The new edition of the BP Statistical Review of World Energy, just released, reports that the US recorded the largest increase in oil production in the world, surpassing Saudi Arabia, , thanks to its shale revolution. Can Canada follow the US example now that huge new shale oil deposits have been identified in the country’s remote Northwest Territories? Andrew Topf of Oilprice.com reports that the oil may well be there, but the external … [Read more...]
Going for gas: the risky strategy of the world’s largest companies
They are the biggest companies in the world and they are making a huge bet: they are staking their – and our – future on natural gas. At the World Gas Conference in Paris, the major oil companies all avowed their belief that gas will be the world’s “fuel of choice”, because it is “the cleanest fossil fuel”, “abundant” and “competitive”. But Karel Beckman argues they are overstating the case for gas. And may even be betting on the wrong horse. … [Read more...]
IEA sees “harsh reality” for gas industry
From a Golden Age of Gas to a “harsh reality” in just a few years - the 2015 “Gas medium-term market report“ released by the International Energy Agency (IEA) on 4 June in Paris sounded a warning note to anyone who believes gas is bound to conquer the world. That can still happen - but only if gas drastically improves its competitiveness, said the IEA. … [Read more...]
Why is oil and gas activity causing earthquakes? And can we reduce the risk?
The US has witnessed markedly increased seismicity in recent years. There is little doubt that this is caused by oil and gas extraction activities, writes Matthew Hornbach, Associate Professor of Geophysics at Southern Methodist University. However, according to Hornbach, there is no reason to panic: human ingenuity will be able to address this new challenge. He notes that the energy industry has been very cooperative in researching the problem. … [Read more...]
Climate benefits of a natural gas bridge ‘unlikely to be significant’
Natural gas can only be a worthwhile bridge to a low carbon future if a series of tough conditions are met, according to a working paper from the influential New Climate Economy initiative. The paper says the climate benefits of gas, including shale gas, could in theory be significant. It suggests a 10% increase in global gas supplies could prevent 500 gigawatts (GW) of new coal capacity being added by 2035, avoiding 1.3 billion tonnes of annual … [Read more...]
Exclusive – JĂ©rĂ´me Ferrier, President International Gas Union: “You cannot equate gas with coal or oil. You have to discriminate!”
Natural gas can help safeguard the planet: it can become the world’s major energy source, be a factor for peace and help save the climate, says JĂ©rĂ´me Ferrier, President of the International Gas Union (IGU) and the French Gas Association in an interview with Energy Post. But, he adds, to enable gas to fulfill these roles, policymakers will have to make a clear choice in favour of gas over oil and coal. “They have to discriminate!” … [Read more...]
World’s largest investment fund from Norway set to divest from coal
The Finance Committee of the Norwegian Parliament has issued a unanimous recommendation to divest the country’s sovereign wealth fund from the coal industry. The Norwegian Government Pension Fund Global (NGPFG) is the world’s largest sovereign wealth fund and one of the top ten investors in the global coal industry. Environmental organisations are elated. They expect that many billions of euros will be withdrawn from the coal sector. … [Read more...]
Why Shell can’t quit the Arctic
Despite the damage to its reputation, Shell insists on continuing its controversial Arctic campaign. The company says that the world needs the oil and gas resources of the Arctic. But according to Energy Post’s editor-in-chief Karel Beckman, it’s really Shell itself that needs those resources. … [Read more...]
Greece and Iran: two old friends can change the geopolitics of energy in Europe
Greece, which has long had friendly relations with Iran, is poised to play a key role in distributing Iranian to gas to Europe, if Iranian sanctions are lifted. With Iran in the equation, the energy geopolitics of the region – and thereby the rest of Europe – will look very different from what they are today, write Christos Brakoulias, Constantine Levoyannis and Dr. Angelos Gkanoutas-Leventis of the Greek Energy Forum (GEF) in Brussels. … [Read more...]
Less worldly, more wise: a letter to Ben van Beurden, CEO of Shell
In a speech given in London in February, Ben van Beurden, CEO of Shell, called on the energy industry to be "less aloof, more assertive" in the debate about climate change. Van Beurden stressed that "the world's energy needs will underpin the use of fossil fuels for decades to come" and called for "realism and practicality". In a speech given in Paris in March, John Ashton, independent speaker, former UK Special Representative for Climate Change … [Read more...]
GlobalData: Russia’s oil production will continue to grow despite low oil prices
Russian oil production has grown by 1 million barrels per day (bpd) over the last decade to a post-Soviet record of 10.6 million bpd in 2014. In the next five years the factors that were behind this production surge will remain in place, regardless of oil prices, says Anna Belova, GlobalData's Upstream Analyst covering the Former Soviet Union. The Russian oil and gas industry is “relatively self-sufficient”, Belova adds. … [Read more...]
The carbon capture conundrum: is CCS a climate saver? Or a dangerous distraction?
With fossil fuels expected to provide the bulk of the world’s primary energy needs for the foreseeable future – despite the rapid rise of renewables – carbon capture and storage (CCS) is seen by many as an essential technology if we are to keep global warming within the 2°C limit that scientists recommend. "For many industrial processes, it's the only thing we have." … [Read more...]
EU investigation Gazprom comes at the wrong time
The timing of the EU's investigation of Gazprom further exacerbates tensions with Russia, notes Friedbert PflĂĽger, Director of the European Centre for Energy and Resource Security (EUCERS), King’s College London. PflĂĽger warns that if the EU and Russia continue to be on a collision course, both sides will lose. … [Read more...]
Adriaan – ‘Energy for One World’ – Kamp (ex-Shell): “Strategy of oil companies is doomed to failure”
Oil companies like Shell have unique skills that make them ideally placed to help build the energy world of the future. Yet they seem unable to look beyond their own interests, says Adriaan Kamp, former Shell manager and founder of Oslo-based consultancy Energy For One World. “Like the banks, they can’t change their ways. They are still making too much money with oil and gas.” According to Kamp, the growth strategy of the oil companies is still … [Read more...]
EU takes on Gazprom: “abusing dominant position, charging unfair prices”
The European Commission has accused Gazprom of imposing unfair gas prices in five EU member states – Latvia, Lithuania, Estonia, Bulgaria and Poland – through abuse of its dominant market position. This constitutes a breach of EU anti-trust rules. … [Read more...]
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