Egypt Seals Historic $35 Billion Development Deal with UAE (29 February 2024): By ZeroHedge - Egypt has agreed to a $35 billion deal with the United Arab Emirates to develop the town of Ras el-Hekma town on its northwestern coast, Egyptian Prime Minister Mostafa Madbouly announced on Friday after weeks of speculations. Madbouly said at a news conference, which was attended by Egyptian and Emirati officials, that Egypt will receive an advance amount of $15bn in the coming week, and another $20bn within two months. The deal is the largest foreign direct investment in an urban development project in the country's modern history, the prime minister said. It is a partnership between the Egyptian government and an Emirati consortium led by ADQ, he said. News about the sale has triggered condemnation by critics of the government, who said the land is one of Egypt's most valuable coastal locations and that it should be developed by local investors. ... (Source: Oil Price)
Will Trump Roll Back Biden’s Green Initiatives if Elected? (28 February 2024): By Felicity Bradstock - With the U.S. presidential election coming up in November, many are wondering what will happen following three years of green progress if a Republican candidate wins the election. As per his campaign mandate, President Biden has focused heavily on decarbonising the U.S. economy and tackling climate change through the introduction of far-reaching climate policies, backed by federal funding. The Inflation Reduction Act (IRA) and other policies were created to help develop green energy capacity and advance clean technologies in the U.S., with financial incentives in place to spur private investment in the sector. However, much of the funding has yet to be distributed, with plans to continue allocating loans and grants for several years to come, to support the long-term transition. With the election scheduled for November, many are wondering what impact the appointment of a Republican candidate would have on the U.S. green transition. ... (Source: Oil Price)
Simulated Star Collision Leads to Breakthrough in Nuclear Waste Treatment (27 February 2024): By Brian Westenhaus - Newly released University of Tokyo research reveals a method to more accurately measure, predict and model a key part of the process to make nuclear waste more stable. This could lead to improved nuclear waste treatment facilities and also to new theories about how some heavier elements in the universe came to be. Simulation of neutron star collision. Detections of gravitational waves from merging neutron stars tipped off researchers here on Earth that it should be possible to predict how neutrons interact with atomic nuclei. ©2024 NASA’s Goddard Space Flight Center. Click the press release link for the largest view. The reporting paper ‘Neutron capture reaction cross-section of 79Se through the 79Se(d,p) reaction in inverse kinematics.’ has been published in the journal Physics Letters B. ... (Source: Oil Price)
Anti-Oil Activists Shift Focus to Insurers (26 February 2024): By Irina Slav - Big Oil and its allegedly exclusive role in bringing about apocalyptic climate change has been the ultimate villain in the eyes of climate activists. Calls for a forceful death of the industry have become the norm, and protests against oil and gas production are an everyday occurrence in the West. But activists are not only targeting their ultimate villain directly. They are also attacking proxy industries such as banks, which lend to the oil and gas industry. The offensive is yielding results: bank after bank pledges an end to funding for new oil and gas projects. Besides banks, however, there is another major pressure point activists are targeting: insurance. Last summer, a group of climate activist organizations organized protests against nine insurance companies, calling on them to refuse to provide coverage for the Eastern African Crude Oil Pipeline project. ... (Source: Oil Price)
Green Chemistry Breakthrough: Researchers Create Ethylene from CO2 (25 February 2024): By Brian Westenhaus - Engineers at the University of Cincinnati created a more efficient way of converting carbon dioxide into valuable products while simultaneously addressing climate change. The study paper has been published in the journal Nature Chemical Engineering. In his chemical engineering lab in UC’s College of Engineering and Applied Science, Associate Professor Jingjie Wu and his team found that a modified copper catalyst improves the electrochemical conversion of carbon dioxide into ethylene, the key ingredient in plastic and a myriad of other uses. Ethylene has been called “the world’s most important chemical.” It is certainly among the most commonly produced chemicals, used in everything from textiles to antifreeze to vinyl. ... (Source: Oil price)
How Next-Gen Biomanufacturing Can Help Slash Global Emissions (22 February 2024): By Brian Westenhaus - Osaka University researchers succeeded in biomanufacturing a sugar product using chemically synthesized sugar for the first time. With refinement of this technology, one can envision a future society in which the sugar required for biomanufacturing can be obtained ‘anytime, anywhere, and at high rate’. In the future, biomanufacturing using chemically synthesized sugar is expected to be a game changer in the biotechnology field – including the production of biochemicals, biofuels, and food, where sugar is an essential raw material – ultimately leading to the creation of a new bio-industry. In a study recently published in ChemBioChem, researchers from Osaka University and collaborating partners developed an innovative biomanufacturing technology using chemically synthesized non-natural sugars as a raw material to solve the above-mentioned problem. ... (Source: Oil Price)
Geologists Are Predicting a Natural Hydrogen “Gold Rush” (21 February 2024): By ZeroHedge - Speaking this weekend at a Denver meeting of the American Association for the Advancement of Science, geologists heralded a coming, game-changing surge in mankind's harvesting of a resource long thought impractical to collect: naturally-occurring or "geologic hydrogen." The scientists provided a first look at the findings of an as-yet-unpublished study performed by the US Geological Survey (USGS). The key takeaway: naturally-occurring hydrogen is far more abundant near the Earth's surface than previously known. Researchers say the planet holds upwards of 5 trillion tons of hydrogen, trapped in underground pockets. “Most hydrogen is likely inaccessible, but a few percent recovery would still supply all projected demand — 500 million tons a year — for hundreds of years,” said Geoffrey Ellis, a USGS research geologist, as reported by the Financial Times. The supply has gone largely unnoticed due to scientists' earlier assumptions about how natural hydrogen is formed and how it's degraded. "We haven’t looked for hydrogen resources in the right places with the right tools,” said Ellis. ... (Source: Oil Price)
India’s Government is seeking approximately $26bn (Rs2.16trn) in private investment for its nuclear energy industry as it looks to decarbonise its power sector. This will be the first time India has pursued private investment to boost its nuclear sector, which currently constitutes just 2% of the country’s total power generation, although it has recently sought to ramp up nuclear capacity as a way to meet net-zero goals. The government is in talks with at least five private companies including Reliance Industries, Tata Power, Adani Power and Vedanta to invest around Rs440bn each, two government sources told Reuters.
The Longer The U.S.’s Pause On LNG Projects Goes On, The Better It Is For Russia (19 February 2024): By Simon Watkins - Last week’s attempt by the U.S.’s Republican-controlled House of Representatives to unblock the stoppage on approvals of permits for new liquefied natural gas (LNG) looks highly unlikely to succeed. Despite the House approving a bill to remove the pause on LNG permits, it still needs to be passed in the Democratic-controlled Senate and then to be signed by Biden to become law. LNG remains the key emergency energy source in the new global oil market order, as analysed in full in my new book of the same name, and without the U.S. continuing to play its role as key producer and coordinator of other LNG supplies, the political cohesion of Europe – and of the West’s core NATO security alliance – may falter. ... (Source: Oil Price)
Rystad: Energy Transition Requires $3.1 Trillion in Grid Investment by 2030 (17 February 2024): By Rystad Energy - Renewable energy developments continue at break-neck speed, with $644 billion to be spent on new capacity in 2024, but outdated and inadequate power grids could prove to be a significant stumbling block to the energy transition. If the world is to limit global warming to 1.8 degrees Celsius above pre-industrial levels, $3.1 trillion of grid infrastructure investments are required before 2030, according to Rystad Energy research. In that scenario, an additional 18 million kilometers of grid network would be needed to keep pace with the electrification underway across cities and counties, including new renewable energy capacity and the rapid adoption of electric vehicles. This would take the total length of all power grids worldwide to 104 million kilometers in 2030, expanding to 140 million kilometers in 2050 – almost the same distance from Earth to the sun. The immediate expansion by 18 million kilometers would necessitate nearly 30 million tonnes of copper, a commodity already in short supply. ... (Source: Oil Price)
European Commission Downgrades Growth Forecast for 2024 (15 February 2024): By City A.M - Growth in the eurozone will be slower than previously expected as the bloc continues to struggle with inflationary pressures and high interest rates, according to new forecasts from the European Commission. The eurozone is now predicted to grow 0.8 per cent in 2024, downgraded from 1.2 percent in its previous round of forecasts in November. However, this is still an improvement on the 0.5 percent rise in 2023. Its post-pandemic rebound came to “an abrupt end” last year in the face of the European Central Bank’s rapid rise in interest rates and collapsing household spending power. The Commission noted that the eurozone “entered 2024 on a weak footing than previously expected”. ... (Source: Oil Price)
New Electrode Revolutionizes Hydrogen Production from Seawater (14 February 2024): By Brian Westenhaus - University of Tsukuba researchers have developed highly durable electrodes without precious metals to enable direct hydrogen production from seawater. Water electrolysis utilizing renewable energy sources is emerging as a promising clean method for hydrogen production. But the water electrolysis method, a promising avenue for hydrogen production, relies on substantial freshwater consumption, thereby limiting the regions available with water resources required for water electrolysis. Therefore, it is imperative to develop a new technology for water electrolysis that can directly harness the abundant supply of seawater. The paper reporting the results has been published as “Durable high-entropy non-noble metal anodes for neutral seawater electrolysis” in the Chemical Engineering Journal. During seawater electrolysis, the anode reaction generates oxygen from water, chlorine gas, and hypochlorous acid from chloride ions. ... (Source: Oil Price)
Why Are China’s Solar Panels So Cheap? (13 february 2024): By ZeroHedge - China's advantage in solar panel production stems from lower costs in materials, electricity, and labor, resulting in a 44% price difference compared to the US. The US lags significantly behind China in every stage of the solar manufacturing process, from polysilicon production to solar panel assembly. Efforts by the US to impose tariffs on Chinese imports aim to level the playing field but may lead to higher costs for consumers and further complications in achieving renewable energy goals. The US wants to break into the solar panel business. Doing so, if its possible at all, means costs of the solar panels and electricity will surge... The Wall Street Journal asks Can the U.S. Break China’s Grip on Solar? That’s a free link worth reading. The short answer is everything in China is cheaper from materials to electricity to labor. ... (Source: Oil Price)
Economist Warns of AI Bubble in U.S. Equity Market (12 February 2024): By City A.M - Higher interest rates are unlikely to cause a major systemic risk but anxious investors should be wary of the continued AI-fuelled exuberance in the US stock market. In a note published yesterday, Paul Dales, chief UK economist at Capital Economics, said it was “too early” to be sure that higher rates would not cause further fractures in the financial system. Nevertheless, “the chances of a systemic financial event are diminishing,” he argued. Interest rates were near zero for over a decade following the financial crisis as global policymakers tried to inject some life into the economy. Many economists argued that ultra low rates facilitated excessive risk-taking in financial markets which would be exposed when interest rates rose. ... (Source: Oil Price)
New Study Questions LNG as a "Bridge Fuel" in Decarbonization (10 February 2024): By Haley Zaremba - For years, the petroleum industry has been trying to push liquefied natural gas as a clean energy source, or at least a cleaner energy source than other fossil fuels, touting its role as a stepping stone or ‘bridge fuel’ between higher-emissions fuels and clean energy in the decarbonization transition. But recent research shows that LNG may not always be cleaner than coal, the dirtiest fossil fuel. The debate over whether LNG is in reality a cleaner alternative to other fossil fuels has been reengaged in recent months as the Biden administration has announced that it will pause approvals of new licenses to export liquefied natural gas. Last Friday, President Joe Biden announced that during this freeze the United States Department of Energy will review and assess whether the nation’s considerable LNG exports are “undermining domestic energy security, raising consumer costs and damaging the environment.” This pause will have widespread implications for global energy markets, as the United States was the single biggest exporter of liquefied natural gas in the world in 2023. According to LSEG data, full year exports from the U.S. rose 14.7% to 88.9 million metric tons (MT), but from 77.5 million metric tons in 2022. ... (Sorce: Oil Price)
Corporate America Retreats from ESG Rhetoric (8 February 2024): By ZeroHedge - Investors are pulling funds from sustainable investments as the ESG (Environmental, Social, and Governance) bubble deflates, triggered by high interest rates, poor returns, plummeting stocks in renewable energy, stricter SEC regulations, political backlash, and Elon Musk's war on woke capitalism. At the same time, ESG mentions on earnings calls by corporate America have plunged. In 2021, during the pandemic boom, US ESG funds hit a record $358 billion in assets, up from $95 billion in 2017. But since then, investor interest has waned as higher borrowing costs impact capital-intensive clean tech stocks. Last week, Visual Capitalist's Dorothy Neufeld published a stunning graphic, citing Morningstar data. It shows investors dumped $5 billion from ESG exchange-traded funds (ETFs) in the fourth quarter, marking the fifth consecutive quarter of net outflows. ... (Source: Oil Price)
Net-Zero Gimmicks Unravel Under Consumer Pressure (7 February 2024): By ZeroHedge - The UK's proposed "boiler tax" was scrapped after manufacturers warned consumers of increased costs, showing the real-world impact of net-zero initiatives. In the US, the offshore wind industry faces significant financial setbacks, with projects being canceled or reevaluated due to soaring costs, undermining Biden's ambitious wind-power plans. The Biden administration backed off a proposed crackdown on gas stoves after widespread pushback, reflecting the broader issue of green policies leading to regressive tax hikes and inflationary pressures. ... (Source: Oil Price)
Oil Market Needs $14 Trillion: OPEC Secretary General (6 February 2024): By Julianne Geiger - The global oil market will require $14 trillion in investments over the next 20 years if oil-producing nations hope to be able to fulfill global energy demands through 2045, OPEC's Secretary General Haitham al-Ghais said on Tuesday. According to the Secretary-General who spoke at India Energy Week in Goa, oil demand "will continue to rise and there is a need to ensure that supply is maintained." Al-Gais added that globally, energy demand would rise between now and 2045 by 23 percent. India's oil demand is expected to double by 2045 to 38 million bpd from its current 19 million bpd, India's Prime Minister Narendra Modi said early at the event. "India's oil demand is expected to increase to 38 million barrels per day by 2045 from the current 19 million barrels. India is consistently growing its energy capacity. We aim to increase the share of natural gas to 15% of primary energy missfrom 6 % now. By 2030, the refining capacity will be at 450 mtpa in India," Modi said. ... (Source: Oil Price)
Supply and Demand Shocks Still Rocking Energy Markets (4 February 2024): A year and a half after a renowned Harvard professor described the pandemic of 2020 as “the mother of all shocks” to energy markets, oil and gas prices are still being rocked by supply and demand shocks, with economic growth trends and geopolitical tensions offsetting or exacerbating them. “One reason why oil and gas prices are so volatile is that short-term demand for energy responds much faster to changes in growth than to price changes. So, when there is an energy shock, it can take a huge price change to clear the market,” Kenneth Rogoff, a Professor of Economics at Harvard University and former Chief Economist and Director of Research at the International Monetary Fund (IMF), wrote in an opinion piece in Project Syndicate in July of 2022. ... (Source: Oil Price)
Nanosheet Breakthrough to Boost Sustainable Hydrogen Production (3 February 2024): By Brian Westenhaus - City University of Hong Kong scientists have recently developed a novel strategy to engineer stable and efficient ultrathin nanosheet catalysts by forming Turing structures with multiple nanotwin crystals. This innovative discovery paves the way for enhanced catalyst performance for green hydrogen production. The report about the research has been published in Nature Communications. Hydrogen energy has emerged as a promising alternative to fossil fuels, offering a clean and sustainable energy source. However, the development of low-cost and efficient catalysts for hydrogen evolution reaction remains a crucial challenge. Producing hydrogen through the process of water electrolysis with net-zero carbon emissions is one of the clean hydrogen production processes. ... (Source: Oil Price)
Futuristic Glass Technology Paves Way for Energy-Efficient Buildings (1 February 2024): By Brian Westenhaus - What happens when you expose tellurite glass to femtosecond laser light? That’s the question that Gözden Torun at the Galatea Lab, Ecole Polytechnique Fédérale de Lausanne, in a collaboration with Tokyo Tech scientists, aimed to answer in her thesis work when she made the discovery. Its a discovery that may one day turn windows into single material light-harvesting and sensing devices and perhaps a new semiconductor material. The physicists propose a novel way to create photoconductive circuits, where the circuit is directly patterned onto a glass surface with femtosecond laser light. The new technology may one day be useful for harvesting energy, while remaining transparent to light and using a single material. The scientists were interested in how the atoms in the tellurite glass would reorganize when exposed to fast pulses of high energy femtosecond laser light. They stumbled upon the formation of nanoscale tellurium and tellurium oxide crystals, both semiconducting materials etched into the glass, precisely where the glass had been exposed. ... (Source: Oil price)