In this special briefing, viEUws.eu's leading energy journalist Hughes Belin picks out the top 5 energy issues that will be discussed by the European institutions under the Italian Presidency. Security of supply remains at the top of EU decision makersâ agenda as the crisis between Ukraine and Russia continues. 2030 climate & energy framework: the Italian EU Presidency will have a chance to draw a compromise at the informal Energy and … [Read more...]
Moscowâs great new gas game: Russia will become a bigger player â but in a bigger market
Russia has embarked on a strategy to become a major player in the global LNG business, with as many as five or six  big new projects expected to come online by the end of the decade. This new LNG production capacity is part of Russia's broader strategy that involves reducing its reliance on European markets and becoming one of the top gas suppliers to the Asia-Pacific region. Paradoxically, these efforts, if they succeed, are likely to reduce … [Read more...]
Carbon Tracker blasts Shell’s take on Carbon Bubble
In a new report out today, Carbon Tracker Initiative (CTI), the NGO that invented the concept of âstranded assetsâ, blasts Shellâs âclimate letterâ of 16 May, in which Shell argues that âwe do not believe that any of our proven reserves will become strandedâ. According to CTI, Shellâs focus on proven reserves is âtoo narrowâ and âunderstates the risk that its business faces from changes in climate policyâ. EP editor Karel Beckman takes stock of … [Read more...]
Russian energy sector will cease to be engine of growth
The contribution of the energy sector to Russian GDP will decrease by nearly 50% over the coming decades. Although energy will continue to provide an important foundation to the Russian economy, it will cease to be an engine of growth. That is the main conclusion of Global and Russian Energy Outlook to 2040, recently published the Energy Research Institute of the Russian Academy of Sciences and the Analytical Centre of the Government of Russia. … [Read more...]
Kurdish oil will find its way out
In May, Iraqi-Kurdistan for the first time ever sold oil to international markets, defying a ban on oil exports from the central government in Baghdad. According to Friedbert PflĂźger, the Kurdish Regional Government (KRG) will have no problems finding investors and customers to build up its potentially huge oil and gas business. With the current crisis in Iraq, Baghdad should come to terms with the KRG if it wants to share in the proceeds. … [Read more...]
The new Oil Wars in Iraq
Underlying much of the violence that has broken out in Iraq is a struggle to obtain control over Iraqâs oil resources or at least a âfair shareâ of oil revenues, writes Michael Schwartz, author of many books and articles including âWar Without End: The Iraq War in Contextâ. According to Schwartzâs analysis,the insurgents are attempting to accomplish by force what was denied to them by the central government: a portion of the proceeds from the … [Read more...]
Oil and gas producers: we subsidise government, not vice versa
Oil and gas contribute hundreds of billions of euros to European government revenues every year, a new study shows, highlighting how the industry â far from being subsidised â crucially boosts public finances in the European Union and Norway. Energy taxation and subsidies in Europe, a study commissioned by the International Association of Oil & Gas Producers (OGP) and carried out by independent consultant NERA Economic Consulting, sheds … [Read more...]
IEA: unconventional oil revolution to spread beyond US
The unconventional supply revolution that has redrawn the global oil map will likely expand beyond North America before the end of the decade, the International Energy Agency (IEA) says in its annual five-year oil market outlook released on 17 June. The report also sees global oil demand growth slowing, OPEC capacity growth facing headwinds, and growing regional imbalances in gasoline and diesel markets. The IEAâs Medium-Term Oil Market Report … [Read more...]
Shale gas: what it could really mean for Europe
The Ukrainian crisis has revitalized discussions in Europe about the role shale gas could play in the European energy mix and to enhance security of supply. Opinions  on this are very polarized. Whereas optimists declare that Europe could start commercial production in 2020, the pessimists insist that shale gas will never be profitable in Europe. According to Alexander Gusev, the real picture is not black-and-white. Cutting through the confusion … [Read more...]
Will China follow the US example and cap carbon emissions?
With his Clean Power Proposal, President Obama has entered on a drive to put a ceiling on carbon emissions in the US â for the first time. The question  is now whether China will follow this example. Nicholas Cunningham of Oilprice.com believes China may be about to turn a corner â with huge consequences for global energy markets. … [Read more...]
IEA: Golden age of gas comes to China
Driven by booming demand, the "Golden Age" of natural gas that is now firmly established in North America will expand to China over the next five years, the International Energy Agency (IEA) said in its 2014Â Medium-Term Gas Market Report released today. The projected near-doubling of Chinese gas demand through 2019 compensates for a slight slowdown in growth in many other areas of the world, the report said. The annual report, which gives a … [Read more...]
The Trillion-Dollar Question: Is Big Oil over-investing in high-cost projects?
Mark Fulton and Reid Capalino of the Carbon Tracker Initiative â the NGO that originated the concept of âstranded assetsâand âthe carbon bubbleâ â explain the risks oil companies are taking by investing in oil and gas projects in an increasingly carbon-constrained world. … [Read more...]
Ten take-home messages from the new European Energy Security Strategy
On 28 May the European Commission published a new energy security strategy for the EU that sets out a long list of short-, medium- and long-term actions to reduce dependence on Russian gas. These range from regional âstress testsâ for supply disruptions to new priority gas infrastructure projects to serious examination of centralised gas purchases. For many however, it is energy efficiency that will make or break this strategy. Sonja van Renssen … [Read more...]
What oil companies do is bad for the climate. But it may also be bad for investors
Climate campaigners have a new weapon in their arsenal: they say that if shareholders want value for money they had better start questioning the high-risk, high-cost projects oil companies are undertaking on a massive scale. And not just because of climate risks, but for purely economic reasons as well. The Carbon Tracker Initiative, which first put the idea of âstranded assetsâ on the map (i.e. the notion that a large part of the fossil fuel … [Read more...]
South Stream âLiteâ shows it’s business as usual between EU and Russia
The agreement last week between Gazprom and OMV of Austria on South Stream shows that the EU and Russia will continue their long-standing energy partnership regardless of the crisis around Ukraine, writes Friedbert PflĂźger, Director of the European Centre for Energy and Resource Security (EUCERS) at Kingâs College London. According to PflĂźger, the mutual energy dependence between the EU and Russia should be regarded as a largely positive … [Read more...]
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