Last updateFri, 11 Oct 2019 2pm

EIA: Renewables to Provide Nearly Half of Electricity by 2050

In 2018, 28% of global electricity was generated from renewable energy sources, most (96%) of which was produced from hydropower, wind, and solar technologies. In its International Energy Outlook 2019, the U.S. Energy Information Administration (EIA) projects that renewables will collectively increase to 49% of global electricity generation by 2050. Of the top three renewable sources, EIA expects solar’s share of generation to grow the fastest and hydroelectric’s share to grow the slowest.

FERC Approves $8.5 Billion LNG Project in Louisiana

The Federal Energy Regulatory Commission (FERC) has authorized construction of the Venture Global Plaquemines LNG facility in Louisiana. Venture Global plans to invest $8.5 billion to develop a natural gas liquefaction facility and LNG export terminal along the Mississippi River in Plaquemines Parish, its second LNG plant in the state. FERC also approved the affiliated Gator Express natural gas pipeline system, which will deliver natural gas from existing interstate pipelines to the new LNG facility in Plaquemines Parish.

Conventional Oil & Gas Discoveries at 70-Year Low

Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by IHS Markit. The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oil prices collapsed in 2014. These trends have far-reaching implications that could limit future conventional reserves additions.

The decline in conventional discoveries was not only driven by low oil prices, but by competition from short cycle-time unconventional projects, and by financial investors who question long-term, high-cost, frontier projects, the report said. These factors, in turn, shifted drilling away from areas where potential discoveries could be larger, and reduced upstream exploration investment due to concerns about long-term oil demand.

U.S. Chemical Production Fell in August

According to the American Chemistry Council (ACC), the U.S. Chemical Production Regional Index (U.S. CPRI) fell 0.3% in August following revised declines of 0.7% in July and 0.6% in June. During August, chemical output was lower in all regions, with the largest declines in the Northeast and West Coast regions.

Chemical production was mixed over the three-month period. There were gains in the production three-month moving average (3MMA) output trend in plastic resins, chlor-alkali, and pesticides. These gains were offset by declines in the output of synthetic rubber, coatings, fertilizers, consumer products, organic chemicals, synthetic dyes and pigments, industrial gases, adhesives, manufactured fibers and other specialty chemicals.

Slumping Energy Sector “Poised to Rebound”

JP Morgan recently told its clients that the energy industry “is poised to rebound amid a stampede out by institutional investors, with specific beneficiaries likely to be exploration and production companies,” CNBC reports.

“The firm sees oil prices rising to $80 a barrel in 2020. Some of the favored names include Helmerich and Paine, Halliburton and Marathon Oil.”

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