OCT-2016. According to the International Energy Agency (IEA) the oil glut in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient. “Demand growth is slowing and supply is rising,” adds the IEA, “Consequently, stocks of oil in OECD countries (members of the Organization for Economic Cooperation and Development) are swelling to levels never seen before.” The combination of faltering demand and increased OPEC output pushed oil inventories in developed nations to a record in July, at 3.1 billion barrels. Harry Tchilinguirian, head of commodity markets at BNP Paribas in London, considers that “OPEC’s long game got a little longer, implying the need for oil prices to remain lower for longer to spur the necessary adjustments in supply”. Also with regard to OPEC Olivier Jacob, managing director of the consulting company Petromatrix GmbH in Zug, Switzerland, says that the organization is “trapped” since “Non-OPEC supply has been able to adjust better than expected to the lower oil prices.”
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India built the world’s largest solar plant in record time by @qz
India’s push for solar power is gaining steam.
At the end of November, the country turned on the world’s largest solar power plant spanning 10 km sq in Kamuthi in the state of Tamil Nadu. It packs 648 megawatts of power—nearly 100 more than California’s Topaz Solar Farm, which was previously the largest solar plant at a single location. At full capacity, the Kamuthi plant can provide enough electricity to power around 150,000 homes.
The Rs45.5 billion ($679 million) solar project consists of 380,000 foundations, 2.5 million solar modules, 576 inverters, and 154 transformers, according to the Deccan Chronicle. Each day, the plant is cleaned by a robotic system that is charged by its own solar panels, Al Jazeera reported.
The Kamuthi solar plant, backed by the Ahmedabad-based conglomerate Adani Group, was constructed in an impressive eight months. In comparison, Topaz took over two years and cost nearly $2.5 billion to build. On the south Indian site, 8,500 men installed an average of 11 megawatts-worth of equipment each day to complete the project in time.
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Finland has announced it will phase out coal by 2030. by @ClydeCoEnergy
Finland has announced it will phase out coal by 2030.
That’s part of the government’s ‘Energy and Climate Strategy for 2030 and Beyond’, which aims to get rid of the dirty fossil fuel from its energy system and reduce oil imports by half in the next 14 years.
The country also plans to make its energy system carbon neutral by 2050 by replacing these sources with renewables, biofuels and boosting energy efficiency.
The government expects renewables to account for 50% of total energy consumption by 2030. It will aims to increase the number of electric vehicles on the roads to 250,000 and biofuel cars to 50,000.
Last week, Canada and France also announced they will phase out coal by the same period.
In the UK the government has launched a consultation to test its plans to close all coal-fired plants by 2025.
Finland’s Economic Affairs Minister Oli Rehn said: “Utilising the potential of Finnish renewable energy to produce electricity at an industrial level is one of the central questions in achieving long term energy and climate goals. The national climate and energy strategy decided today in the Cabinet meets the tough targets from a Finnish standpoint.”
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Fukushima nuclear power plant
A Report by The American Nuclear Society Special Committee on Fukushima.
On Friday, March 11, 2011, one of the largest earthquakes in the recorded history of the world occurred on the east coast of northern Japan. This earthquake also generated a major tsunami, causing nearly 20,000 deaths. Electricity, gas and water supplies, telecommunications, and railway service were all severely disrupted and in many cases completely shut down. These disruptions severely affected the Fukushima Daiichi nuclear power plant, causing a loss of all on-site and off-site power and a release of radioactive materials from the reactors.
The leadership of the American Nuclear Society commissioned the American Nuclear Society Special Committee on Fukushima to provide a clear and concise explanation of what happened during the Fukushima Daiichi accident, and offer recommendations based on lessons learned from their study of the event. The American Nuclear Society, a professional organization of 11,600 nuclear science and technology professionals, has a strong tradition of advancing nuclear safety, and the Special Committee on Fukushima was organized to further its members' interests in this important professional obligation.
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Vladimir Putin was interviewed by Bloomberg News Editor-in-Chief John Micklethwait in Vladivostok
Russian President Vladimir Putin was interviewed by Bloomberg News Editor-in-Chief John Micklethwait in Vladivostok on the eve of the second Eastern Economic Forum. The interview covered whether he would run in the next 2018 elections, his opinions on the US General Election, Syria, OPEC, the Rosneft sale, and Japan. With regard to the subject of oil – which occurs around half way through the full Bloomberg transcript of the interview – Putin said that Russian oil and gas companies, but mainly the oil companies, have invested 1.5 trillion rubles, and with the state’s investment in the pipeline network and electricity sector included the overall investment in energy added up to 3.5 trillion rubles in the past year. A quite significant figure considered Putin. He noted that Russia is the world’s leader in terms of natural gas exports with a global share of about 20 percent. Micklethwait asked him if Russia would be happy in a world where the Russian state had less than 50 percent ownership of certain big companies. Putin answered that Russia did not see anything horrible in this saying that when foreign shareholders – investors – took 50 percent of a certain company the contributions to the federal budget, tax payments, increased several times immediately and the company’s efficiency didn’t deteriorate at all. So from the viewpoint of the state’s interests, Putin considered that Russia had had a more positive than negative experience with regard to this. Putin added that the year before last oil and gas revenue accounted for 53 percent of budget revenue but this year it will be about 36 percent. Structural changes are also taking place, he said, not only in terms of price, but also about distribution, economic growth, and about the expansion of certain industries. He gave the example that whereas industrial production growth across the country is at 0.3 percent, in the Far East where the Economic Forum is being held, industrial production growth is 5.4 percent.
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USGS estimates 20 billion barrels of oil in Texas' Wolfcamp Shale Formation
The Wolfcamp shale in the Midland Basin portion of Texas' Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.
The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date.
"The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more," said Walter Guidroz, program coordinator for the USGS Energy Resources Program. "Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that's why we continue to perform resource assessments throughout the United States and the world."
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USA Energy plan
Donald Trump’s America First Energy Plan
Donald Trump’s energy plan:
*Make America energy independent.
*Conserve our natural habitats, reserves and resources.
*Declare American energy dominance a strategic economic and foreign policy goal.
*Unleash American untapped shale, oil, and natural gas reserves, plus hundreds of years in clean coal reserves.
*Become totally independent of any need to import energy from OPEC or any nations hostile to our interests.
*Open onshore and offshore leasing on federal lands, eliminate moratorium on coal leasing, and open shale energy deposits.
*Encourage the use of natural gas and other energy resources that will reduce emissions, reduce the price of energy, and increase our economic output.
*Rescind all job-destroying Obama executive actions.
*Reduce and eliminate all barriers to responsible energy production.
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World Energy Outlook 2016
World Energy Outlook 2016 sees broad transformations in the global energy landscape
As a result of major transformations in the global energy system that take place over the next decades, renewables and natural gas are the big winners in the race to meet energy demand growth until 2040, according to the latest edition of the World Energy Outlook, the International Energy Agency’s flagship publication.
A detailed analysis of the pledges made for the Paris Agreement on climate change finds that the era of fossil fuels appears far from over and underscores the challenge of reaching more ambitious climate goals. Still, government policies, as well as cost reductions across the energy sector, enable a doubling of both renewables – subject of a special focus in this year’s Outlook – and of improvements in energy efficiency over the next 25 years. Natural gas continues to expand its role while the shares of coal and oil fall back.
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Clarification on What Is Solar Technology
he idea of using sunlight as an energy source is not so new. In 1839, for the first time, this effect was discovered by Alexandre Edmond Becquerel. He found in some experiments with electrolytic cells that current flows are little more light than in the dark. However, it will still take some time before this discovery could be used in practice.
1883 the first forerunner of today’s solar cells was developed, it was built by Charles Fritts. 1921 managed to Albert Einstein, the theoretical explanation of this effect, for which he received the Nobel Prize in Physics. Two years later, the effect could also be confirmed in an experiment, and so he also received a Nobel Prize.
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CAODC 2017 forecast
Canadian operators seen boosting drilling next year. By @WorldOil @Tech_Flo
CALGARY, Alberta -- The Canadian Association of Oilwell Drilling Contractors (CAODC) has released its 2017 drilling forecast.
According to a statement on the association's website, CAODC is projecting that 4,665 wells—an increase of 1,103 from 2016 (3,562)—will be drilled next year. Meanwhile, operating days are projected to reach 48,980—an increase of 8,577 from 2016. The rig fleet is expected to decrease by 55 to 610.
“After record low utilization rates in 2016, it would be difficult to suggest 2017 could be anything but better. Weak commodity prices coupled with abnormal political and social factors, has led to sustained challenges for the industry. While the price of WTI is projected to stabilize somewhat, continued uncertainty surrounding pipeline infrastructure, and a looming price on carbon, continue to push Canada to the back of the line with respect to long-term investment,” CAODC said.
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The Permian Outstripping Rival U.S. Oil Producing Regions
Very informative charts help illustrate the extent to which the Permian basin is outstripping its rivals in terms of investor interest and deal flow. Confidence is not only illustrated in merger and acquisitions activity but also in how much companies are currently willing to invest in their own future. Capital expenditure plans are lower and less bullish than a year before, but operators are still displaying a greater level of confidence in being able to fund robust capex spends.
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DIC 2016 Obama bans oil drilling 'permanently' in millions of acres of ocean.
Outgoing US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters.
Mr Obama designated areas in the Arctic and Atlantic oceans as "indefinitely off limits" to future leasing.
The move is widely seen as an attempt to protect the region before Mr Obama leaves office in January.
Supporters of president-elect Donald Trump could find it difficult to reverse the decision.
Canada also committed to a similar measure in its own Arctic waters, in a joint announcement with Washington.
The White House said the decision was for "a strong, sustainable and viable Arctic economy and ecosystem." It cited native cultural needs, wildlife concerns, and the "vulnerability" of the region to oil spills as some of the reasons for the ban.
But while Canada will review the move every five years, the White House insists Mr Obama's declaration is permanent.
The decision relies on a 1953 law which allows the president to ban leasing of offshore resources indefinitely.