How does a city like New York tackle renewable energy storage? Sustainable CUNY has published a roadmap through which they believe it is possible for New York City to reach its energy storage targets, utilising resilient solar technology. Resilient solar differs from traditional solar in that it can function during normal grid operations, but also when the electric grid is down. The model has been fitted [...]
The International Energy Agency says it is inevitable that oil prices will see a massive increase Three years of drastic cuts to upstream spending because of the meltdown in oil prices could result in a shortage of oil supply in a few years, according to a new report from the International Energy Agency. When oil prices collapsed in 2014, oil producers quickly took an axe to their spending. Global oil and [...]
Saudi Aramco is valued at $2tn. A new report suggests that is 500 per cent too high The world’s most valuable oil company, Saudi Aramco, is approaching its first IPO in 2018, as the government of Saudi Arabia prepares to sell off portions of the company in order fill a sovereign wealth fund crucial to the country’s transition away from an oil-based economy. Saudi Aramco is worth $2tn, according to Riyadh, and [...]
Norway doubles down on Arctic oil February 21, 2017 While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It seems that the limited oil price [...]
Europe’s big oil breaks even at $50-60 per barrel February 15, 2017 Europe’s big oil companies need oil to stay in a range between US$50 and US$60 a barrel to remain cash flow positive, Fitch Ratings said. The agency added that this represents significant progress from the times when Big Oil in Europe was finding it hard to break even at US$100 per barrel. Still, dangers remain [...]
Artificial Intelligence to reveal the biggest secret in oil February 15, 2017 The EIA is, and will continue to be, the gold standard for reporting U.S. oil inventories, and the administration’s weekly reports have the power to immediately swing crude oil prices depending on builds or draws in oil stocks. But while the U.S. is a transparently reporting country, other nations are not revealing oil stocks data, [...]
It’s time for big oil to embrace the digital age February 8, 2017 The 2014 oil price bust very quickly changed the agenda of the oil industry, prioritising efficiency as a tool of keeping costs down. This emphasis on efficiency was the best outcome of the crisis that pushed the larger part of the industry into survival mode. Now the crisis is over, or at least sector players [...]
Here’s why Chrysaor is buying up Shell’s North Sea assets February 2, 2017 The sector is starting to discuss the return of big oil and gas M&A the last several weeks. And yesterday we got more confirmation it’s “money on” right now in the global petroleum sector — with one of the biggest single deals in years coming down in an unexpected place. From a virtually unknown acquirer — [...]
Keystone XL still faces obstacles even with Trump’s approval January 26, 2017 President Donald Trump moved to fulfill one of his campaign promises on Tuesday, signing an executive order to revive the Keystone XL and Dakota Access Pipelines. The former had been rejected outright by the Obama administration while the latter had been given an indefinite delay. The industry hailed the executive order, but just because President [...]
China now gets more oil from Russia than it does from Saudi Arabia January 24, 2017 Russia last year overtook Saudi Arabia as China’s biggest supplier of crude oil thanks in large part to increased demand from independent refineries, popularly called teapots. This is what statistics data released today by Beijing’s customs authority show. The average daily amount that Russian companies exported to China in 2016 stood at 1.05 million barrels, [...]