Demographers have forecast that India may have the largest population in the world as early as 2022, surpassing China.

The US Geological Survey reported that two formations in the Gulf Coast Basin might contain as much as 304.4 trillion cubic feet of natural gas plus 1.9 billion barrels of natural gas liquids, making the area the largest untapped continuous gas deposit in that country.

Exploration and production spending in the US will increase this year for the first time since the 2014 downturn, which roiled the industry for two years rife with significant layoffs and bankruptcy filings.  Increasing capital expenditures are expected to drive production up this year by 5%, according to Fitch Ratings.

A Norwegian energy company is testing whether or not renewable energy could be used to help increase production in offshore crude oil fields in the North Sea. The pilot project would use wind power to push water into offshore fields to increase reservoir pressure and stimulate production.

The recent find of significant natural gas reserves in the Eastern Mediterranean could loosen European countries dependence on Russian gas supplies. If all goes to plan and the Israel-Cyprus-Greece-Italy gas pipeline is built, within seven years the balance of energy security in Western Europe will be radically changed.

Russia is assisting the Atomic Energy Organization of Iran in building two 1 gigawatt nuclear power plants, reported Iran’s Energy Minister. Construction is expected to start soon.

Saudi Arabia will develop 30 solar and wind projects over the next ten years as part of its $50 billion program to increase electric power generation and cut its crude oil consumption. The world’s largest exporter of crude oil wants to generate 10% of its electricity from renewables by 2023.

Minister of Science, Energy and Technology, Andrew Wheatley, says Jamaica is on course to achieving 30% of its electricity consumption from renewable energy by 2030. Last year, the Caribbean country got 10.5% of its electricity generation from renewables.

China’s National Development and Reform Commission says the Asian country is aiming for non-fossil fuels to account for about 20% of total electricity consumption by 2030, increasing to more than half of demand by 2050. Non-fossil fuels include wind, solar and nuclear.

The Economist reports in dollar terms, solar photovoltaics, onshore wind and offshore wind are at least 10% cheaper per megawatt than they were in 2015. In many regions globally, the costs of generating these renewable energy sources are now comparable with fossil-fuel plants.

 

with h/t Tom Whipple

 

 

 

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