Tesla Of The Sea? How EV Tech Is Revolutionizing Boating (31 May 2023): By James Stafford - The electric vehicle boom isn’t just about passenger cars and trucks, it’s also about the millions of speedboats and other recreational boats whose pollution has, at times, caused more damage than the Exxon Valdez oil spill. And it’s all about the battery, just as it has been with the EV market, and Vision Marine Technologies Inc (NASDAQ:VMAR) is a company investors should keep an eye on as their proprietary technology looks to turn the boating market upside down. It has successfully developed the world’s most powerful marine electric motor, with proprietary technology. And in my opinion is poised to send waves through the industry. This is the year the $12-billion boat battery market joins the green revolution. ... (Source: Oil Price)
Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order (30 May 2023): By Simon Watkins - The last week or so has seen a flurry of major cooperation agreements - including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China. Like a very dark version of the old U.S. soap opera parody ‘Soap’ this real-life version is equally convoluted, albeit a lot less funny. Its key elements constitute a significant part of the new global oil market order, which is analysed in depth in my new book on the subject, but the three most recent principal cooperation agreements will have immediate consequences for oil and gas flows around the world and their pricing. ... (Source: Oil Price)
Companies Lash Out At SEC’s Proposed Scope 3 Rules (30 May 2023): By Tsvetana Paraskova - A new climate-risk disclosure rule that the U.S. Securities and Exchange Commission (SEC) is expected to finalize this year is dividing companies, industries, and lawmakers. SEC’s proposed rules to “Enhance and Standardize Climate-Related Disclosures for Investors” include requirements for listed companies to report the so-called Scope 3 emissions. Those are the greenhouse gas emissions from the outside suppliers and vendors up and down a company’s supply chain. The proposed requirements, of course, also include direct emissions of a firm’s operations, the so-called Scope 1 and Scope 2, but it’s the Scope 3 emissions that have raised the most debates among industry. Republican lawmakers are even looking to block the disclosure of the value-chain emissions with a bill introduced early this month. ... (Source: Oil Price)
Scientists Report Breakthrough With Very Low Cost Calcium Battery (29 May 2023): By Brian Westenhaus - Tohoku University researchers have recently developed a prototype calcium metal rechargeable battery capable of 500 cycles of repeated charge-discharge. Five hundred cycles is the benchmark for practical battery use. The breakthrough was made thanks to the development of a copper sulfide nanoparticle/carbon composite cathode and a hydride-based electrolyte. With the compulsive sales of electric vehicles and grid-scale energy storage systems on the rise, the need to explore alternatives to lithium-ion batteries has never been greater. The advancement is focused on the element calcium and now a prototype is in testing. Calcium (Ca) is the fifth most abundant element in earth’s crust, calcium is widely available and inexpensive, and has higher energy density potential than lithium ion batteries (LIB). Its properties are also thought to help accelerate ion transport and diffusion in electrolytes and cathode materials, giving it an edge over other LIB-alternatives such as magnesium and zinc. ... (Source: Oil Price)
Two Largest Pension Funds In U.S. Could Be Forced Into $15B Oil, Gas Divestment (26 May 2023): By Julianne Geiger - A new bill that was approved by the California state Senate on Thursday would require two of the country’s largest pension fund to pull $15 billion in investments from oil and gas companies. The measure passed the California Senate with a vote of 23-10, according to Bloomberg, and would require the California Public Employees’ Retirement System (CalPERS) and the California State Teachers Retirement System to stop any new oil and gas investments by 2024, and completely divest from large oil and gas company stocks by 2031. The Senate passed a similar bill a year ago, but it died in Assembly. This year’s crack at divesting the pension funds from oil and gas will now head to the Assembly, where it may share a similar fate. ... (Source: Oil Price)
Finnish Nuclear Power Plant Cuts Output After Prices Go Negative (25 May 2023): By ZeroHedge - As we detailed in early May, the transition from testing to regular output last month saw Finland's first nuclear power-plant drive electricity prices dramatically lower. As yle reports, the Olkiluoto 3 nuclear reactor in Eurajoki, southwest Finland, started regular electricity production in mid-April, about 14 years behind schedule. Since then prices for power in Finland have continued to plunge as the efficiency of the plant flooded the grid with 'new' energy. So much in fact that early on Wednesday of last week, the market price for electricity dropped below zero cents per kilowatt-hour (kWh) and for hours after that the price was only 0.3 cents per kWh at its highest, according to the country's grid operator, Fingrid. That was unacceptable and prompted the plant's owner, Teollisuuden Voima (TVO) to significantly cut back its output... "Electricity production must also be profitable for nuclear power plants, and when the price is particularly low, there may be situations where output is limited," TVO communications manager, Johanna Aho, said. ... (Source: Oil Price)
The Problem With Converting CO2 Back Into Fuel (24 May 2023): By Brian Westenhaus - Helmholtz-Zentrum Berlin für Materialien und Energie researchers are working through the clogging problem in CO2 electrolysis. The greenhouse gas carbon dioxide can be converted into useful hydrocarbons by electrolysis. The design of the electrolysis cell is crucial in this process. The so-called zero-gap cell is particularly suitable for industrial processes. But there are still problems: The cathodes clog up quickly. The team’s research paper has been published in Nature Communications. The combustion of oil, coal or natural gas produces carbon dioxide, or CO2. This accused greenhouse gas is said to be a major driver of global warming, but it is also a raw material. It is technically possible to convert CO2 into useful carbon compounds, a process which requires energy, water, suitable electrodes and special catalysts. ... (Source: Oil Price)
JP Morgan Bets Big On Carbon Removal (23 May 2023): By Charles Kennedy - JP Morgan has committed to invest over $200 million in buying credits for carbon removal. JP Morgan is also helping carbon capture businesses with financing. JP Morgan is also one of the biggest financiers of fossil fuel projects. JP Morgan is betting big on carbon removal and is buying credits from direct air capture developers to offset its environmental footprint, officials at the largest U.S. bank have told The Wall Street Journal. JP Morgan has committed to invest over $200 million in buying credits for carbon removal and is also helping carbon capture businesses to take off. “We’re jumping in the pool all in,” JP Morgan’s head of operational sustainability, Brian DiMarino, told the Journal an interview. “This is us putting our weight and our capital behind something we believe is truly important to bring to market now,” DiMarino added. ... (Source: Oil Price)
This New Middle East Pipeline Could Be A Gamechanger (22 May 2023): By Simon Watkins - A huge new Middle East to Asia pipeline that could provide the East with high volumes of reliable gas supplies for decades is being planned. The presence of such a pipeline could also lead to vital gas supplies being diverted from Europe, in which demand for them has dramatically increased to substitute from lost gas supplies after sanctions were imposed on Russia. The announcement of the new pipeline comes just a few weeks after the China-brokered Iran-Saudi Arabia relationship resumption deal that marked a milestone in the new global oil market order, as analysed in my new book on the subject. As at the end of 2021, according to International Energy Agency (IEA) figures, the E.U. imported an average of over 13.4 billion cubic feet (bcf) per day of gas by pipeline from Russia, or around 4.9 trillion cubic feet (tcf) for the year. As well as that, around 5.3 tcf was delivered in LNG form. In sum, Russia accounted for around 45 percent of the E.U.’s gas imports in 2021 and almost 40 percent of its total gas consumption. ... (Source: Oil Price)
U.S. Shale Production Is Set For A Rapid Decline (20May 2023): By David Messler - I have argued in several Oilprice articles, and most recently in February 2023, that the era of increasing output from shale wells did not have much more room to run absent a price signal that caused a huge increase in drilling. A price signal similar to the one the market received with the onset of the Ukraine invasion, that added 153 rigs in U.S. shale plays from January to June of 2022. Instead, as the market adapted to the loss of Russian oil and gas, and worries about the strength of the economy cast doubt on demand, prices began to soften throughout the rest of the year. As we approach the midpoint of 2023, WTI prices have mostly stayed in a $70-$80 range, continuing a pattern that established itself in late Q-4, 2022. There is nothing in the next few months that will interrupt this pattern, but if we look a little farther out, in the next six to eight months, we can make a case for a transformative drop in U.S. domestic production. ... (Source: Oil Price)
How A Cactus Inspired Scientists To Make Cheaper Hydrogen (18 May 2023): By Brian Westenhaus - Engineers at The University of Texas at El Paso have proposed a low-cost, nickel-based material as a catalyst to help split water more cheaply and efficiently. More than 100 years ago, scientists discovered how to turn water into hydrogen gas – a highly desired green energy that’s been nicknamed “the fuel of the future.” Despite that breakthrough, hydrogen has not latched on as a dominant fuel source. Breaking down water into hydrogen can be inefficient and costly and the transformation process, called electrolysis, remains unperfected. UTEP Mechanical Engineering Professor Ramana Chintalapalle, Ph.D., who led the study said, “This is nature-inspired design in the laboratory. You have this plant with an extensive surface that can absorb moisture and survive in extreme environments. We thought, ‘How can we incorporate this into our research?’” ... (Source: Oil Price)
The 2023 Oil Demand Conundrum (17 May 2023): By Innovation Policy Blog - In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago. According to the IEA, oil demand will grow by a substantial 2.2 million bpd this year. A week ago, in its latest Monthly Oil Market Report, OPEC left its global oil demand growth forecast unchanged but revised its expectations of Chinese demand upwards: the cartel now expects it to grow by 800,000 bpd, up from an earlier forecast of 760,000 bpd. Meanwhile, oil prices remain stubbornly low despite this upbeat demand outlook. In fact, prices took a dip on the same day that the IEA released its report, which is unequivocally bullish. Why? Because data coming out of China showed that industrial activity and retail sales growth were weaker in April than forecast. ... (Source: Oil Price)
Why The Revival Of Nuclear Energy Is Good News For Russia (16 May 2023): By Haley Zaremba - It seems increasingly likely that we are witnessing the dawn of a new nuclear era. After decades of decline in the West, a potent mix of climate goals and politically motivated energy wars have changed public and private opinion regarding the controversial energy source. Nuclear has notorious drawbacks, but it’s also a proven form of carbon-free energy production, with plenty of existing infrastructure. It also doesn’t entail any of the issues with variability that are associated with wind and solar power. Many advocates of nuclear power argue that we can no longer afford to ignore it as a key source of clean energy in the fight against climate change. And increasingly, the public and private sectors are listening. ... (Source: Oil Price)
Will The EPA's New Power Plant Emissions Rule Make An Impact? (15 May 2023): By Leonard Hyman & William Tilles - The Environmental Protection Agency (EPA) will try again to limit carbon dioxide emissions from power plants, having failed to do so during the Obama administration. Well, if at first you don’t succeed… Electric power generating plants account for about 31% of US carbon dioxide emissions, so this is not a minor event. This time around the EPA will not tell power generators affirmatively what to do (that is, install certain devices) but rather less aggressively what not to do (do not emit the carbon dioxide). The more corporate-friendly idea here is to permit privately owned power generators the discretion to pick the best means of emissions control. A market-friendly and technology-friendly solution, it would seem. ... (Source: Oil Price)
The Middle East IPO Boom May Have Reached Its Zenith (13 May 2023): By Cyril Widdershoven - Signs are emerging that the still continuing IPO boom in the Gulf could be reaching its zenith. Lower oil and gas revenues as a result of falling Brent crude prices, headwinds for the global economy, high inflation in the U.S. and Eurozone, and ongoing central bank interest rates hikes are not only pressuring energy markets, but may also negatively impact proposed IPOs in hotspots Saudi Arabia and UAE. As mentioned last week following Aramco's impressive yet comparatively lower profits and revenues than those in Q1 2022, it is possible that Arab nations may see their oil and gas revenues shrink in the near future. Currently, the prices of crude oil, natural gas, LNG, and petroleum products are still experiencing downward pressure, which does not bode well for optimistic public spending plans of the Arab world. The world's largest oil company has surprised the market by delaying the expected initial public offering of its energy trading business. ... (Source: Oil Price)
The Growing Importance Of Robots In The Oil And Gas Industry (11 May 2023): By Felicity Bradstock - With the hot topic of artificial intelligence (AI) being talked about in every industry and all around the world, it’s important to understand how it plays into the oil and gas industry. Robotics and AI have long featured in the energy industry, but it was only during the Covid pandemic that they gained much more attention for their potential use on unmanned platforms. So, coming out of the pandemic, just how will robotics, AI, and similar technologies shape the future of oil and gas? There are several reasons that companies are looking to robotics to modernize their oil and gas operations. Firstly, the Covid pandemic made it abundantly clear that if workers cannot work on oil and gas rigs then operations come to a halt. But if unmanned machines are in place to carry out some of the core functions of the platforms, then this may not be the case in the future. Secondly, worker health and safety have long been taken for granted, with rig workers often having to carry out perilous tasks due to a lack of a better alternative. However, robots have the potential to be used for the most dangerous activities to reduce the risk to human lives. And, thirdly, the mechanization and digitalization of activities could ultimately reduce costs and improve efficiency. ... (Source: Oil Price)
A Battery Breakthrough That Could Solve A Major Problem For The West (10 May 2023): By Brian Westenhaus - Texas A&M University chemical engineers have discovered a 1,000% difference in the storage capacity of metal-free, water-based battery electrodes. Chemical engineering professor Dr. Jodie Lutkenhaus and chemistry assistant professor Dr. Daniel Tabor have published their findings about lithium-free batteries in Nature Materials. Water based or aqueous batteries are different from lithium-ion batteries that contain cobalt. The group’s goal of researching metal-free batteries stems from having better control over the domestic supply chain since cobalt and lithium are only outsourced internationally. This safer chemistry would also prevent battery fires. Lutkenhaus explained, “There would be no battery fires anymore because it’s water-based. In the future, if materials shortages are projected, the price of lithium-ion batteries will go way up. If we have this alternative battery, we can turn to this chemistry, where the supply is much more stable because we can manufacture them here in the United States and materials to make them are here.” ... (Source: Oil Price)
NextEra To Sell Natural Gas Pipelines In 100% Transition To Renewables (9 May 2023): By Charles Kennedy - Renewable energy giant NextEra Energy Partners is planning to offload all of its natural gas pipelines to focus on clean energy expansion exclusively by 2025. NextEra CEO John Ketchum told investors on Monday that the sale of natural gas pipelines–which has been rejected in past years–would finance the company’s renewable energy growth plants over the next couple of years without assuming new high-interest debt. In a call with investors, Ketchum said “NextEra Energy Partners is better positioned than ever to capitalize on the clean energy transition.” Up for sale first will be NextEra’s Midstream pipeline in Texas, for which it is hoping to find a buy and close a deal by the end of the year. Last on the list will be the Meade natural gas pipeline in Pennsylvania, which NextEra plans to offload after 2025. ... (Source: Oil price)
The Very Bumpy Path Ahead For The Global Economy (8 May 2023): By Gail Tverberg - In the post-World War II era, the US has been known for its hegemony–in other words, its leadership role in the world economy. According to one definition, hegemony is the political, economic, and military predominance of one state over other states. I believe that the US is not far from losing its hegemony. The conflict over future hegemony could lead to a major war. Hegemony is surprisingly closely tied to leadership in energy consumption. A country with a high share of the world’s energy consumption doesn’t have to depend on imported goods and services from around the world. It can manufacture weapons of war, if it chooses, in as large quantities as it chooses, without waiting for outside suppliers. ... (Source: Oil Price)
Is Clean Energy Really More Expensive Than Traditional Energy? (7 May 2023): By Leonard Hyman & William Tilles - The claim that clean energy is more expensive than traditional energy sources is frequently repeated and on the surface certainly appears true. If you delve deeper into the total costs and future costs of clean energy, it is a far more reasonable proposition than it may originally appear. There are multiple projects with the potential to completely disrupt energy markets, making even this debate about the immediate cost of clean energy obsolete. Judging from the news story, a PR firm had an assignment: to inform the world that clean energy prices exceed dirty energy prices, just as Republicans in Congress try to repeal large parts of the Inflation Reduction Act (which boosts clean energy). Maybe a coincidence. Politics is not our area of expertise. ... (Source: Oil Price)
A Secret War Is Brewing In The South China Sea (4 May 2023): By Haley Zaremba - After a period of relative calm and quiet, there is once again a geopolitical storm brewing out in the South China Sea. This time, there are dual face-offs: one minor spat between China and Malaysia, and another seriously major spat between China and the Philippines. The South China Sea is one of the most heavily trafficked maritime routes in the entire world. However, the conditions that make it so valuable – namely, its location on the coasts of a considerable number of Asian countries – have also led to major regional tensions over ownership, rights, and tenure. Vast, overlapping swaths of this prized patch of the Pacific are currently being claimed by Brunei, China, Malaysia, Indonesia, the Philippines, Taiwan, and Vietnam. ... (Source: Oil Price)
Oil Exporters In The Middle East To See Economic Growth Slow (3 May 2023): By Charles Kennedy - Economic growth in the oil exporters in the Middle East and North Africa will shift from oil to the non-oil sectors due to lower crude production as part of the OPEC+ agreement, the International Monetary Fund (IMF) said in its latest regional outlook published on Wednesday. Economic growth is set to moderate in oil-exporting countries in the Middle East – which are some of the world’s biggest oil exporters, including top crude exporter Saudi Arabia – according to the IMF. That’s due to the OPEC+ cuts decided late last year, and the fresh production cuts announced last month that would run between May and December 2023. “As a result, growth in the MENA region is projected to decelerate from 5.3 percent in 2022 to 3.1 percent in 2023 before increasing slightly to 3.4 percent in 2024,” the IMF said. Saudi Arabia led a group of several major OPEC+ producers who announced in early April a surprise 1.66 million bpd cut in production between May and December this year as “a precautionary measure aimed at supporting the stability of the oil market.” ... (Source: Oil Price)
Carbon Capture Is Beginning To Take Off (2 May 2023): By Tsvetana Paraskova - Carbon capture projects and carbon removal credits have received new impetus with major government support over the past year as part of the solutions to cut greenhouse gas emissions and put the world on track to reach the Paris Agreement targets. In the U.K., the Spring Budget in March made up to $25 billion (£20 billion) available for Carbon Capture, Utilization and Storage (CCUS), while the U.S. Inflation Reduction Act has significantly raised the incentives for carbon capture projects, including direct air capture (DAC). As governments move to back carbon capture projects and corporations look to reduce their carbon footprint, the market for carbon removal projects and carbon removal credits is expected to thrive in the coming years. The schemes face criticism from environmental advocates who say that carbon removal credits do not address the problem of emissions reduction and could lead to more greenwashing from the big polluters. ... (Source: Oil Price)
The 10 Countries With The Largest Natural Gas Reserves (1 May 2023): By Irina Slav - Natural gas has been hailed as the bridge between a fossil fuel past and a low-carbon future. It has also been demonized as a Trojan horse for the fossil fuel industry to continue to be relevant in that low-carbon future envisioned by the architects of the transition. Over the past year, events in Europe made it quite clear that envisioning a future may be a noble thing but energy needs are immediate, and gas is perfect for meeting them with a lower emission footprint than fellow fossil fuels oil and coal. It is a bit unfortunate for Western gas consumers, then, that the countries with the biggest gas reserves in the world happen to be Russia and Iran. Fortunately, the United States is also on the list of the top 5 biggest gas reserve holders, as are several Middle Eastern countries. ... (Source: Oil Price)