazilian law to certain technologies and also the local practice.

What are your daily challenges?

Processing the large volume of information we receive from different clients concerning various technologies. We allocate specialised teams to each project, according to the specific technical area of each invention or new development, ensuring adherence to local authorities’ strict deadlines.

Challenges intensify when clients present cases with short notice, requiring swift and strategic action to safeguard their assets. Collaborating with global companies also demands adaptability in our approach to communication. Despite the complexities, this endeavour enriches our relationships and broadens our understanding of cultures.

What’s your favourite part of working at Vaz e Dias?

The people. I also enjoy the complex patents, designs or software application cases we receive. We have a cohesive, proactive and responsive team that

collaborates seamlessly, particularly when tackling complex cases.

What has been your greatest achievement as a Vaz e Dias employee?

My proudest achievement was spearheading the establishment of a multi-disciplinary patent team comprising internally trained technical experts with a unique culture of intellectual property.

I implemented a ‘scrum’ case management approach, similar to startup growth strategies, to enhance our patent team’s performance. Despite its origins in software development, this adaptable strategy proved effective at quickly establishing a high-performing multidisciplinary team. It provided the authority and decision-making needed for navigating the complexities of patent work.

This initiative led to a threefold increase in the annual performance of our patents and innovation department, along with a rise in our national and international client base. These accomplishments culminated in international recognition, notably being featured in The Patent Lawyer magazine’s top 10 firms in the patents and innovation sector since 2019.

What has changed since your first day at Vaz e Dias?

Team management. The emergence of the pandemic and remote work underscored the importance of adaptation. Rapid technological advances and the deluge of information required us to rethink team management. My approach has shifted significantly to meet these challenges and deliver results. Customer demands have also grown more complex, requiring continual learning and integration of new services into our operations. Amid this fast-paced environment, interconnected services and comprehensive solutions are imperative for meeting customer needs.

Marina Castro dos Santos with the Patents and Innovation team