Energy consultant Wood Mackenzie says the world’s oil companies have now cut $220 billion in planned investments.  Wood Mackenzie also says that if crude oil prices stay below $50 a barrel, some $1.5 trillion worth of investments will be curtailed over the next few years.

Swift Worldwide Resources said more than 200,000 oil and gas workers across the globe have lost their jobs  since the crude oil collapse started last year and the number of layoffs has accelerated in recent weeks after oil prices fell again. While oil field services companies bore the brunt of the layoffs early in the downturn, the world’s largest oil and gas companies began announcing job cuts this summer as they pared back projects and halted new investments amid continued low oil prices. The US, Canada and the North Sea have been the hardest hit by the layoffs.

The International Energy Agency noted that overall crude oil supply from non-OPEC countries could be headed for the biggest drop in more than two decades due to lower oil prices. Total output from outside OPEC could decrease by about half-a-million barrels per day in 2016. This would be the largest drop since 1992 when the Soviet Union collapsed.

The Organisation for Economic Cooperation and Development (OECD) found that developed nations in conjunction with some of the largest developing nations spend up to US$200 billion in subsidies every year on fossil fuels. The OECD has identified some 800 measures that act to subsidize the extraction, refining and consumption of fossil fuels across the 34 OECD member countries plus six of the biggest emerging economies – China, India, Brazil, Indonesia, Russia and South Africa.

The discovery of a major deposit of natural gas off the Egyptian coast should help ensure positive economic growth for that country, the International Monetary Fund said. Italian energy firm Eni announced a discovery of gas in a deepwater prospect off the Egyptian coast last month. With an estimated 30 trillion cubic feet of natural gas in place, it is the largest discovery made in that region and potentially the largest find in the world.

For the first time renewable energy has surpassed coal in supplying the UK’s electricity. During the first quarter of this year, renewable energy (led by wind, solar and biomass) provided 25% of the UK’s electricity demand, up from 16% in the same period in 2014. Natural gas provided the most electricity (30%) with renewables second. Nuclear power was third with 21.5% and coal fell to fourth, with 20.5%.

In the last month, wind accounted for 30.6% of all of the electricity produced in northeastern Brazil – the greatest contribution registered to date by that nation’s National Electric System Operator. During the same period, thermal sources generated 35.7% and hydroelectric, 33.7%.

Tesla owner, Elon Musk, told Danish TV that he expects his Model S electric car to have a range of 745 miles or 1200 kilometers by 2020.

Hydrogen Mobility Europe (H2ME), a pan-European partnership, has been formed to promote the widespread use of hydrogen fuel cell vehicles across Europe. H2ME has the backing of several organizations that have an interest in hydrogen fuel cell technology as well as countries that are supporting clean transportation. The project will oversee the deployment of some 200 fuel cell vehicles along with 125 electric vans that are equipped with fuel cells to extend their operational range. In addition, 29 hydrogen fuel stations will be built throughout Europe by 2019.

Sweden’s largest and hydrogen fueling station for fuel-cell cars was opened near Stockholm’s airport on 17 September. The station has a capacity of 180 fillings. It takes only 3 minutes to refuel a car and the range is approximately 500 kilometers on a full hydrogen tank. Fuel-cell cars run on hydrogen converted to electricity and emit only water vapour.

 

 

 

with h/t Tom Whipple

 

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