Peak oil theory has been replaced with a new theory that might be called “techno-dynamism”. It holds that there is no limit to the amount of oil as long as the industry can apply its technological wizardry to oil production. However, there are three problems with this theory: technology costs keep going up, political and environmental risk keeps mounting, and climate policies will suppress demand which will in turn discourage invesment. The … [Read more...]
The five global implications of shale oil and gas
Much has been said about the shale (oil and gas) revolution, but according to Christof Rühl, Group Chief Economist and Vice-President of BP, its real implications have yet to sink in. He points out, for example, that no detailed assessment has been made yet of its macro-economic impacts. In this wide-ranging analysis, Rühl – one of the world’s most influential energy economists – discusses some of the major implications of shale. He notes that as … [Read more...]
The greatest business opportunity of our time
Amory Lovins, the founder of the famous Rocky Mountain Institute in Colorado, has written a book in which he presents an energy future without coal, oil or nuclear power. Yet he insists his is not a green or left-wing vision. On the contrary, it will save money and create wealth. “The energy transformation is the greatest business opportunity of our time.” … [Read more...]
Gazprom: “We are the pioneers of the Arctic”
Russia's first Arctic offshore field Prirazlomnoye, where Greenpeace activists were arrested in September after a high seas clash with Russian authorities, has started production of oil, the Moscow Times reported last Friday based on information from Gazprom. "We became the pioneers of Russia's Arctic development," Gazprom's chief executive officer Alexei Miller said in a statement. President Vladimir Putin has said Russia's Arctic offshore … [Read more...]
“European gas market will go from very tight to strongly competitive”
The European gas market will see “strong competition in the future”. This means that despite declining domestic production, Europe’s dependence on Russian gas will not increase over the long term. In the short term, however, over the next five years or so, Europe’s gas market could become very tight and Russia’s position will be stronger than ever. These are the expectations of energy expert Tatiana Mitrova of the Energy Research Institute of the … [Read more...]
Eastern Mediterranean Gas – Plea for a peace pipeline!
To exploit the exciting new gas reserves in the Eastern Mediterranean in the most profitable way, both economically and politically, the best option is to build a pipeline from Israel’s Leviathan field via Cyprus to Turkey, argues Friedbert Pflüger, Director of the European Centre for Energy and Resource Security (EUCERS) at King’s College London. Such a pipeline is less costly than an LNG terminal in Cyprus – and it could serve as an instrument … [Read more...]
IEA: coal unsustainable but here to stay
Tougher Chinese policies aimed at reducing dependency on coal will help restrain global coal demand growth over the next five years, the International Energy Agency (IEA) says in its annual Medium-Term Coal Market Report released today. Despite the slightly slower pace of growth, however, coal will meet more of the increase in global primary energy than oil or gas - continuing a trend that has been in place for more than a decade. "Like it or … [Read more...]
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