World oil production will soar to new records over the next five years, as a dramatic expansion in demand from airlines offsets the arrival of electric cars, according to a report from Opec. In a forecast that will dismay environmentalists – and which questions the theory that oil company reserves will become “stranded assets” – Opec’s annual report significantly revised production estimates upwards. Most of the production increase will come from countries outside Opec, led by explosive growth from frackers in the United States, with China and India leading the increase in demand. Opec expects global oil demand to reach nearly 112m barrels per day by 2040, driven by transportatio n and petrochemicals. That is up from almost 100m today and higher than last year’s projection. Coal will continue to be be burned in record amounts, despite concerns about its impact on climate change. Opec estimates that coal usage in the OECD countries will plummet by a third by 2040, but it will increase by 20% in developing countries to reach five times the volumes burned in the west.
Guardian 23rd Sept 2018 read more »
French oil major Total said today that its Glendronach prospect could contain one trillion cubic feet (tcf) of gas.
Energy Voice 24th Sept 2018 read more »