Imports are expected to make up more than 70% of China’s crude oil supply in 2018. Last year China overtook the US as the world’s largest oil importer.

The world’s hottest offshore prospect for oil companies right now is off the South American coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in investments. Ghana, which exports cocoa and gold, began commercial production of crude oil in 2010. It is estimated the country has 2 billion barrels of oil in its waters.

Work has begun tearing down the infrastructure from aging crude oil and natural gas fields in the North Sea. The British government estimates it could cost about $77 billion to decommission old offshore infrastructure.

In 2017 China installed a total of 53 gigawatts (GW) of new solar capacity, up from 34 GW the previous year. This brings China’s cumulative solar capacity up to 130 GW, around 7.3% of the country’s total electric power generation capacity.

Bloomberg New Energy Finance projects new solar installations will amount to 107 gigawatts this year, with China likely to make up about half of that total.

China sold 777,000 new-energy vehicles – electrics and plug-in hybrids – last year. 579,000 of these were passenger vehicles. The remaining vehicles were commercial vehicles, such as electric buses and delivery trucks.

South Korean automaker Hyundai announced it will invest $21 billion over the next five years to produce electric, hydrogen and self-driving vehicles. The company also reported it had invested in Southeast Asian ride-hailing firm Grab.

In the US state of California, Pacific Gas and Electric Company announced it will install 7,500 electric vehicle charging units at condominiums, apartment buildings and workplaces across the northern and central portions of the state.

Bloomberg New Energy Finance expects electric vehicle battery pack prices to decline by 10-15% this year, driven by economies of scale, larger average pack sizes and energy density improvements.

The same source predicts global electric car sales will be close to 1.5 million in 2018, with China representing more than half of the global market. Europe will hold its spot as the number-two EV market.

 

h/t Tom Whipple

 

 

 

 

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