The US Energy Information Administration estimates that world energy consumption will grow by 48% between 2012 and 2040. Most of this growth will come from Asia, which will account for more than half of the world’s total increase in energy consumption over this period. Renewable energy sources and nuclear power will be the fastest-growing energy sources over the projection period. Renewable energy is expected to increase by an average 2.6% per year through 2040; nuclear power would increase by 2.3% per year. However, fossil fuels (oil, coal and natural gas) will still account for more than three-quarters of world energy consumption through 2040.

After years of debate and political bickering,  a major pipeline project to bring natural gas to Southern Europe has broken ground. The Trans-Adriatic Pipeline (TAP) will connect the Caspian Sea in Central Asia to European markets, providing Europe with another large source of natural gas that will help the continent diversify away from Russia.

Norway awarded licenses to 13 oil companies to explore for crude oil in the Arctic Barents Sea.

Norway’s state-owned energy company Statoil said it has signed an agreement with a Canadian exploration company to help explore the shale gas potential in Turkey.

India is currently the world’s fourth-largest crude oil consumer after the United States, China, and Japan, and is likely to overtake Japan within the next 12-18 months.

In the Falkland Islands of the coast of Argentina, oil and gas producer Rockhopper Exploration has announced that its net contingent oil reserves is more than 300 million barrels and might be as high as a billion barrels.

Venezuela is unable to pay its over-100-million-dollar debt to Indian pharmaceutical companies, say Indian officials. India is now considering a proposal that would see the Latin American country swap crude oil for its drug debts.

The Marcellus Shale in the northeast US continues to be the largest source of natural gas in the US, with daily amounts that put it on par with leading international producers such as Iran and Qatar. This is despite a serious dip in production that began last year as the market became saturated and prices plunged.

India has one of the world’s largest rooftop solar plants. The 11.5 megawatt energy plant was inaugurated last week in Beas, Punjab and covers 82 acres.

The British Department of Energy and Climate Change reported the share of electricity generated from renewable energy was a record 24.7% last year, an increase of 5.6% from 2014. The increase was due to increased capacity, particularly in solar photovoltaics and onshore and offshore wind.

 

with h/t Tom Whipple

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