Oil

Cal on April 28th, 2017

The Norwegian Petroleum Directorate reports that its latest estimates show that the undiscovered crude oil and natural gas resources in the Barents Sea are twice as large as previously thought. The Barents Sea could hold a total of 2.8 billion standard cubic meters of oil equivalents, equal to 17.6 billion barrels of crude. The Barents Sea is […]

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Cal on April 19th, 2017

    China continues to increase its electricity generation from coal, which was up 7% year over year in the first quarter. As domestic coal production only increased by 4% during this quarter, the result is a surge in demand for imported coal which is expected to be 30 million tons higher this year than last year. […]

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Cal on April 15th, 2017

The US has shut down 39 gigawatts (GW) of coal-fired electrical generation capacity since 2012 while the UK has closed 8.4 GW in the five years through 2015. (1 GW is the size of a typical nuclear power plant.) Construction on new coal plants fell by nearly two-thirds globally in 2016. US carbon emissions dropped 3% last year as cheap abundant natural […]

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Cal on April 14th, 2017

The African nation of Kenya has awarded a contract for the construction of a geothermal power plant (Olkaria V) which will have 140 megawatt (MW) capacity. With the completion of Olkaria V, Kenya will have 290 MW of geothermal capacity or approximately 10% of the nation’s total electric generation capacity. Scientists from around the world will […]

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Cal on April 11th, 2017

Fitch Ratings Agency is forecasting that global crude oil prices will average $52.50 this year, up from $45.10 in 2016. This figure is still believed to be below the breakeven point for most Middle Eastern oil exporters. Only Kuwait, which is said to have a breakeven point of $45 a barrel is well below the […]

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Cal on April 8th, 2017

On a global level, 2015 and 2016 marked the lowest level of new conventional crude oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2% of global proved reserves. Globally, exploratory drilling fell by almost 20% in 2015 and fell even […]

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Cal on April 5th, 2017

The International Energy Agency (IEA) said it does not expect a major increase in global crude oil prices despite the recent 1.8-million-barrel supply cut by OPEC and its allies. The IEA bases its judgment on the extraordinary size of the global oil glut, and the likelihood that any substantial price increase would bring more oil from the […]

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Cal on April 1st, 2017

A new report from Wood Mackenzie finds the break-even cost for deep water oil and gas projects, the US Gulf of Mexico in particular, has dropped from around $70 per barrel to below $50 per barrel. The report estimates the average cost to develop deep water projects globally have dropped more than 20%. The cost reductions are being driving […]

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