Energy is the backbone of global economic development. While offshore and onshore drilling still play a major role, renewable energy sources like deep geothermal drilling are gaining momentum. This article breaks down the current energy mix, key market trends, and the latest innovations in drilling technology and energy production.
Fossil fuels still dominate
Despite the global energy transition, fossil fuels remain the world’s primary energy source. In 2023, fossil fuels accounted for 81.5% of global energy consumption:
Oil: 31%
Coal: 26%
Natural Gas: 24.5%
The offshore oil industry remains strong, with active exploration and production (E&P) projects in West Africa, the Middle East, and South America. In 2023, global oil demand hit 100.6 million barrels per day (Mb/d). While demand is stabilizing in Europe and North America, China and India are driving continued growth.
Liquefied Natural Gas (LNG) is also playing a bigger role, especially in Europe, which has replaced Russian gas with a 60% increase in LNG imports in 2023.
Meanwhile, coal remains crucial for emerging economies. In 2023, China consumed more than 50% of the world’s coal, maintaining its position as the largest coal consumer, despite growing investments in geothermal drilling and low-carbon energy solutions.
The rise of renewable energy
Driven by environmental challenges and the need for energy security, renewable energy is expanding rapidly. In 2023, renewables accounted for 18.5% of the global energy mix, with notable growth in offshore wind, solar power, and biomass energy:
Hydropower: 6.5%
Wind (onshore & offshore): 4.7%
Solar: 4.5%
Biomass & other renewables: 2.8%
Europe leads the global shift towards clean energy. In 2024, 47% of electricity in Europe came from renewable sources, a record-breaking achievement. Offshore wind farms, especially in the North Sea, are expanding rapidly, with major investments in Scotland, Denmark, and the Netherlands.
The renewable energy market is booming. In 2023, global clean energy investments reached $1.7 trillion, surpassing fossil fuel investments for the first time in history.
Geothermal energy: a rising but underutilized source
While it still represents a small portion of the energy mix, deep geothermal drilling is becoming a key player, thanks to advancements in high-temperature drilling and reservoir stimulation technologies.
In 2023, global installed geothermal capacity reached 16.3 GW, with an annual growth rate of 3%. Some of the top players in this field are:
United States: 3.7 GW (22.7% of global capacity)
Indonesia: 2.8 GW (17.2%)
Philippines: 1.9 GW (11.7%)
Europe is also investing in geothermal drilling, with an ambitious goal of doubling capacity by 2030. In France, geothermal energy production grew by 12% in 2023, mainly in Île-de-France and Alsace.
Cutting-edge technologies, like supercritical geothermal drilling, could revolutionize the industry, unlocking higher power output and improved profitability.
Balancing energy security and sustainability
The future of the global energy mix will depend on a smart balance between fossil fuels and renewables. For companies like Enedril, adapting to new drilling technologies and low-carbon solutions will be essential to stay competitive.
Key industry trends to watch:
More efficient oil & gas drilling with lower CO₂ emissions (carbon capture, electrified offshore rigs)
Stronger investments in offshore wind farms and deep geothermal projects
Hybrid energy solutions, combining fossil fuel extraction with geothermal energy and carbon-neutral drilling
Fossil fuels remain dominant today, but the energy transition is accelerating. By 2030, over 50% of the world’s electricity could come from low-carbon sources, marking a major shift in the global energy landscape.