Number of the week

The number of wells in the Al-Shaheen oil field off Qatar, operated by IOGP’s newest member, North Oil Company. Source:  North Oil Company

If we don’t replace depleting oil fields, by 2040, the world will be short 57 million barrels per day. Even in a 2° C scenario! That’s nearly 30 super tankers! Source: ExxonMobil

The percent (to the nearest whole number) of the world’s energy consumption supplied by wind power during 2014 (the most recent year for which reliable figures are available).  The exact figure was  0.46%. That’s the key point made by energy commentator Matt Ridley in the 13 May issue of The …

Norway’s remaining oil and gas resources are considerable. Evan after decades of production, 2/3 of the country’s estimated discovered and undiscovered gas resources remain, along with 1/2 of its oil resources. Source: http://www.iea.org  

Australia’s gas production (LNG and domestic use) increased by almost 30% in 2016. It has more than doubled in the last decade Source: Australian Petroleum Production & Exploration Association (APPEA). www.appea.com                 See APPEA key statistics 2017    

BP’s North Sea Quad 204 has started production. It represents 450 jobs, £4.4bn worth of investment and guarantees a minimum of 18 years’ worth of oil production. Source: BP.com

IEA forecasts that oil demand will pass the symbolic 100 mb/d threshold in 2019 (and reach 104 mb/d by 2022). Source: IEA Market Report Series: Oil 2017

Business needs fair competition, clear and transparent rules, and investor certainty. The B20’s policy recommendations to the G20 include advancing climate protection and resource efficiency. Curtailing Climate Change – The G20 should curtail climate change by implementing the Paris Agreement, developing consistent and robust carbon pricing, as well as by fostering …

… households in Germany had their power supply cut last year because they did not pay their energy bill. (Source DIE ZEIT No. 17, April 20, 2017 – “Die Abgeklemmten”) Affordable energy is vital for a thriving society, not only in developing nations, but also in mature industrialized countries.

Wind power relies on oil:  high-performance petroleum-based lubricants for turbines last for 7 years, the equivalent of  63 million rotations. Source: ExxonMobil