by S. Graham, May 9, 2018 in ClimateChangeDispatch
World fund managers predict a fall in the value of oil companies. According to a survey published last month in the United Kingdom, climate change risks will force a lower valuation of oil company stock prices within the next five years.
But despite many predictions of demise over the last 50 years, global consumption of hydrocarbon energy continues to grow
We’ve heard this many times before. In his address to the nation on April 18, 1977, President Jimmy Carter stated, “…we could use up all the proven reserves of oil in the world by the end of the next decade.”
by International Energy Agency, May 4, 2018
Energy produced offshore is a major component of global oil and natural gas supply and could provide an increasingly important source of renewable electricity. Resources are enormous, but offshore projects have to prove their worth in a changing market and policy context, amid a variety of pressures on the world’s oceans.
More than a quarter of today’s oil and gas supply is produced offshore, mostly in the Middle East, the North Sea, Brazil, the Gulf of Mexico and the Caspian Sea. While offshore oil production has been relatively stable since 2000, natural gas output from offshore fields has risen by more than 50% over the same period. Offshore electricity generation, mainly from wind, has increased rapidly in recent years, notably in the relatively shallow coastal waters of Europe’s North Sea.
Full report (.pdf, 80 pages)
by Tim Daiss, May 2, 2018 in OilPrice.com
As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products.
The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.
However, it should also be noted that the Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude, though since January amid the OPEC/non-OPEC production cut agreement that figure has fallen. On April 10, the Saudi oil minister said that the kingdom planned to keep its crude oil shipments in May below 7 million bpd for the 12th consecutive month (…)
See alos here
by Andrea Ayemoba, May 05, 2018 in AfricaBusiness
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines, suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.”
At nearly 2 billion barrels of crude oil of proven reserves in a vastly underexplored territory, Congo represents a sleeping giant amidst African oil producers. An improved business climate has brought profound benefits to the country’s oil industry. New developments by French oil company Total in Congolese territory are set to expand the country’s oil output from 280,000 barrels per day to 350,000 in 2018.
by J. Summers and S. Tobben, April 24, 2018 in BloombergMarkets
The Permian shale play is all about setting records. Now, the region may even become the world’s largest oil patch over the next decade.
Output in the basin is forecast to reach 3.18 million barrels a day in May, according to the Energy Information Administration. That’s the highest since the agency began compiling records in 2007. By 2023, the basin may produce 4 million barrels a day, according to the International Energy Agency. The Ghawar field in Saudi Arabia is currently the world’s biggest oil field, with capacity of 5.8 million barrels a day, according to a 2017 EIA report.
by Eric Worrall, April 16, 2018 in WUWT
Sky News, one of Australia’s most popular news services, just gave climate skeptic and geologist Ian Plimer an honest opportunity to explain what is wrong with Australia’s climate obsessed energy policies.
Geologist Ian Plimer told The Outsiders that Energy Minister Josh Frydenberg had caught himself ‘between a rock and a hard place’ when it comes to the government’s energy policies. Mr Plimer said it wasn’t possible for the energy market to provide cheap and reliable energy, but also reduce emissions.
by Tom Kool, April 17, 2018 in Oilprice
Oil saw significant gains in anticipation of the strikes in Syria, but following U.S. efforts to ease geopolitical tensions in the region, crude prices have stabilized.
by Energy Voice, April 17, 2018 in GWPF
Chinese shale gas production will almost double between now and 2020, energy consultancy Wood Mackenzie (Woodmac) has predicted.
by P. Homewood, April 17, 2018 in NotaLotofPeopleKnowThat
I was at the Mall last weekend, and came across this local anti fracking group holding some sort of a workshop.
One wonders if they realise where the energy they use every day comes from?
by Eric Worrall, April 13, 2018 in WUWT
h/t Geoff Sherrington – Coal is being rehabilitated as an essential component of the clean energy future.
Read more: http://www.abc.net.au/news/2018-04-12/coal-to-hydrogen-trial-for-latrobe-valley/9643570
Coal to hydrogen is not a new idea, the Water-gas shift reaction was discovered in 1780 by Italian Chemist Felice Fontana.
There are still some kinks to be worked out. The process to generate hydrogen from coal produces a monstrous amount of CO2 – far more CO2 per unit of useful energy than simply burning the coal would produce. But with hydrogen production, unlike hydrocarbon combustion, all the CO2 is produced in one place. This creates an opportunity for carbon sequestration, when technologies to sequester carbon on such an impressive scale are developed.
by Joe Ryan, April 12, 2018 in Bloomberg.News
(Bloomberg) — For all the buzz around wind, solar and electric cars, energy company executives had plenty to say Tuesday about the continuing role of fossil fuels and nuclear power at the Bloomberg New Energy Finance Future of Energy Summit.
Mining mogul Bob Murray offered a passionate defense of coal, asserting that we’d all “die in the dark” without it. Ethan Zindler, a Bloomberg New Energy Finance analyst, supplied the counter argument, saying U.S. coal-plant economics simply don’t work anymore. Here’s what executives from BP Plc to Tellurian Inc. said about the future of fossil fuels in a world pushing to fight climate change.
by Rick Wilkinson, April 12, 2018 in Oil&GasJournal
The New Zealand government has made the surprise announcement that it will not grant any new permits for offshore oil and gas exploration.
The Labor government of Prime Minister Jacinda Ardern said the move would not be retrospective. The country’s 22 existing offshore exploration permits along with any discoveries made in them could still lead to the granting of production licenses of up to 40 years duration.
by Connaissance des Energies, 24 octobre 2017
Dans cette note de synthèse en anglais, l’EIA américaine (Energy Information Administration), rappelle les grandes données énergétiques de l’Arabie saoudite qui a longtemps joué le rôle de « swing producer » sur le marché pétrolier, en faisant évoluer sa production et ses exportations selon l’offre et la demande mondiale de brut. Si le pays a perdu de son influence face à la révolution des hydrocarbures de roche-mère aux États-Unis, il constitue encore le membre central de l’OPEP, ayant joué un rôle moteur dans la décision de réduire la production des membres de cette organisation (d’autres producteurs comme la Russie s’étant associés à cet effort).
by Shane Hoover, April 4, 2018 in Inde.Online.com
Utica Midstream conference gives update on Utica Shale production and development.
NORTH CANTON Ohio has produced more natural gas than it uses since early 2015. Driven by prolific Utica Shale wells, the state produced a record 1.7 trillion cubic feet of natural gas last year.
Much of the regional economic development around that production has been in the form of pipelines and processing facilities.
Two interstate natural gas pipelines — Energy Transfer’s Rover project and the NEXUS Gas Transmission pipeline — cross Stark and neighboring counties.
by Climate Science, April 8, 2018
As the U.K. celebrates its final year as part of the European Union, it is standing on the brink of a major boost to its economy and prosperity as it awaits the first economic benefit from its rich oil and gas shales (…)