BP published its 68th annual Statistical Review of World Energy, reporting that global primary energy consumption grew fast in 2018, driven by natural gas and renewables. However, carbon emissions grew at their highest rate for seven years.
BP published its Energy outlook for 2019, exploring key uncertainties that could impact global energy markets up until 2040. The greatest uncertainties over this period regard the need for more energy to support rising global economic growth and prosperity, along with the need for faster transition to a lower-carbon future. The Outlook also analyzes the possible impact of an escalation in trade disputes and the consequences of a tightening in the regulation of plastics.
The power sector is the single biggest market for energy, absorbing over 40% of primary energy in 2017, and leading the energy transition, through renewables and electrification, according to BP’s Statistical Review of World Energy. Renewables accounted for almost half of the growth in power generation (49%).
BP Exploration Operating Company has declared the first two options under its recently announced contract for use of the semi-submersible drilling rig Blackford Dolphin. The contract is expected to begin in May 2018, with operations lasting approximately 60 days.
The Oil and Gas Climate Initiative and Brazil’s Petrobras announced that the Brazilian company will join the initiative. This commitment is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras Board of Directors.
New York made an important step towards protecting the environment, as it sued five major oil companies, demanding ExxonMobil, Chevron, BP, Royal Dutch Shell and ConocoPhillips pay for the cost of protecting the city from the arising threat that the climate change poses.
BG International Limited, a member of the Shell Group, confirmed that the company will discontinue development of the proposed Prince Rupert Liquefied National Gas project, located on Ridley Island at the Port of Prince Rupert in British Columbia.
According to the 2017 edition of BP’s Energy Outlook, global energy demand will increase by around 30% to 2035, an average growth of 1.3%/year, driven by increasing prosperity in developing countries, partially offset by rapid gains in energy efficiency.
Ten years ago the energy industry was focused on ‘peak oil’, while the shale gas revolution in the US had yet to start. As 2017 begins, what are the mega-trends that will shape the upcoming decades? BP’s head of long-term planning Dominic Emery identifies what lies ahead, from the rapid growth in renewables to changing demographics.
BP has announced that it has triggered the Thunder Horse South Expansion project in the deepwater Gulf of Mexico 11 months ahead of schedule and $150 million under budget. The project is expected to boost production at the facility by an estimated 50,000 gross barrels of oil equivalent per day
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