The head of Rosneft spoke about the formation of a new image of the global energy industry

The global energy industry is shaping a new face, "driven by a multiple increase in electricity consumption, which will be generated by both fossil fuels and renewable sources," said Rosneft CEO Igor Sechin. He made a presentation on "The Odyssey of the global economy in search of the Golden Fleece. The New Face of Global Energy" at the St. Petersburg International Economic Forum (SPIEF).

Sechin spoke about the main factors that affect the state of global energy. Among them are the need to ensure energy security and commercial efficiency of energy sources, budget deficits and an avalanche of public debt levels, as well as an increase in the population of developing countries. Another factor is the digital revolution, which includes the use of AI.

"The electric power industry is playing a special role, which will have to overcome the risk of shortages due to the surge in consumption in China, India, developing countries and the huge demand for electricity to supply data centers and heavy industry," the head of the company said at the energy panel.

According to Sechin, the increase in electricity consumption will be accompanied by a qualitative increase in labor productivity based on new technologies. "Today, the level of electricity generation in China is more than twice as high as its production in the United States, and 20 years ago it was the other way around," he explained.

The head of Rosneft quoted an authoritative scientist, a proponent of a realistic approach to the transition to new energy sources, Vaclav Smil.: "Energy is a universal currency. Without her transformation in any form, no achievements are possible." That is why, Sechin continued, modern societies with high levels of energy consumption prefer to use resources with the highest useful energy output, primarily fossil fuels.

"Those who will be able to participate in the formation of a new energy image in practice will have the opportunity to outstrip economic and technological growth. It suggests an analogy with the legend of the Argonauts searching for the golden fleece, who overcame incredible obstacles and troubles on the way to achieving happiness and well—being," concluded the head of the oil company.