[C8]

Per CNBC and man other sources:

http://www.cnbc.com/2015/08/30/eni-make ... coast.html

$this->bbcode_second_pass_quote('', '[')b]Eni ‘supergiant’ gas field discovery a gamechanger: CEO

Eni's discovery of potentially the world's largest natural-gas field off the Egyptian coast will be a gamechanger for Egypt and the Mediterranean in terms of energy stability, the CEO of the Italian energy giant told CNBC on Monday.

On Sunday, Eni said in a press release that it had discovered a "supergiant" gas field that could hold "a potential of 30 trillion cubic feet of lean gas in place." It said the discovery well was located off Egypt's Mediterranean coastline at a depth of 1,450 metres with the prospective Zohr field covering an area of about 100 square kilometres (60 square miles).

Eni said that the discovery could satisfy Egypt's natural gas demand for "decades".

On Monday, Claudio Descalzi, CEO of Eni, told CNBC: "It is changing the game for Egypt…It is very important for Egypt, but also for the Mediterranean in terms of stability."

Descalzi could not give a timeline for when the gas might hit the market, but said developments would be quick as the gas field was in close proximity to Eni's processing facilities.

"It is close to the facilities so the time to market will be very good… that is part of our strategy to…continue to do our exploration in the mature area where we have a deep geographical knowledge and we can take advantage of our facilities and that will make the unit cost in terms of capital very positive," the CEO said.

"I don't want to put a date now but it is a question of a few years to have production—then a full production, that will be a very quick fast track development," Descalzi added.

[dissident]

https://en.wikipedia.org/wiki/List_of_n ... gas_fields

It is far from the largest by a country mile.

[kublikhan]

From the same article:

$this->bbcode_second_pass_quote('', 'G')as has a big future because of the environmental constraints. The new environmental targets for emission will give gas more power because renewable with gas will be the future in terms of the sustainability of our energy system.

[C8]

$this->bbcode_second_pass_quote('kublikhan', 'F')rom the same article:

$this->bbcode_second_pass_quote('', 'G')as has a big future because of the environmental constraints. The new environmental targets for emission will give gas more power because renewable with gas will be the future in terms of the sustainability of our energy system.

[KaiserJeep]

This is a REAL gas super giant, the planet Jupiter. It is 90% hydrogen overall, and 100% hydrogen in the accessible upper atmosphere, and if we were to send robot "scoop ships" through the upper atmosphere, then liquify the gas and ship it to Earth, we would have access to enough clean fuel that our energy crisis would be over, and the "effluents" of burning hydrogen are pure water vapor.


The answers to ALL of our problems lie in space within our own solar system. Energy, fuel to export to Earth, living space, effectively endless raw materials, enough of everything we need to continue our present growth rate until trillions of humans exist, mostly off the planet.

All we need to know to do this we need already. What keeps us from exploiting the endless resources of space is the apathy, ignorance, and planet-bound imaginations of people like YOU.

Following this path gains us perhaps 300,000 years for the humans to evolve away from our present natures, which are the holdovers from our prior existence as hunter-gatherers.

Hominids that arguably could be called human have existed on Earth for perhaps 200,000 years. During this time, three species of hominid (Cro-Magnon, Neanderthal, and Denisovan) interbred to create the range of the modern human genome. As we populate space, and with the aid of modern genetic modification techniques, we evolve into a species that lives in microgravity and low pressure environments.

Whether or not the nature of the human mind also changes, whether or not we continure unrestrained population growth or achieve a steady state society, is anybody's guess.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('KaiserJeep', 'T')his is a REAL gas super giant, the planet Jupiter. It is 90% hydrogen overall, and 100% hydrogen in the accessible upper atmosphere, and if we were to send robot "scoop ships" through the upper atmosphere, then liquify the gas and ship it to Earth, we would have access to enough clean fuel that our energy crisis would be over, and the "effluents" of burning hydrogen are pure water vapor.

[tita]

$this->bbcode_second_pass_quote('KaiserJeep', 'a')nd if we were to send robot "scoop ships" through the upper atmosphere, then liquify the gas and ship it to Earth

[ROCKMAN]

"...the third world they cannot afford these subsidies and will go with the cheaper fuel period- gas." Or coal for the same reason...just as India is doing today.

[kublikhan]

$this->bbcode_second_pass_quote('C8', 'T')here is the notion that natural gas is somehow helpful for the environment because it emits less CO2 than other FF- it is better than coal and oil but not overall good. Nat. gas folks are good at this sort of logic.

Low natural gas prices will probably lead to more LNG terminals, gas trade and hurt renewable development. Many renewable projects are in rich places where subsidies play a key role. In the third world they cannot afford these subsidies and will go with the cheaper fuel period- gas.

[Tanada]

$this->bbcode_second_pass_quote('ROCKMAN', '&')quot;...the third world they cannot afford these subsidies and will go with the cheaper fuel period- gas." Or coal for the same reason...just as India is doing today.

[waterpowerman1]

This is great, unlimited hydrogen. To burn it you need oxygen. where do we get that? If we burn all this hypothetical hydrogen what are we gonna breath?

[kublikhan]

$this->bbcode_second_pass_quote(' waterpowerman1', 'T')his is great, unlimited hydrogen. To burn it you need oxygen. where do we get that? If we burn all this hypothetical hydrogen what are we gonna breath?

[C8]

$this->bbcode_second_pass_quote('kublikhan', '')$this->bbcode_second_pass_quote('C8', 'T')here is the notion that natural gas is somehow helpful for the environment because it emits less CO2 than other FF- it is better than coal and oil but not overall good. Nat. gas folks are good at this sort of logic.

Low natural gas prices will probably lead to more LNG terminals, gas trade and hurt renewable development. Many renewable projects are in rich places where subsidies play a key role. In the third world they cannot afford these subsidies and will go with the cheaper fuel period- gas.

[Apneaman]

kublikhan, me thinks you are being disingenuous or are ignorant. It's ocean acidification from burning fossil fuels that will reduce the oxygen supply enough to hurt or kill apes


How much do oceans add to world’s oxygen?

"Most of Earth’s oxygen comes from tiny ocean plants – called phytoplankton – that live near the water’s surface and drift with the currents.|

"Bottom line: Tiny ocean plants called phytoplankton contribute 50 to 85 percent of the oxygen in Earth’s atmosphere."

http://earthsky.org/earth/how-much-do-o ... lds-oxygen


That would take a long time to happen, whereas in a matter of decades there will be very places where crops will grow.

[kublikhan]

$this->bbcode_second_pass_quote('Apneaman', 'k')ublikhan, me thinks you are being disingenuous or are ignorant. It's ocean acidification from burning fossil fuels that will reduce the oxygen supply enough to hurt or kill apes

[kublikhan]

$this->bbcode_second_pass_quote('C8', 'L')ow natural gas prices will probably lead to more LNG terminals, gas trade and hurt renewable development.

[ROCKMAN]

k - I understand what you're saying. But actually it isn't low US NG prices that are causing the LNG plant builders to pull back. Their profit margin isn't dependent on domestic NG prices. For instance it doesn't matter if Chenier pays $1 or $10 per mcf of Henry Hub NG because that cost is paid by the LNG buyer. The buyer also pays for the liquafraction, transportation and Chenier profit margin as outlined in a 15 to 20 year contract. The pull back is due to the LNG buyers not willing to sign such contracts. And no ond is going to spend $billions of a facility without those long term GUARENTEED contracts in place.

[kublikhan]

Yeah prices on the buyers end are hitting five year lows. Not exactly the kind of thing you want to see when trying to entice people to sign those contracts. Bottom line: I think LNG has far more to worry about from low gas prices than renewables do.

$this->bbcode_second_pass_quote('', 'I')n a major new report, global investment bank Citigroup has defined the current battle between cheap oil and renewables like wind and solar, to be so fundamental it will define the future of energy. But it says that while the slump in oil and associated gas prices may provide some road-humps for wind and solar, renewables will win out because of basic economics, as well as energy security and environment issues.

“Long term, renewables hold strong appeal as a way for energy importing nations like Japan and Korea to diversify away energy price risk for LNG, coal, and oil. The long-term outlook for renewables remains bright. “Fundamental factors – increasing economic competitiveness, energy security, and environmental goals – all remain potent forces driving ever more rapid adoption of renewable energy globally.”

Wind and solar costs have fallen dramatically, and these cost declines should continue. On an unsubsidised basis, wind farms are getting built at costs below $40/MWh in some regions. Recent solar auctions in the Middle East have produced prices below $60/MWh. “The straightforward answer to whether cheap oil threatens renewables is no. As we noted in this report about low solar costs, and the assessment by the National Bank of Abu Dhabi, oil can no longer compete with solar and wind in electricity economics. “Even with greatly reduced oil prices in the $50-60/bbl range, more mature renewables like wind and solar have little trouble competing with new oil-fired generation in the Middle East. Large-scale solar in the Middle East should be competitive with oil when oil is above around $30, and on-shore wind when oil is above $23. Most of the world’s LNG is sold on an oil-indexed basis, tying the expansion of global LNG projects to the price of oil.

Cheaper gas
The plunging price of oil has caused half of the shale oil rigs in the US to be withdrawn, because shale oil is no longer economic at these low prices. In Texas, Citigroup notes, around one-quarter of the gas supply comes from “associated gas” – from the oil extraction. That means the demise of shale oil will also crimp supplies of gas, putting upward pressure on prices. Already, city utilities such as Georgetown in Texas and large corporate users such as Dow Chemical are choosing wind and solar over gas.

Citigroup says it is very unlikely European renewable energy targets will be meaningfully threatened by lower gas prices, particularly given the strategic benefits of diversification away from oil-indexed imported gas. The same is true in Asia. Citigroup says the recent drop in LNG spot prices has made gas-fired generation newly competitive with large-scale solar, although solar remains cheaper than gas-fired power from oil-indexed LNG. And in China, there is not much gas available in the power sector anyway.

[Synapsid]

kubli and all (ROCKMAN already knows this):

It's worth pointing out that term "oil-indexed" natural gas. Let's see if I have this straight: Across Asia and I believe in Europe too the price of NG is linked to the price of crude oil. (In the US, it isn't.) As a result, NG prices are quite low now compared to what they were not long ago before the global drop in the price of crudes--back when the numbers indicated that exporting LNG from the US looked to be a growth prospect. Now, with crude prices so low and the indexed NG prices too, buyers in places like South Korea and Japan see US LNG as not being so cheap relative to pipelined NG, and oil, (and coal--it's cheap now as well,) and aren't in such a rush to sign up for long-term contractual obligations that include, as Rockman says, a profit for Cheniere and any other exporters of the stuff.

When oil prices go back up, as they'll have to do in order to save OPEC (hand up, everyone who wants to save OPEC...thought so), global prices for NG will rise too, and LNG from the US will look like a better buy than it does now to potential buyers because the price for US NG doesn't have to rise when the oil price goes up.

Corrections welcome.

[C8]

$this->bbcode_second_pass_quote('kublikhan', '')$this->bbcode_second_pass_quote('C8', 'L')ow natural gas prices will probably lead to more LNG terminals, gas trade and hurt renewable development.