Energy

Cyprus sets sea borders for energy drilling with Greece’s backing

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NICOSIA – Facing challenges from Turkey, which has unlawfully occupied the northern third of the island since a 1974 invasion, Cyprus is moving ahead to set the rest of its Exclusive Economic Zone (EEZ), trying to re-establish borders in the seas where it has licensed international companies to drill for oil and gas. Tornos News Cyprus will delineate the EEZ that Turkey has violated, including the north and western part, Cypriot President Nicos Anastasiades said, calling on Greece to offer ... Read More »

Winds of change: Britain now generates twice as much electricity from wind as coa

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Just six years ago, more than 40% of Britain’s electricity was generated by burning coal. Grant Wilson Iain Staffell The Conversation Today, that figure is just 7%. Yet if the story of 2016 was the dramatic demise of coal and its replacement by natural gas, then 2017 was most definitely about the growth of wind power. Wind provided 15% of electricity in Britain last year (Northern Ireland shares an electricity system with the Republic and is calculated separately), up from 10% in 2016. ... Read More »

Trump proposes massive expansion of offshore drilling

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The Trump administration is proposing to greatly expand the areas available for offshore oil and natural gas drilling, including off the Pacific and Atlantic coasts. Timothy Cama The Hill In the first major step toward the administration’s promised expansion of offshore drilling, Interior Secretary Ryan Zinke said nearly all of the nation’s outer continental shelf is being considered for drilling, including areas off the coasts of Maine, California, Florida and Alaska. The proposal, which environmentalists immediately panned as an environmental disaster ... Read More »

China and India dominate planned pipelines additions

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GlobalData’s latest analysis of global planned trunk/transmission oil and gas pipelines for the period 2018 to 2022 shows that the Xinjiang–Guangdong–Zhejiang SNG gas pipeline in China is the longest planned pipeline globally with a length of 8,972 kilometres (km). By GlobalData Energy Hydrocarbons Technology The onshore pipeline is expected to start operations in 2022 China Petrochemical Corp has 100% equity in the pipeline while China Petroleum & Chemical Corporation is the operator. The pipeline has a… The second longest planned ... Read More »

Oil starts to flow from North Sea’s Catcher project

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The first oil has been pumped from the vast Catcher area in the North Sea, with production set to be ramped up in the new year. Scott Reid The Scotsman Premier Oil said it had achieved the feat on the afternoon of 23 December. The £1 billion-plus Catcher project lies some 110 miles off the coast of Aberdeen. Production will start off at some 10,000 barrels per day, ramping up to about 60,000 barrels in the first half of 2018. ... Read More »

Egypt signs $200M agreement with EBRD for energy efficiency

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CAIRO – 27 December 2017: Minister of Investment Sahar Nasr signed an agreement with the European Bank for Reconstruction and Development (EBRD) to provide a $200 million loan to the Egyptian Natural Gas Holding Company (EGAS). Egypt Today Focusing on improving the gas pipeline and transmission network of Egypt, the EBRD said on its website that the loan will be directed to installing waste heat recovery, turbo-expanders, gas metering data systems infrastructure and liquefied petroleum gas (LPG) separation plant as ... Read More »

Oil firms to step up exploration off Norway next year after poor 2017

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OSLO (Reuters) – Efforts to find new oil off Norway are expected to double next year, preliminary company plans show, with activity rising in more mature areas after this year’s disappointing Arctic campaign. Nerijus Adomaitis The pressure to deliver is growing as this year’s poor exploration results were partly to blame for a drop in interest in Norway’s latest licensing round Around 45-50 exploration wells, including wells to delineate previously made discoveries, could be drilled next year on the Norwegian ... Read More »

France bans fracking and oil extraction in all of its territories

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French parliamentarians have passed a law banning fossil fuel extraction. President Macron says he wants France to lead the world with switch to renewables Agence France-Presse The Guardian France’s parliament has passed into law a ban on producing oil and gas by 2040, a largely symbolic gesture as the country is 99% dependent on hydrocarbon imports. In Tuesday’s vote by show of hands, only the rightwing Republicans party opposed, while leftwing lawmakers abstained. No new permits will be granted to ... Read More »

Timeline: game-changing gas discoveries in the eastern Mediterranean

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Massive gas discoveries in the Mediterranean Sea’s Levant Basin have attracted a flood of investment – and no shortage of geopolitical tension. Chris Lo Offshore Technology This timeline brings together some of the most important milestones in the development of offshore gas projects in the eastern Mediterranean. Unlike the Gulf of Mexico or the North Sea, the Mediterranean Sea has always been better known for stunning climate, cuisine and a booming tourism trade than offshore oil and gas. But as ... Read More »

The Arctic – The Arctic Russia’s plan for the world’s newest ocean

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There’s a new ocean at the top of our globe In just the past three decades, global warming has shrunk the size of the Arctic Ocean’s summer ice by half. Vox The region is now more accessible than it’s been in 1,000 years, and governments around the world have taken notice. The melting of the Arctic has grave implications for global weather patterns and rising sea levels, and most of the world sees it as a looming disaster. But for ... Read More »

‘Death spiral’: half of Europe’s coal plants are losing money

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Air pollution and climate change policies are pushing coal-fired electricity stations to the brink, says a new report. Closing them would avoid €22bn in losses by 2030 Damian Carrington The Guardian More than half of the European Union’s 619 coal-fired power stations are losing money, according to a new report. As a result, the industry’s slow plans for shutdowns will lead to €22bn in losses by 2030 if the EU fulfils its pledge to tackle climate change, the report warns. ... Read More »

Govt receives ExxonMobil funds to help fight Guyana-Venezuela border controversy; some contract details disclosed

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Minister of Natural Resources, Raphael Trotman on Friday confirmed that United States (US) oil giant, ExxonMobil, will help fund Guyana’s legal fees to settle the border controversy with Venezuela. Demerara Waves “Yes, Mr. Speaker, there is a sum and yes it is reserved to safeguard this country,” he said the same day that two local newspapers published a September 2016 letter by Finance Secretary, Dr. Hector Butts to the Governor of the Bank of Guyana, Dr. Gobind Ganga for the ... Read More »

World’s Biggest Wealth Fund Wants Out of Oil and Gas

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The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks. Sveinung Sleire Bloomberg Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its ... Read More »

Norway sued over Arctic oil exploration plans

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The case, led by Greenpeace, claims Norwegian government has violated constitutional right to a healthy environment and contravenes Paris agreement Tone Sutterud and Elisabeth Ulven in Oslo The Guardian The Norwegian government is being sued by climate activists over a decision to open up areas of the Arctic Ocean for oil exploration, a move they say endangers the lives of existing and future generations. The plaintiffs, led by environmental organisations Greenpeace and Youth and Nature, will on Tuesday claim that the Norwegian government has ... Read More »

The Bonn Climate Conference: All Our Coverage in One Place

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Hello, and welcome to our coverage of the Bonn climate conference. Jonathan Ellis The New York Times Negotiators from nearly 200 countries are meeting this week in Bonn, Germany, in the biggest climate change talks of the year. Our reporters Lisa Friedman and Brad Plumer are there and will be bringing you news and updates throughout. We are collecting all of our coverage here, in one place. Let’s start with the basics. Here’s what the Bonn conference is all about ... Read More »

Green finance? Why global banks are pledging billions to fight climate change

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Banking giant HSBC has pledged US$100 billion (£76 billion) to “fight climate change”, to be spent on sustainable finance and investment over the next eight years. Simon Wilde The Conversation It also commits to increasing its own use of renewable energy and to reducing its funding of coal projects. HSBC is following a growing trend among investment banks which includes a US$200 billion funding commitment from JP Morgan Chase, the acquisition of the UK’s Green Investment Bank by Macquarie, and ... Read More »