Indian power majors embrace renewables (30 September 2017): Rebecca Bundhun - Energy firms in India are increasingly diversifying to generate revenues from renewables in a effort to keep pace with the country’s push towards green energy. “As we go ahead, if we look at the energy mix, the renewables energy percentage is going to increase, so if these companies do not keep up, they’ll be left behind,” says Rohit Kumar, the head of REC in India, a Norwegian solar energy firm. “It’s [adoption of renewables] gathering momentum now.” (more about ...)
API: Petroleum demand last month highest for August since '07 (29 September 2017): By SABRINA FANG - WASHINGTON -- Total petroleum deliveries in August moved up by 1.3% from August 2016 to average 20.5 MMbpd. These were the highest August deliveries in 10 years, since 2007. Compared with July, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.6%. For year-to-date, total domestic petroleum deliveries moved up 1.3% compared to the same period last year. (Source: World Oil)
UN says petrochemicals could contribute to Africa's development (28 September 2017): The African petrochemicals sector could play an important role in growth and industrialisation, according to Stephen Karingi, director of the United Nationals Economic Commission for Africa (ECA) (Source: oilreviewafrica.com)
This Crude Oil Benchmark Just Rallied To A Three-Year High (27 September 2017): By Matt Smith - Oman is the largest oil producer in the Middle East that is not a member of OPEC. It is also part of the OPEC / NOPEC production cut deal, committing to a 45,000 barrel-per-day cut from its output level of just over one million barrels per day. This equates to an export cut of about 36,000 bpd, according to our calculations. (Source: Oilprice.com)
Strong growth in fuel demand accelerates oil market rebalancing (26 September 2017): SINGAPORE (Reuters) — Strong oil demand growth in emerging economies led by China and India but also from Europe is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday. (Source: Hydrocarbon Processing)
Does This Oil Price Rally Have Legs? (25 September 2017): By Stuart Parnell - Yup, you heard it here first (or second, maybe even third), last week was the week that it all happened, the week that we can finally call the oil price crisis officially over. Okay, maybe not completely over, or even close to almost over, but is sure was nice for a while to taste the sweet nectar of oil prices over $50, no matter how fleeting that might be. (Source: Oilprice)
UAE's push on solar should open eyes across wider world (24 September 2017): Robin Mills - The UAE is getting used to setting solar energy records. Dubai’s latest project, awarded last Saturday, follows this pattern. But, as a leap forward in a different type of solar power plant, it has important implications for renewable energy across the region. A joint venture of Saudi Arabia’s Acwa, already deeply involved in solar and coal projects with Dubai's Dewa and across the region, and China’s Shanghai Electric, will build the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, as the world’s largest concentrated solar power (CSP), sometimes called solar thermal, plant. (more about ...)
Unusual Ruling Could Impact Cheap Solar Panel Imports (23 September 2017): By ZeroHedge - In a decision that could potentially have a profound impact on U.S. trade policy, the U.S. International Trade Commission has ruled that a flood of cheap, foreign solar panels is unfairly hurting U.S. manufacturers, creating the opportunity for President Donald Trump to follow through on his protectionist campaign rhetoric and impose tariffs and import quotas as soon as November. (Source: Oilprice)
Oil Steady At $50 Amid Falling U.S. Oil Rig Count (22 September 2017): By Julianne Geiger - The number of active oil and gas rigs in the United States fell this week by 1 rig. The total oil and gas rig count in the United States now stands at 935 rigs, up 424 rigs from the year prior, with the number of oil rigs in the United States decreasing by 5 this week and the number of natural gas rigs increasing by 4. (Source: Oilprice)
The EV Boom Is Dead Without Proper Support (21 September 2017): By Leonard Hyman & William Tilles - Frankfurt’s car show, one of the most important in the world, this September spotlighted electric vehicles (EVs). France and the United Kingdom have already decreed an end to sale of cars with internal combustion engines by 2040. Norway is looking to do the same by 2025. And China has begun the push to electrify its vehicle fleet. In the process putting pressure on foreign manufacturers to share technology if they want to gain entry to the potentially enormous Chinese market. (Source: Oilprice)
The Race For The “Holy Grail” Of Renewables (20 September 2017): By Irina Slav - In February, AES Energy’s Escondido battery storage facility in California was hailed as the largest one to date, with a capacity of 30 MW/120 MWh. Now, Tesla is building a bigger one—100 MW/129 MWh—in Australia. On the face of it, it’s a race for the bigger battery storage system. But there’s much more to it than that. (Source: Oilprice)
Iran Looks To Ramp Up Production (19 September 2017): By Tsvetana Paraskova - Iran’s crude oil production is expected to grow to 4 million bpd by the end of the current Iranian year, March 20, 2018, the chief executive of the National Iranian Oil Company (NIOC), Ali Kardor, told Iran’s news agency Tasnim on Tuesday. Iran is currently pumping over 3.8 million bpd of oil, the manager added. Exports of crude oil and gas condensates now exceed 2.6 million bpd, but are further expected to increase as the country plans to raise its output in the second half this year and in early 2018. (more about ...)
Accountants are the real renewable energy heroes (18 September 2017): David Fickling - What's the most important innovation behind the rise of renewable energy: Taller wind turbines? Smart power grids? Spray-on solar cells? None of the above. For all the advances made by engineers that cut the cost of solar modules and new wind generation by more than half in five years, the true heroes of the renewables revolution may be a group that's rarely recognized: accountants. (more about ...)
Aramco IPO Remains On Track, Company Says (15 September 2017): By Irina Slav - Aramco’s initial public offering remains on track for next year, the company told UAE’s The National in an email, following a report that suggested the initial schedule might be delayed. The delay, sources told Bloomberg yesterday, would be because of a number of still unresolved issues around the offering, which many believe could be the biggest IPO in history, beating Alibaba’s US$25-billion initial placement by as much as US$75 billion. (more about ...)
WTI Breaks $50 As Bullish Sentiment Builds (14 September 2017): By Tsvetana Paraskova - Sep 14, Buoyed by strong global oil demand growth and reduced OPEC supply, U.S. benchmark WTI jumped above the psychologically important US$50 threshold on Thursday, topping that level for the first time in five weeks and aiming for the highest closing since the end of May. (more about ...)
Shell with Honda, Toyota to bring seven new hydrogen refueling stations in California (13 September 2017): SAN FRANCISCO — On Aug. 9, the California Energy Commission awarded a grant of $16,362,500 to Equilon Enterprises LLC a subsidiary of Shell Oil Company for the introduction of seven hydrogen refueling stations in Northern California. (more about ...)
World’s biggest wind farm announced for North Sea (12 September 2017): Seth Jacobson - An offshore wind farm that will feature 276-metre tall turbines and that will generate enough energy to power more than 1.3 million homes was given the green light by the British government on Monday. Danish renewables giant Dong Energy successfully bid for subsidy support for the Hornsea Two project, which will be situated 90 kilometres off the Yorkshire coast. (more about ...)
World’s Largest Car Market Turns To Electric Vehicles (11 September 2017): By Irina Slav - China is preparing to announce the date from which internal combustion engine car sales will be banned, joining Norway, France, and the UK, among others, that have declared a complete shift to electric vehicles. (more about ...)
IAEA report: Nuclear power expansion to slow before growing again (9 September 2017): Caline Malek - Nuclear power’s long-term potential remains high, although its global expansion is projected to slow down in coming years, according to a report by the International Atomic Energy Agency. The International Status and Prospects for Nuclear Power 2017 report found that the decline was mainly due to early retirement or lack of interest in extending the life of nuclear power plants in some countries. (more about ...)
Iran To Become Essential Hub In China’s Belt And Road Initiative (9 September 2017): By Eurasianet - China’s strategic interest in Iran is intensifying. Chinese manufacturers are looking to establish new operations in Iran, and Tehran is viewed as a vital transport and logistics hub. Iran is focusing in 2017 on expanding its railway network so that it can better align with China’s Central Asian logistics strategy, Iranian Minister of Transport Abbas Akhodi said recently. The minister added that the chief goal for Iran’s Department of Transportation would be to improve connections of the national rail network to neighboring railway networks. (more about ...)
Oil steady as Irma heads for Florida, Saudi Arabia cuts supply (8 September 2017): LONDON (Reuters) — Oil prices steadied on Friday after almost a week of sharp rises as Hurricane Irma, one of the most powerful storms in a century, drove towards Florida after tearing through the Caribbean. Irma is the second major hurricane to approach the United States in two weeks and has already killed 14, flattening whole islands. Its predecessor, Harvey, shut a quarter of US refineries and 8% of US oil production. (more about ...)
OPEC Fails To Cut Oil Exports Below 2016 Levels (7 September 2017): By Irina Slav - OPEC exported 25.19 million bpd of crude oil last month, the lowest since April this year, Thomson Reuters Oil Research said, but the eight-month average for the year to date was 25.05 million barrels, exceeding the average for the corresponding period of 2016, which stood at 24.85 million bpd. (more about ...)
Florida braces for second fuel supply hit as Hurricane Irma approaches (6 September 2017): (Reuters) — Fuel distributors and traders in Florida braced for a second supply shock as Hurricane Irma barreled toward the state on the heels of disruptions from Hurricane Harvey in Texas. Irma, described by forecasters as a potentially catastrophic Category 5 hurricane is forecast to reach southern Florida on Saturday, prompting Governor Rick Scott to declare a state of emergency. (more about ...)
UK Aims To Lead Global Oil Decommissioning Industry (5 September 2017): By Tsvetana Paraskova - The UK, whose offshore waters hold some of the most mature oil and gas fields, has the chance to become a pioneer in oil decommissioning, and should develop the expertise and sell it globally, Andrew Jones, Exchequer Secretary to the Treasury, said on Tuesday, ahead of his speech at the ‘Offshore Europe’ oil and gas conference starting in Aberdeen today. (more about ...)
Does Nuclear Technology Advance Fast Enough? (3 September 2017): By Tsvetana Paraskova - Constructing a nuclear power plant is investment and time intensive. Total costs are sky high and timetables between project proposal and actual construction and operation are unpredictable. Two cases in point—UK’s Hinkley Point C project ... (more about ...)
Mena solar farms to power Europe underway (3 September 2017): Gavin du Venage - A decades-old dream to turn the sun-drenched Middle East and North Africa (Mena) into Europe’s giant solar farm refuses to die, and now may finally become a reality. In June, Tunisia-based TuNur filed a request in the North African country to export 4.5 gigawatts (GW) of solar energy to Europe, enough to power 5 million homes or 7 million electric cars. TuNur is a joint venture between UK-based solar specialist Nur Energie, and a group of Tunisian and Maltese energy investors. (more about ...)
Harvey Has Made the World’s Most Important Chemical a Rare Commodity (1 September 2017): By Jack Kaskey - Few Americans care about ethylene. Many have probably never heard of it. As it turns out, this colorless, flammable gas is arguably the most important petrochemical on the planet -- and much of it comes from the hurricane-stricken Gulf Coast. Ethylene is one of the big reasons the damage wrought by Hurricane Harvey in the chemical communities along the Gulf of Mexico is likely to ripple through U.S. manufacturing of essential items from milk jugs to mattresses. “Ethylene really is the major petrochemical that impacts the entire industry,” said Chirag Kothari, an analyst at consultant Nexant. (more about ...)
U.S. Coal Output Up 9.6% Year On Year (1 September 2017): By Irina Slav - U.S. coal output last week stood at 16.7 million short tons, according to estimates from the Energy Information Administration. This compares to 17.025 million tons in the prior week – a record-high for 2017. Both weekly figures represent substantial increases on an annual basis, by 9.6 percent and 3.4 percent, respectively. (more about ...)