BP DOESN’T SEE
While registering an increase in global production of shale gas, BP said that significant unconventional hydrocarbon productions remain unlikely in Europe at least till 2035.
'Renewables, shale gas, tight oil and other new fuel sources in aggregate grow at 6% p.a. and contribute 45% of the increment in energy production to 2035' reads the BP Energy Outlook 2035.
The British company estimated that Asia Pacific and North America are the regions with the highest levels of remaining technically recoverable shale gas. Europe and Eurasia is the second last region, before the Middle East.
According to the forecasts, US shale gas production should grow by 4.5% a year, 'although growth rates moderate gradually.' By 2035, US and China are expected to produce 85% of global shale gas.
"We don't see any shale production of any great significance in Europe and the UK by 2035," BP's chief economist, Spencer Dale, commented during the presentation of the Energy Outlook 2035.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.