The new hype is to say that the end of the oil age is near. In the long run, the importance of oil will diminish, write Peter Simon Vargha, Chief Economist at  Hungarian oil and gas company MOL and his colleague Csaba Pogonyi, but before that some good years for oil are likely. Just as high prices reduced the likely future demand for oil, low prices will probably prolong its use. … [Read more...]
Why both incumbents and disruptors are struggling in the new energy market
The energy world is changing fast. Investments into renewable energy are outpacing investments into conventional energy. The incumbents, unused to this pace of change and tied down by large asset bases and long-term investment strategies, are struggling. But they are not the only ones. The disruptors are also finding it difficult to build new energy businesses. In fact, many of the companies that will in the end be able to benefit from the energy … [Read more...]
What happens when demand for oil peaks?
A gradual move away from oil, will have many benefits for the global economy, write Amy Myers Jaffe, executive director of energy and sustainability at the UC Davis Institute of Transportation Studies, and Jeroen van der Veer, former CEO of Royal Dutch Shell. According to Myers Jaffe and Van der Veer, a diminished role for oil means markets will become more stable and costly price subsidies can be reduced. The authors, both members of the new … [Read more...]
Phasing out fossil fuels for renewables may not be a straightforward swap
To have any chance of preventing dangerous climate change, the world needs to reduce greenhouse gas emissions to net zero or even negative by mid-century. Many experts suggest this means we need to completely phase out fossil fuels and replace them with renewable energy sources such as solar and wind. But according to Anthony James, lecturer with the National Centre for Sustainability, Swinburne University of Technology in Australia, new … [Read more...]
MIT: “Paris” sets world on course for 3C temperature rise by end century
Implementation of the Paris Agreement will lead to a temperature rise between 2.7 and 3.6C, far exceeding the 2C goal. That’s the main conclusion from new results of the MIT Joint Program on the Science and Policy of Global Change. Under this program, a team of scientists has investigated the likely effects of commitments made under the Paris Climate Agreement on global temperatures. … [Read more...]
Saudi Arabia releases ambitious plan to diversify economy
On Monday, Saudi Arabia released a blueprint for the future, a plan for the Kingdom that could alter the course of its history. The "Vision for the Kingdom of Saudi Arabia" could radically transform Saudi Aramco, the Saudi economy, and the country's social structure, reports Nick Cunningham of Oilprice.com. … [Read more...]
Global coal power: capacity keeps going up, utilisation goes down
While the amount of electricity generated from coal has declined for two years in a row, and utilisation rates of coal power plants have been going down, energy companies continue to build new coal-fired generating plants “at a rapid pace, creating an increasingly severe capacity bubble”, according a new report based on the Global Coal Plant Tracker published by the NGO’s CoalSwarm, Sierra Club and Greenpeace. Worldwide the equivalent of 1500 … [Read more...]
Jeroen van der Veer, ex-CEO Shell, Chairman ING: “Moving away from fossil fuels presents great opportunities for oil companies”
“The energy transition presents great opportunities for oil and gas companies to develop new forms of energy and gradually move away from fossil fuels”, says Jeroen van der Veer, former CEO and Chairman of Shell in an exclusive interview for World Energy Focus, a monthly publication of the World Energy Council produced by Energy Post. But the former Shell boss rejects the idea that the oil companies are in danger of ending up with large “stranded … [Read more...]
Barclays: Germany’s coal generation may be worthless by 2030
Reneweconomy.com The 46,000MW of black and brown coal fired generation currently in service in Germany will be worthless in little more than a decade if the country adopts the targets embraced at the Paris climate change conference, a new analysis from Barclays says. … [Read more...]
Carbon capture for natural gas as the missing climate solution
Natural gas with carbon capture and storage could be an ideal long-term cheap and reliable low-carbon energy source, writes Albert Gilbert, cofounder of US-based energy research platform Spark Library. Compared to coal, using carbon capture for natural gas is both cheaper and cleaner. However, much more needs to be done to make commercial development of natural gas with CCS possible. … [Read more...]
Is oil becoming stranded?
The risk of stranded oil assets may be greater than many people think, writes Paul Spedding, former Global Co-Head of Oil and Gas Research at HSBC and advisor to the non-profit financial think tank Carbon Tracker, which popularised the term “carbon bubble”. According to Spedding, climate policies may well lead to a drop in demand that will leave oil reserves destined for future production stranded. … [Read more...]
BP says not to worry, good times will return
Aside from minor adjustments, BP’s latest Energy Outlook is mostly business-as-usual, writes Fereidoon Sionshansi, president of Menlo Energy Economics and publisher of the newsletter EEnergy Informer. BP seems to have missed out entirely on the agreement reached in Paris in December 2015, as if it did not happen, notes Sionshansi: "The Outlook seems more of a wish list than a forecast." … [Read more...]
Robert Johnston, CEO Eurasia Group: “Take a seat at the table and advocate for gas”
The big question in the energy sector today is whether the world will move to a zero-carbon policy in which fossil fuels have no place, or a world in which natural gas is part of the solution, says Robert Johnston, CEO of US-based consulting firm Eurasia Group, in an interview with World Energy Focus. Johnston advises companies to “take a seat at the policy table and advocate for gas” to counter “growing demands to exclude natural gas”. … [Read more...]
A health check for the oil majors: not dead yet
Market watchers are announcing the demise of the oil majors. Not for the first time. According to Jilles van den Beukel, former geoscientist with Shell, the oil companies are indeed seeing their world shrinking. But they are not dead yet: their reason for being – the world’s demand for oil and gas – is still there. … [Read more...]
Carbon capture and storage comeback must focus on industry not energy
Since the Paris climate agreement and its ambitious resolve to keep global warming to 1.5C over pre-industrial temperatures, a number of influential publications have been declaring the death of carbon capture and storage (CCS). But critics fail to make a distinction between CCS for power plants and for industrial manufacturing, writes Charles Digges of the Norwegian NGO Bellona. CCS is the only way to substantially reduce industrial emissions. … [Read more...]
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