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Energy Post

The best thinkers on energy

IEA: unconventional oil revolution to spread beyond US

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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 IEA’s Medium-Term Oil Market Report … [Read more...]

Interview Shell strategist Jeremy Bentham: “Future organisations will have to cross boundaries”

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What will Shell’s role be in an increasingly carbon-constrained, and increasingly electrified world? Clearly the company sees its natural gas business as becoming central to its operations, gradually overtaking its oil business. But beyond that, the future is uncertain. Jeremy Bentham, Vice-President of Global Business Environment and head of the Shell Scenarios team, sees Shell evolving into a company that provides flexibility and resilience and … [Read more...]

Will China follow the US example and cap carbon emissions?

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With his Clean Power Proposal, President Obama has entered on a drive to put a ceiling on carbon emissions in the US – 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 – with huge consequences for global energy markets.  … [Read more...]

The Trillion-Dollar Question: Is Big Oil over-investing in high-cost projects?

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Mark Fulton and Reid Capalino of the Carbon Tracker Initiative – the NGO that originated the concept of “stranded assets”and “the carbon bubble” – explain the risks oil companies are taking by investing in oil and gas projects in an increasingly carbon-constrained world. … [Read more...]

What a difference a decade makes: an updated reality check on the global energy system

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Robert Wilson takes a very hard-headed look at the state of the global energy system, in particular at the US and China. He comes up with some stunning conclusions. America’s per-capita energy consumption, he argues, is excessive and could easily be halved without any negative impact on the standard of living. But no matter what the US does, China is already by far the largest energy consumer in the world. And unfortunately, despite taking some … [Read more...]

Interview Fatih Birol, IEA: “Gradual change will not save us”

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The latest major report from the International Energy Agency (IEA), the Energy Technology Perspectives 2014, states that “radical action is needed to actively transform energy supply and end use”. In an interview with Energy Post, the IEA’s renowned Chief Economist Fatih Birol notes that governments in particular have to take action. “You cannot change trends by giving some lectures or speeches. Policymakers should put in place real economic … [Read more...]

Exxon, BP, Shell, Total see new opportunities in Russia

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The world's major oil companies are making it very clear that they are eager to continue to do business with and in Russia, despite US and EU sanctions and criticisms. Indeed, they seem to regard the current tensions with Russia as an opportunity to expand their activities in the world's largest oil and gas territory, notes Nicolas Cunningham of Oilprice.com. … [Read more...]

The Birth of a Eurasian Century

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The signing of the long-awaited $400 billion gas contract between Russia and China is a sign of changing times, writes Pepe Escobar. According to the Asia-based reporter, there are many developments going on, virtually unreported by the western media, that are chipping away at the dominance of the United States in the world. A Russian-Chinese alliance is forming, which will reach out into Europe through energy and trade relations – and  perhaps … [Read more...]

What oil companies do is bad for the climate. But it may also be bad for investors

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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 ‘stranded assets’ on the map (i.e. the notion that a large part of the fossil fuel … [Read more...]

Trouble in oil paradise: domestic challenges in Saudi Arabia and their global implications

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Saudi Arabia, the mainstay of the world’s oil system, is faced with mounting problems in its domestic energy market which affect its ability to function as the global swing producer, warns Eckart Woertz in a policy brief written for the Norwegian Peacebuilding Resource Centre (NOREF). The country is faced with such a severe natural gas shortage that half of its electricity production now comes from oil. As a result, its ability to export oil may … [Read more...]

Carbon Delirium: the hazardous impact of fossil-fuel addiction on American foreign policy

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The elites in the U.S. and other “petro-states” have become so addicted to the power and riches brought by fossil fuels, they are blind to their ill effects, argues Michael Klare. As an example he notes the “delusional” idea that increased gas and oil production in North America could somehow influence Vladimir Putin’s behavior towards Ukraine. This addiction, says Klare, must be cured, as it poses a “direct danger to humanity”. … [Read more...]

ExxonMobil releases report on stranded carbon asset risks

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Climate activists are increasingly putting pressure on investors to withdraw investments from major fossil fuel companies, on the grounds that these companies' "carbon assets" are likely to be "stranded" in the future as the effects of climate change become too far-reaching for policymakers to ignore. In that event, the activists argue, the oil and other fossil fuel companies will not be allowed anymore to exploit their assets, which would leave … [Read more...]

Interview Arthur Berman: “Shale is not a revolution, it’s a retirement party”

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How much faith can we put in our ability to decipher all the numbers out there telling us the US will soon be cornering the global oil market? There's another side to the story of the relentless US shale boom, one that says that some of the numbers are misunderstood, while others are simply preposterous. According to energy expert Arthur Berman, a geological consultant with thirty-four years of experience in petroleum exploration and production, … [Read more...]

Ukraine fallout: how to deal with South Stream and Nord Stream

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A new report from the Oxford Institute for Energy Studies (OIES) contends that, in light of the Ukraine crisis, the EU should allow Gazprom to use its great new pipelines South Stream and Nord Stream for itself and not be required to grant access to third parties. But the Center for Security Studies (CSS) ETH ZĂźrch, argues the opposite in a new report of its own. It says the EU should adopt a strict regulatory policy towards South Stream and … [Read more...]

It’s Scotland’s oil – and it will need a lot of investment

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With the Scottish referendum campaign about independence from the rest of the UK in full swing, UK Prime Minister David Cameron has been foolish to try to make North Sea oil a reason for the Scots to stay. There are plenty of good reasons to keep the UK united, but oil is not one of them, except perhaps that Scotland is going to be far too dependent on it, if it leaves. Energy journalist Chris Cragg explains the real issues the UK oil and gas … [Read more...]