Trend, cost and challenges of maritime, oil and gas technologies

• Main Author: Huang, Qinxiang
• Other Authors: Zhong Zhaowei
• Format: Final Year Project
• Language: English
• Published: 2019
• Subjects: DRNTU::Engineering::Mechanical engineering
• Online Access: http://hdl.handle.net/10356/77467
• Institution: Nanyang Technological University

Advancement in technology is progressing faster than ever. The increasing demand for energy is required to sustaining our population. 80% of the world’s electricity comes from fossil fuel, which is the crucial source power generated. 80% of global trade by volume is from shipping, and marine fuel demand in world context was estimated to be 300MT in 2012. With that number of marine fuels burn yearly, it also contributes to air pollution. Shipping has taken up 16% of human-made SOx emission, and NOx is estimated to chip in 14% emission globally. With the correct chemical reaction, both SOx and NOx are a contribution to environmental and population harm. With that being says, technology brings convenient yet come with a cost. IMO (International maritime organisation) had considered of this situation and came up with strict regulation along the years that marine industry must follow. To comply with more stringent regulation, ship owners, ship management and shipbuilder must adjust their operation or business activities — modifications which sometimes cause economic or time lost. The tight schedule and the quick decision had to be made to catch up with regulation. Solutions which were brought up and a future trend that is expecting from the industry will be discussed in this report. Hopefully, this report will give you an insight of trend, cost and challenges that maritime is facing.