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Cal on August 19th, 2014

China has announced a ban on coal burning in Beijing and other major cities by 2020 and is considering a national cap on coal use by 2016.

The Chinese government recently announced that its 2020 target for shale gas production has been reduced to 30 billion cubic meters from the previous target of 60-80 billion. Last year China produced only 0.2 billion cubic meters of shale gas. Although China is estimated to have the world’s largest shale gas reserves, the geology is difficult and costs of extraction are high.

India ranks among the top energy consumers in the world, with demand increasing at a double-digit rate. India’s dependence on imported fossil fuels rose to 38% in 2012, despite the country having significant domestic fossil fuel resources. Demand for natural gas is expected to more than double by the beginning of the next decade. India ranked as the fourth-largest energy consumer in the world in 2011, following China, the US and Russia.

US energy explorer Apache Corp. said it may have discovered one of the more promising finds in years in a basin off the coast of Australia. The company said its first discovery at the Canning basin off the coast of Australia may hold as much as 300 million barrels of crude oil. The find is located about 110 miles north of Port Hedland in Western Australia state where the sea is around 435 feet deep.

In Mexico, state owned Pemex, preparing for the end of its 76-year crude oil monopoly, was granted rights to all the proved and probable oil reserves it sought fcr development as Mexico opens its doors to foreign competition. In March, Pemex asked to retain fields that hold Mexico’s 13.44 billion barrels of proven  oil reserves and 83% of the 24.8 billion proved and probable reserves.  The first round of open bidding on untapped Mexico fields is scheduled to be held in the first quarter of 2015.

Brazilian energy company HRT said it was working with Russian energy company Rosneft on a liquefied natural gas  (LNG) project in the Amazon Jungle’s Solimoes basin.  The Brazilian National Agency of Petroleum in 2012 said the region holds an estimated 2.4 billion barrels of crude oil equivalent in proven reserves.

A report from Russia’s National Energy Security Fund finds the European Union currently is able to meet only 35% of its demand for natural gas from domestic sources and has few alternatives outside Russia.

Russian leader Vladimir Putin’s dream of a new pipeline to deliver gas to the European Union without passing through Ukraine is fading amid escalating economic sanctions. The $46 billion South Stream project, spearheaded by Gazprom, is on hold and will probably remain in limbo for years as Russia continues to foment armed conflict in eastern Ukraine and the EU retaliates with bans.

The US state of Pennsylvania went from producing 1 billion cubic meters of natural gas in 2008 to over 150 billion in only six years. Just for perspective, 150 billion cubic meters is more than the entire annual consumption of the UK and Germany combined.

The US government said it outlined three areas off the coast of North Carolina as potential sites for commercial wind energy development. The Bureau of Ocean Energy Management said more than 307,000 acres off the coast could be developed for wind energy. So far, the agency has awarded five commercial wind energy leases for the Atlantic coast, though none of the projects are yet in service.

The US Department of Energy said it is investing more than $55 million on two dozen projects aimed at improving electric vehicles. The initiative is part of a project launched in 2012 that aims to put plug-in EVs on the same footing as fossil fuel-powered vehicles in terms of cost and convenience by 2022.

The solar spat between the US and China lives on.  Last week the United States Commerce Department found that Chinese solar companies had dumped their products on the American market at below cost and imposed duties of 10.7% to 55.5%. The ruling follows a separate decision in June that ruled that Chinese solar panel manufacturers had benefited from unfair government subsidies and imposed duties of about 19% to 35%.

 

 

with h/t Tom Whipple

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Cal on August 19th, 2014
  •  “Comparing the [Kara Sea oil] project in terms of a resource base to other projects, we can say for sure that it is highly competitive with the largest resources, such as the resource base of Saudi Arabia, and will by far surpass the capacities of the Gulf of Mexico Shelf, Alaska and Canada.” 

                  – Rosneft Chief Executive Officer Igor Sechin

Sechin believes the offshore Arctic could  hold as much as 87 billion barrels of crude oil.

The Kara Sea is part of the Arctic Ocean north of Russia’s Siberia

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