Seismic testing is first needed to see what energy resources can be explored off the coast of Florida, says David Mica, executive director of the Florida Petroleum Council. "We've got to look at this long-term, and exploring offshore is a part of that for the United States' energy and security interests," he says.
In the US, 10.9 million barrels of oil per day were generated for the week ending Aug. 10, comparable to Saudi Arabia's output, according to the Energy Information Administration. "With total US liquid fuels production, up by more than 2.0 million bpd year-over-year, the United States has been the world's only substantive source of oil production growth so far in 2018 and more than compensated for production losses in some OPEC nations," American Petroleum Institute Chief Economist Dean Foreman said.
Total will not work in Iran any longer after deciding not to develop the South Pars offshore natural gas field, according to Bijan Zanganeh, Iran's oil minister. Iranian officials previously said China National Petroleum Corp. had taken an 80% stake in the project.
Hess' natural gas fields off the coasts of Malaysia and Thailand are attracting interest from potential buyers, including the Thai company PTTEP and Austria's OMV. Hess sold its assets in Indonesia in 2014, when it also sold its assets in Thailand for $1 billion to PTTEP.
Amid elevated domestic oil demand, Saudi Aramco will increase its natural gas output so raw materials can be supplied to the petrochemical industry, according to Saudi Arabia Energy Minister Khalid al-Falih. "Significant new investments are required in additional capacity and expended and upgraded infrastructure, as well as the development of pioneering technology to make petroleum energy more sustainable and accessible," he said.
The US rig count last week, though higher than the 763 active rigs at the same time last year, held at 869 as crude prices fell. The total number of active oil and gas rigs, averaging 1,013 this year, is still expected to be the largest number since 2014.
The Trump administration intends this week to release its plans for replacing the Obama Administration's signature Clean Power Plan. The EPA believes the replacement will incentivize companies to keep coal power plants operating instead of replacing them with natural gas or renewables potentially releasing at least 12 times the carbon emissions as compared to the Clean Power Plan. The rule will undergo a 60-day public comment period.
California should adopt Senate Bill 100, a state-level policy that would require the state to source 100% of its electricity from zero-carbon energy sources by 2045, writes Daniel Kammen, founding director of the Renewable and Appropriate Energy Laboratory and director of the Center for Environmental Public Policy at the University of California at Berkeley. "With the global clean energy market growing far faster that the fossil-fuel sector, what California is doing is a good business decision for the state and the nation," he writes.
Brazilian utility Eletrobras has scheduled a Sept. 27 auction to unload at least $794 million worth of wind and transmission projects. The firm says it will sell its stake in eight wind-generating areas with a combined capacity of 1,605 megawatts.
Berlin could meet its 2020 climate goals by adding 9 gigawatts of new installed wind and solar capacity and by shuttering about one-third of its coal-burning power plants, says Greenpeace.
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