CNBC tells about the race between China, Russia and the US to control the Arctic, including its oil and gas resources.

Meanwhile, The Diplomat writes about the geopolitics behind Asia’s energy future. See also How soaring U.S. oil exports to China are transforming the global oil game.

The US Energy Information Administration says that country is on pace to become a net exporter of energy by 2022. The driver is the continued development of US. shale, oil and natural gas resources. The nation has been a net energy importer since 1953.  The agency believes rising oil prices will continue to boost the fossil fuel industry until 2040. When it comes to electricity generation, the EIA says after 2022 it will be supplied primarily by renewable energy and natural gas. See also, Financial Post, How America went from a grateful oil importer to global energy powerhouse in just five years

The US Federal Energy Regulatory Commission reported electricity generation capacity from renewable energy sources surpassed those from natural gas, and accounted for half of all new capacity additions in that country last year. Biomass, geothermal, hydropower, solar, and wind — accounted for 49.9% of all new capacity installed during 2017. New natural gas capacity accounted for 48.7%. (See FERC,  “Energy Infrastructure Update”)

Oil and gas producer, Statoil, says it is transitioning away from fossil fuels to renewable energy. CEO Eldar Saetre said the company plans to invest around 15% to 20% of its total capital expenditure on “new energy” by 2030. He noted:

“There is an energy transition going on and we will take part in that by increasing our renewable energies.” 

 

 

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