Fatih Birol, the IEA’s executive director and one of the world’s foremost energy economists, told the Guardian: “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”
Germany had planned to use Russian natural gas while green energy sources are built. The war required changes. Floating LNG terminals are temporary, but should keep the lights on until permanent facilities are ready.
The Green party there implies strict environmental regulations. That could slow installation of green sources. But we shall see what compromises evolve. Nuclear fission is probably not possible, but cleaner fusion might be.
One region which has caught the world by surprise and is attracting significant attention is the Guyana-Suriname Basin. A swathe of world-class discoveries by ExxonMobil in offshore Guyana sparked considerable interest in the Guyana-Suriname Basin, which after poor drilling results during the 1960s and 1970s saw it largely ignored by energy companies. Recent discoveries with estimated recoverable oil resources of more than 11 billion barrels in the Stabroek Block offshore Guyana alone indicates the U.S. Geological Survey grossly underestimated the basin’s undiscovered oil resources. There are signs that the sedimentary basin could indeed be the world’s last great offshore oil boom.
Speaking after a cabinet meeting, Erdogan said Turkey had discovered a new reserve of 58 bcm in the Caycuma-1 field, in addition to revising up an estimated volume in the Sakarya field to 652 bcm from the previous 540 bcm.
“As a result of the analysis of the data, we have revised the previously declared 540 billion cubic-metre reserve to 652 billion cubic metres,” Erdogan said, adding that Turkey had drilled 13 wells in the Sakarya field.
“With our new discovery at Caycuma-1, our gas reserve in the Black Sea has risen by 170 billion cubic metres to 710 billion cubic metres,” he said.
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Black sea, huh? Isn’t that where Crimea is located? Probably just a coincidence.
If money can be made by digging fossil fuels out of the ground, then those fossil fuels will be extracted, sold, and ultimately burned. I don’t see any change to those world scale economics for the foreseeable future.