Iraqi crude oil output is set to more than double over the rest of the current decade, rising to 6.1 million b/d by 2020 and reaching 8.3 million b/d in 2035 forecasts the International Energy Agency.

The natural gas boom in North America is resulting in a severe decline in demand for coal. In fact, for the first time in history, electricity generated by natural gas has surpassed electricity generated by coal. This poses a problem for railroads, which generate high-margin business from coal shipments.

The US Energy Information Administration reported that increasingly on-site electricity generation in that country is using natural gas. The industrial sector produced 142 million MW-hours of electricity in 2011. Of that amount, 58% was from natural gas, up from 51% in 2000. Onsite generation includes both electric power generation-only facilities and combined heat and power (CHP) facilities.

The US’s first commercial oil sands mining project, in Utah, has been approved for development.

Russia’s energy giant Gazprom has started production at one of the world’s largest natural gas fields in the Arctic. Originally discovered some 40 years ago, this was considered an inaccessible area until recently. The Bovanenkovo field on the Yamal peninsula in extreme northwestern Siberia has what Gazprom estimates to be 4.9 trillion cubic metres (177 trillion cubic feet) of natural gas — making it one of the world’s three largest deposits.

Australian oil and gas company Santos has launched the country’s first commercial shale gas well in the Cooper Basin in South Australia.

Canadian energy company Terraseis has discovered oil Afghanistan’s border with Turkmenistan.

China has lifted a moratorium on the construction of new nuclear projects, imposed 19 months ago after Japan’s Fukushima nuclear disaster.

The European Union is on track to not only meet but exceed greenhouse gas reduction goals set by the 1997 Kyoto Protocol.

Three million British customers of French-owned EDF Energy will soon pay almost 11% more for their gas and electricity. The firm is the fifth of the Big Six energy firms in the UK to announce large  price increases in recent weeks, all timed for the start of winter.

Britain’s utilities face a 2-billion-pound ($3.2 billion) bill in 2013 from schemes to cut carbon dioxide emissions, risking higher electricity prices for consumers and more discomfort for a government anxious to keep energy costs down.

Prince Turki Al Faisal Al Saud, a Saudi Arabia’s spokesmen, confirmed that Saudi Arabia has plans to generate 100% of its power from renewable sources and low-carbon forms of energy. Currently, Saudi Arabia produces nearly all of its energy from fossil fuels, with 67% coming from crude 0il and 33% from natural gas.

Germany is dumping electricity on its unwilling neighbors which has led Central and Eastern European countries to disconnect their power lines from Germany’s during the windiest days. Renewable energy around the world is causing problems because unlike oil it can’t be stored, so when generated it must be consumed or risk causing a grid collapse. At times, the glut can be so great that utilities pay consumers to take the power and get rid of it.

China issued the 2012 edition of a white paper on its energy policy to elaborate on its policies for energy development, conservation and the promotion of renewable power sources. China plans to increase the share of non-fossil fuels in primary energy consumption to 11.4% and increase that of installed generating capacity from non-fossil fuels to 30% by the end of 2015. The Asian country plans to develop hydropower, solar power, and wind power generation, seek safe and efficient ways of developing nuclear power, as well as utilize biomass energy and other types of renewable energy.

 

with h/t Tom Whipple

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,