HIS Markit says the Permian basin in the US state of Texas holds 60 to 70 billion barrels of shale oil. This is said to be worth $3.3 trillion and could supply every US refinery with crude oil for the next 12 years. These figures are at odds with much lower estimates by the US Energy Information Administration (5 billion barrels) and filings by the major producers to the US Security and Exchange Commission (3.7 billion barrels).

Israeli company Delek Drilling estimates the country’s giant offshore Leviathan natural gas field holds about 21.4 trillion cubic feet of gas, an estimate that is 13% higher than when the field was first discovered in 2010.

The East African country of Uganda said it will seek to join OPEC once it starts pumping crude oil from Lake Albert at the end of this decade.

Low crude oil prices are slowly weakening Saudi Arabia’s financial position which has a myriad of expenditures required to keep the government in power. The government recently had to borrow $12.5 billion to cover expenses after borrowing $17.5 billion last year.

European oil refiners are seeking to find new alternatives uses for their $10 billion investments in diesel fuel infrastructure. Total of France, Repsol and CEP of Spain, and Saras of Italy are planning to use their diesel facilities to provide chemically similar products like container-shipping fuel and jet fuel. The Volkswagen scandal coupled with the toxic NO2 emissions from diesel is quickly causing governments at all levels to reduce the demand for this product.

South Korea plans to replace coal-fired electric power plants with liquefied natural gas turbines in a bid to cut pollution. In addition it wants to eliminate some 2.2 million diesel vehicles by May 2022. Drivers would be offered incentives to switch to less polluting liquefied petroleum gas-powered cars.

Automaker General Motors says it plans to roll out 20 all-electric vehicles over the next six years, including two new EVs in the next 18 months. “General Motors believes in an all-electric future,” said Mark Reuss, General Motors executive vice president of product development, purchasing and supply chain. The new all-electric models will be a mix of battery electric cars and hydrogen fuel cell-powered vehicles. GM is the largest of a handful of automakers over the past few months revealing big electrification plans.

Ford Motor announced it has created a team to accelerate global development of electric vehicles. “Team Edison” will focus on creating new EV technology.

Investment analyst Bernstein sees electric vehicles accounting for 60% of auto sales by 2050. It believes the auto industry on the cusp of a decades-long “automotive revolution,” wherein battery electric vehicles will become the global standard of vehicles. Progress will be driven by favourable government policy, improving cost economics, technological progress, and expanding consumer receptivity,

Loup Ventures Managing Partner Gene Munster expects more than 94% of new cars sold in 2040 to be self-driving. The transition will  begin in 2020 with a predicted 98,000 fully automated vehicles entering the market, a projection accelerating to 96.3 million in 2040.

 

with h/t Tom Whipple

 

 

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