Market watchers were caught out by the recent second slump in oil prices. They thought the bottom had been reached earlier this year. Could we be a witnessing a fundamental shift in the energy industry, wonders energy expert and author Michael T. Klare? "Investment in 'unconventional' projects like Canadian tar sands, ultra-deep Atlantic fields and Arctic oil will largely disappear." … [Read more...]
The new fracking – how shale gas may yet transform the European energy market
Shale gas in Europe – it’s a revolution that does not seem to be happening. Even in countries like Poland and the UK, where governments are pushing it. However, European shale gas may get a second chance – if US company eCorp is to be believed. CEO John Thrash of eCorp says his company can frack without using any water, with no chemicals and much cheaper. The French government first embraced eCorp’s technology, only to ignore it later, “for … [Read more...]
Canada will find US shale oil revolution hard act to follow
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...]
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...]
Top 12 media myths on oil prices
The upstream oil and gas industry is not a black hole, writes Dan Doyle, president of Reliance Well Services, a hydraulic fracturing company based in Pennsylvania. “There's no mystery wrapped in an enigma here.” Doyle “sets the record straight” on 12 “media myths” about oil and gas prices. Well, 11 really. … [Read more...]
Dramatic shale gas plea falls on deaf ears in Paris, but Brussels “opens back door to fracking”
A report from the French Ministry of the Economy and Industrial Recovery concludes that France could have its own shale gas revolution, with hundreds of billions in revenues and hundreds of thousands of new jobs. What is more, with the help of a unique new technology, based on propane stimulation, the shale gas could be produced without harm to the environment. The report, already produced in June 2014, was, however, ignored by the French … [Read more...]
No shale gas in Eastern Europe, after all: implications of Chevron’s exit from Romania
Chevron’s decision to give up on Romanian shale gas exploitation, after earlier having departed from Poland and Lithuania, marks the final departure from the US company’s Eastern European shale gas adventure. According to Anca Elena Mihalache, Senior Analyst with the Bucharest-based Energy Policy Group, Chevron’s exit makes it clear that there is little hope for successful shale gas development in Central and Eastern Europe. She hopes that … [Read more...]
Scotland’s moratorium on shale gas has no real intention to stop fracking
A moratorium on the planning permits for shale gas in Scotland has been hailed as a victory by opponents of fracking. But according to energy analyst and journalist Lorenzo Colantoni, the true intention of the Scottish government is political. The Scottish National Party, he says, wants to secure votes for the May 2015 elections. It has no intention to really stop fracking or other unconventional gas activities. This is partly confirmed by … [Read more...]
Cheap oil vs wind and solar: fight for future of energy
This article by Giles Parkinson of Reneweconomy is no longer available on Energy Post. See the original article here:published by Reneweconomy.com … [Read more...]
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