YEPP PerSPEctive - John MacArthur shares his thoughts on leadership.
Humanity has always faced tough challenges. These challenges remain daunting. According to Jessica Williams’ book 50 Facts That Should Change the World, one in five people in the world live on less than U.S. $1 per day and about the same proportion, some 800 million people, go hungry daily. Williams explains that in recent years, a third of the world’s population has been at war, with a quarter of all armed conflicts involving a struggle for natural resources such as oil, minerals, metals, water, timber, and drug crops. The good news is that our industry can help tackle these problems; a secure supply of energy is critical to peaceful economic growth and a stable development environment.
Global energy demand grew by more than 4% last year, exceeding 10 billion tons of oil equivalent (approximately 73 billion bbl) for the first time, and according to Intl. Energy Agency (IEA) projections, this could increase by more than half over the next quarter century. We will still rely on hydrocarbons, with 60% of demand to be met by oil and gas by 2030.