Weekly HEG Global Energy Digest
French energy group Total and Algeria’s Sonatrach sign new agreements
French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture, Total said.
Sonatrach and Total will develop the reserves of Erg Issouane, located on the TFT Sud permit in Algeria, estimated at more than 100 million barrels of oil equivalent.
Total said the development represented an investment of $400 million. It added it would also form a joint venture company called STEP (Sonatrach Total Entreprise Polymères) for a joint petrochemical project in Arzew, western Algeria.
Total’s new Algerian projects come as executives at top energy companies face pressure to loosen their purse strings to replenish reserves and take advantage of a rally in oil prices, after years of restraint regarding their spending.
Following a recent string of acquisitions and discoveries, Total has a pipeline of major, and short-cycle projects to be approved by 2020 which should add more than 700,000 barrels of oil equivalent per day of production.
This will contribute to 5 percent average growth in production from 2017 to 2022 for Total.
Article Source: https://www.energymarketprice.com/energy-news/french-energy-group-total-and-algeria-s-sonatrach-sign-new-agreements
World to install over a trillion watts of clean energy by 2023
The world could install more than a trillion watts of renewable power over the next five years, more than the entire current generation capacity of the European Union (EU).
Even in its more conservative central forecast, the agency predicts that global renewable energy capacity will grow by one terawatt, driven by a boom in solar installations and more accommodating government policy.
Energy from solar, wind and hydro will continue to outpace natural gas and coal over the next five years, the IEA said. Generation from natural gas will be squeezed by cheap coal and ever more competitive solar and wind technologies.
Despite renewable energy expanding its share of global electricity output to 30 per cent by 2023, growing coal generation in Asia means that the dirtiest fossil fuel will remain the largest source of power in the world.
China will be responsible for 41 per cent of global renewable growth, adding 438 gigawatts of clean energy to become the largest consumer of green energy in the world, overtaking the EU, the IEA said.
Almost half of Brazil’s total power consumption will come from renewables by 2023, in large part down to hydro and bioenergy.
The IEA focused on “modern bioenergy,” saying it is the “blind spot” of the renewables world even though it accounted for half of all clean energy consumed in 2017.
Article Source: https://www.energymarketprice.com/energy-news/world-to-install-over-a-trillion-watts-of-clean-energy-by-2023