The wider adoption of renewable energy and electric vehicles could cause oil demand to peak at around 110.3 million barrels per day before 2040, according to BP's annual energy outlook. BP also said it expects oil consumption to grow by 0.14% per year between 2016 and 2040.
Officials from New Jersey, Massachusetts, New York and Maryland could ensure their states jointly realize the benefits of offshore wind development while also quickly and efficiently bringing the industry to scale by combining their resources and working together, writes the editorial board of The Press of Atlantic City, N.J. "Everyone would win, just in different ways, and more clean energy would be created," it writes.
The European Investment Bank and ING will invest $370 million in environmental performance projects to reduce carbon emissions in the maritime shipping industry. Isabel Fernandez of ING says the agreement helps the company support its shipping clients' efforts to adapt and modernize their business models to achieve more sustainability.
US refiners are shifting their focus to diesel and emerging markets in Latin America, Asia, Africa and the Middle East as domestic gasoline consumption stagnates and is predicted to only climb by 40,000 barrels per day this year, compared with nearly 260,000 barrels per day in 2015, writes John Kemp. US exports of finished petroleum products have increased by nearly 12% from the first 11 months of 2016 to over 1.1 billion barrels in the same period of 2017 -- a trend that is expected to gain momentum this year, Kemp writes.
Jeff Hildebrand has resigned as CEO of Hilcorp Energy, the company he founded 29 years ago, and handed over the helm to Greg Lalicker, who has been with the firm since 2006. "Mr. Hildebrand will maintain his position as executive chairman and continue to be heavily involved with the company," spokesman Justin Furnace said.
Royal Dutch Shell's growth strategy for the next few years gives equal importance to deepwater and US shale, with the company aiming to increase offshore production while it strives to achieve a positive cash flow from shale operations by 2019, said Upstream Director Andy Brown. "We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky," Brown said
Alaska Gov. Bill Walker's administration is requesting permission from the state Legislature to spend $10 million to conduct seismic surveys in the coastal plain of the Arctic National Wildlife Refuge to collect more data on the region's oil and natural gas potential.
Former Environmental Protection Agency Administrator Gina McCarthy has raised doubts over the legality of the Trump administration's efforts to repeal the Waters of the US rule, the Clean Power Plan and other Obama-era regulations. Rolling them back based on an executive order won't hold up in court, she said.
TransAlta Renewables is in the process of purchasing a 90-megawatt wind farm in Pennsylvania and 29-MW project in New Hampshire, said the firm, adding that both projects are slated to begin operations in the second half of 2019. "This acquisition demonstrates our commitment to grow and diversify our cash flows through the addition of long-term contracted assets with high-quality counterparties and expands our presence in the United States," President John Kousinioris said.
ENGIE North America has purchased US wind firm Infinity Renewables and its portfolio of projects, which has a combined capacity of more than 8 gigawatts, according to the companies. "With Infinity Renewables, ENGIE is investing in an experienced, accomplished development team, and we look forward to working with this team to accelerate the expansion of our renewables presence within the United States," said ENGIE North America President and CEO Frank Demaille.
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