The ECOreport reposts an Op-Ed about America’s shifting environmental policies, Tillerson Breathes New Life Into Paris Climate Change Accord
Originally Posted on Clean Technica
By Tina Casey
Will he or won’t he? In a sequence events worthy of standard television reality fare, President Trump has been building suspense over a final decision on the Paris climate change accord. During his presidential campaign Trump promised to “cancel” US participation in the historic agreement and the clock is still ticking.
Continue reading Tillerson Breathes New Life Into Paris Climate Change Accord
The ECOreport reposts a look behind Russia’s Oil-Producing Renaissance
Originally Posted on Oilprice.com
By Viktor Katona
On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrelsof conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell even further in 2016. Russia’s exploration activities, which were hit not only by plummeting oil prices but also by a targeted sanctions regime, suffered a double blow during this period. In 2015, only seven new hydrocarbon discoveries were made in Russia, three of them in the Baltic Sea. In 2016, oil and gas companies in Russia discovered 40 prospective fields, however, the 3P reserves of the largest among them, Rosneft’s Nertsetinskoye, amounted to 17.4 million tons. This stands in stark contrast with pre-sanction period achievements, for instance, 2014’s largest find, Pobeda, is believed to contain 130 million tons of oil and 0.5TCm of gas.
Continue reading Behind Russia’s Oil-Producing Renaissance
The ECOreport reposts a description of some of the most successful Petro-states, Five State-Run Oil Economies
Originally Published on Oilprice.com
By Zainab Calcuttawala
A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country’s natural resources.
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The ECOreport reposts an OP-ED about Angela Merkel, the Free World’s New Leader
Originally Published on UBC News
Less than a week before U.S. President-elect Donald Trump takes office, Germany’s chancellor, Angela Merkel, is being hailed by many as the last defender of Europe and new leader of the free world.
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The ECOreport reposts an OP-ED about Germany’s G-20 Presidency May Prevent Backsliding on Climate Actions
Originally published on Center for American Progress
By Gwynne Taraska, Pete Ogden, Nancy Alexander, and Howard Marano
This column previews a forthcoming report from the Center for American Progress and Heinrich-Böll-Stiftung North America.
To date, 17 countries of the G-20—which account for 67 percent of global greenhouse gas pollution—have officially joined the Paris Agreement, bringing it into effect far sooner than anyone expected. If these countries follow through with their commitments to reduce emissions, it will represent unprecedented progress in the global effort to curb climate change.
Continue reading Germany’s G-20 Presidency May Prevent Backsliding on Climate Actions
The ECOreport reposts news of another species impacted by Climate Change, Reindeer Starvations Linked With Retreating Sea Ice
Originally Published on University of Oxford News
Tens of thousands of reindeer are starving to death because heavy rain that later freezes is locking their winter fodder in a thick ice crust. This rising mortality rate also threatens an ancient nomadic culture that depends on the reindeer, says a new study.
Continue reading Reindeer Starvations Linked With Retreating Sea Ice
The ECOreport reposts an EIA analysis, Russian Petroleum Companies During The Oil Glut
Originally Published on the US Energy Information Administration
By Justine Barden
Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices. However, Russian oil and natural gas companies’ capital investment programs have been less affected, if at all. Russia’s two main hydrocarbon taxes are calculated by formulas that result in lower tax rates at lower crude oil prices. As oil prices fall, petroleum companies retain a larger share of revenue, but government revenues from oil and natural gas production fall even faster than prices.
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Originally Published on Energy Post
By Sonja van Renssen
The EU’s first State of the Energy Union report is determinedly optimistic on progress, but offers little new information and appears to take just a small step towards resolving the biggest challenge of all: uniting national interests around EU priorities. Published by the European Commission on 18 November, the report is accompanied by a whole suite of studies in areas from energy security to climate action. The package sets out achievements to date and legislative proposals to come in 2016.
Continue reading EU’s first State of the Energy Union report
Russia has been selling 70% of its’ oil to Europe, but now faces stiff competition. Saudi Arabia’s Inroads into The European Market
Originally Published on Oilprice.com
By Nick Cunningham
Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn.
Continue reading Saudi Arabia’s Inroads into The European Market
Governments that depend on oil revenue are also not doing well, which some call A Real Wake-Up Call For Oil Markets
Originally Published on Oilprce.com
By Evan Kelly
Iran announced a decision to push back a key oil conference where it had planned to reveal new contracts for doing business in Iranian oil fields. The London conference, originally scheduled for December 2015, will instead be held in February 2016. The conference has already been postponed several times, but the decision to push it back another 2 months is intended to ensure that there is some clarity regarding western sanctions before the conference is held. For now, there is a decent chance that December will be a pivotal month for the removal of sanctions. The details of the new oil contracts will go a long way in determining how attractive Iran becomes as a new oil frontier for international companies. Iran has historically been a tough place to do business for foreign companies, but with Iranian oil production down more than 1 million barrels per day from its pre-sanctions level, the government has suggested that an overhaul of contracts would make investment much more attractive. Mark your calendars for February 2016.
Continue reading A Real Wake-Up Call For Oil Markets