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Will the glut of natural gas be a good thing for the environment? The gas industry insists it could be if we invest in the infrastructure to use it, as it would displace coal, which produces more CO2 when burned.
Environmentalists, however, say that investing in gas would simply lay the groundwork for a whole new generation of hydrocarbon-producing power plants, and set the goal of sharply reducing emissions back years.
The Russian partners in TNK-BP have been grumbling about BP’s landmark deal with Rosneft. They seem to feel they have been cheated out of the opportunity to explore the Arctic, potentially one of the biggest oil provinces in the world.
BP should call their bluff. It should see if they are really up for risky polar exploration that may not yield a decent return for 20 years. The Russian partners have made plenty of money in Russia’s roller-coaster post-Communist economy. But they have yet to show they are ready for investments that may not mature before they retire.
In a report released on Wednesday, the energy giant claims that China will be the largest source of oil consumption growth over the next 20 years – increasing consumption to 17.5m barrels per day – overtaking the US as the world’s biggest oil consumer in the process.
According to the report, OECD oil demand peaked in 2005. Global energy consumption will instead be driven by developing countries, which will account for 93 per cent of global energy growth over the next 20 years.
- Pushing the energy envelope with China – NY Times Green blog
- Russian partners muscle in on BP-Rosneft deal – The Times (£)
- Shell shuts down North Sea platforms after incident – Bloomberg
- Energy firms’ profits up 50% over freezing winter – The Telegraph
- Geothermal: The energy source of the future – Damian Carrington, The Guardian
- Can the US compete with China on green tech? – NY Times
- Essar revives refinery talks with Shell – The Times (£)