Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on September 14, 2016
IEA Sees 8% Drop in World Energy Investment
Global energy investment in 2015 amounted to $1.8 trillion, down 8% (in real terms) from 2014, according to a survey published September 14 by the International Energy Agency. The drop mainly came from the upstream oil and gas segment, it said.
“After three years during which the US was the largest destination for investment in energy supply, China retook the top position in 2015, largely due to the record level of electricity sector investment in China and the decline of US oil and gas investment,” it said. However, “the rebalancing and slowdown of the Chinese economy, which are curbing the country’s energy needs, are having a major impact on energy investment globally, largely as a result of lower demand growth for oil, gas and coal.”
Welcoming the report, the head of the International Association of Oil and Gas Producers, Gordon Ballard, said: “In the oil and gas sector, huge investment will be necessary in the next decades, to explore and produce the new resources needed to meet the energy demand that a growing world population will likely generate. As the new Report shows, significant investment is essential to preserve security of energy supply.
“The IEA itself has estimated that, even if the world manages to keep the temperature increase within 2 degrees Celsius, in 2040 oil and gas will each have to cover 22% of the world’s energy demand.”
Oil, the largest primary energy source, took a slightly bigger share of the global energy mix, but its share of global energy investment declined, most notably in North America. Gas demand growth remained subdued with the slowdown of electricity demand and the growth of renewables. Low oil and gas prices have led to cuts in investment in upstream and transportation infrastructure, with most major gas infrastructure projects in east Africa and the Eurasian region facing delays.
Upstream oil investment remained robust in Russia and the Middle East. The relatively low cost of developing reserves in these regions and currency movements that mitigated the fall in the dollar oil price helped to support investment there. In Russia, capital spending even increased in ruble terms, helping to stabilise Russian production at a post-Soviet high, the report found.
12 Comments on "IEA Sees 8% Drop in World Energy Investment"
Plantagenet on Wed, 14th Sep 2016 12:26 pm
The suggestion that global temperature increases will be less than 2°C by 2040 is ridiculous. The world hit 1.5° of warming in 2015, and this year is warmer still.
This article shows how the sham climate agreement in Paris provides the excuse to allow more fossil fuel use.
Cheers!
penury on Wed, 14th Sep 2016 12:31 pm
Completely meaningless verbiage.
Apneaman on Wed, 14th Sep 2016 1:31 pm
Louisiana’s sinking coast a $100 billion nightmare for Big Oil
“The canals tell a story about the industry’s ubiquity in Louisiana history, but they also signal a grave future: $100 billion of energy infrastructure threatened by rising sea levels and erosion. As the coastline recedes, tangles of pipeline are exposed to corrosive seawater; refineries, tank farms and ports are at risk.”
http://www.chicagotribune.com/business/ct-louisiana-coastline-big-oil-20160822-story.html
penury on Wed, 14th Sep 2016 1:48 pm
It does appear that infra-structure will be the final nail in the coffin for big oil, Rust,decay and corrosion never sleep.
Apneaman on Wed, 14th Sep 2016 2:22 pm
penury, the already neglected national infrastructure is taking ever more punishment as a consequence of AGW. Another externalaity of fossil fuels. Whatever band-aids they apply, are of course being paid for by the taxpayer as per usual.
Energy voting denier state Louisianan says, please sir Obama, may I have some more.
White House asks Congress for $2.6 billion to help Louisiana
http://www.heraldcourier.com/news/white-house-asks-congress-for-billion-to-help-louisiana/article_493952e4-325a-5951-a6a1-5a794ef07c4b.html
They make it sound like the money is coming out of congresses pocket and not the taxpayer. Everyone is responsible to varying degrees and pays, except those who profit the most bear the least burden. Privatize the profits – socialize the costs.
tk on Wed, 14th Sep 2016 2:31 pm
http://www.oilcompanies.net/theendofoil.htm
http://arctic-news.blogspot.de/
http://robinwestenra.blogspot.de/
https://allegedlyapparent.wordpress.com/
Wish you all the best,
may your journey lead you to be in one of the rare areas or pockets of earth where a few humans might survive.
Greetings, Thomas
Anonymous on Wed, 14th Sep 2016 2:32 pm
penury, are talking about capt. Plantaobvious, or the article? I cant tell.
tk on Wed, 14th Sep 2016 2:36 pm
The retreating and evaporating
oil-energy/money rug is like a
“margin call” of mother earth,
the only TRUE “bank”.
Dredd on Wed, 14th Sep 2016 3:04 pm
“IEA Sees …”
Seeing can be problematic, like the seas (The Warming Science Commentariat – 9).
Lucifer on Wed, 14th Sep 2016 3:32 pm
I see a future for the earth, but most of you will not like it.
Boat on Wed, 14th Sep 2016 3:57 pm
Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart
Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was said to be ready to resume shipments of Qua Iboe crude, the country’s biggest export grade, which averaged about 340,000 barrels a day in shipments last year, according to Bloomberg estimates. On top of that, a second Nigerian grade operated by Royal Dutch Shell Plc is scheduled to restart about 200,000 barrels a day of flow within days.
While there are reasons to be cautious about whether the barrels will actually flow as anticipated, a resumption of those supplies — more than 800,000 barrels a day in all — could more than triple the global surplus that has kept prices at less than half their levels in 2014.
http://boereport.com/2016/09/14/global-oil-glut-set-to-worsen-as-nigeria-libya-fields-restart/
MikeX11.2 on Wed, 14th Sep 2016 4:53 pm
Wow the drop in Oil Shills on this blog is amazing.
Pretty soon Exxon mgmt will be called to Resign.