MenuThe U.S. oil sector witnessed a historic day yesterday, as ExxonMobil fell behind its breakaway sister Chevron in market capitalization with $141.6 billion versus $142 billion at NYSE closing, making it America’s most valuable oil company. This is the first time since the breakup of Rockefeller’s Standard Oil in 1911 that Chevron surpassed Exxon in market cap.
Category Archives: Energy Security
Libya Set For Strong Comeback To Global Oil Markets
Libya could soon return to the world oil market in a big way, if the agreement between the UN-recognized Government of National Accord (GNA) in Tripoli and General Khalifa Haftar’s Libyan National Army (LNA) in the East of the country is maintained. Continued
Walmart Pledges Zero Emissions By 2040
Walmart, which generated $524 billion in revenue last year and employs some 2.2 million associates around the world – recently made headlines with an ambitious pledge to reach zero emissions by 2040. The multinational company also declared a commitment to restore at least 50 million acres of land and one million square miles of ocean by 2030. Along
Airbus Unveils Designs For Hydrogen-Powered Aircraft Which Could Be Flying By 2035
This week Airbus, the biggest name in aerospace after Boeing, revealed three concepts for the world’s first zero-emission commercial aircraft which could enter service by 2035. Rather than traditional jet fuel (kerosene — an oil distillate) all three ‘ZEROe’ designs rely on hydrogen (H2) as their primary fuel source alongside batteries to power hybrid engines. Continued
Turkey Finds Enormous Gas Field In The Black Sea — But Tricky Process Ahead
In late August, Turkey’s president Recep Tayyip Erdogan announced that the Turkish Petroleum Corporation (TPAO)’s FATIH drilling ship discovered a 320 billion cubic meters (bcm) i.e. 11 trillion cubic feet (tcf) of natural gas reserves in the Black Sea, within the western part of Turkey’s Exclusive Economic Zone (EEZ). The reserve — identified to be
Turkey’s gas find in the Black Sea: How big is this Tuna?
Turkey is a primary destination for US liquefied natural gas (LNG), but a change may be over the horizon. In late August, Turkey’s president Recep Tayyip Erdoğan announced that the Turkish Petroleum Corporation (TPAO)’s drilling ship FATIH discovered a 320 billion cubic meters (bcm) of natural gas reserves in the Black Sea, within the western
The Age Of The ‘Megafire’ Is Upon Us
The west coast of the United States is ablaze. Nearly 100 wildfires burning from San Diego to Seattle have devastated communities, killed at least 14 people, incited rolling blackouts, and caused billions of dollars in damages. California has seen a record-setting 2.5 million acres burned thus far in 2020, with the cooler and damper Pacific Northwest approaching
Solar Power Prices Sink In The Age Of COVID
Solar module prices in the US and around the world are plummeting, and this has far-reaching implications for humanity’s transition from the age of hydrocarbons to the age of electrification. I have repeatedly defended on these pages that renewables will win out once they become economically competitive with fossil fuels and nuclear. Continued
Get Smart: AI And The Energy Sector Revolution
Artificial intelligence is about to trigger explosive changes in our lives, work, and leisure, but few understand what the technology can do beyond Amazon’s Alexa or Apple’s Siri. These are examples of virtual assistant or ‘weak AI’ technology — the most common example of AI application. But in the data-driven energy sector, sophisticated machine learning
Tesla Begins Construction Of World’s Largest Battery Storage Facility
Tesla and PG&E recently broke ground on a record-setting energy storage system in Moss Landing (Monterey) California that, once complete, will be the largest such installation in the world. The battery park will be able to dispatch up to 730 megawatt hours (MWh) of energy to the electrical grid at a maximum rate of 182.5 MW for up to