FUTURE OF OIL & GAS
Designing a future interdisciplinary and shared research agenda to understand the role of oil and gas in the energy transition
As the world confronts an energy transition, the global energy system is being re-imagined and the role of oil and natural gas in that transition is not entirely clear. Governments are pursuing increasingly ambitious initiatives to reduce greenhouse gas emissions and diversify their energy systems. At the same time, the world is facing significant energy demand growth from emerging and developing economies. The dual pressures of reducing their carbon footprint, while also providing the necessary resources to fuel energy growth creates another layer of complexity for the oil and gas industry.
Mines and the world
The Payne Institute extends to public policy Mines’ conviction that energy and the environment must– and can – fruitfully coexist. We are in an enviable position to tap into a deep well of on-campus and alumni leaders in industry and environmental groups around the world. We foster collaboration with a focus on problem-solving rather than furthering entrenched agendas.
Colorado has been at the forefront of establishing regulations for the oil and gas industry and working in a coherent inclusive manner between the industry and other stakeholders. That form of broad engagement based on science should continue. It will serve to both evolve the discussion in the state and at the local level, but also serve as a lodestar for the national and global discussion.
NEW OIL FINDS COULD MEAN A TRIPLING OF GUYANA’S GDP
This year, ExxonMobil announced its 11th and 12th oil finds in the small South American country of Guyana. The estimates of recoverable crude in the country now stand at roughly 5 billion barrels. On a per capita basis, this would put Guyana among the top 10 oil producers in the world. Whether the people of Guyana see much benefit from the windfall could have much to say about the fate of the oil industry, which is facing an uncertain future during an ongoing energy transition. November 26, 2019.
NEW COALITION IN GULF MAY NOT FARE AS WELL AS OLD
Representatives from Australia, Bahrain, Saudi Arabia, the United Arab Emirates, the United Kingdom, Albania and the United States opened a command center in Bahrain November 7, launching Operation Sentinel, a security initiative for protecting the Strait of Hormuz. The operation is a response to recent attacks on ships in the strait and Saudi facilities. Vessels watch chokepoints and maintain patrols in the strait that is 21 nautical miles wide and territorial waters for Iran and Oman, within their regulatory control under international law. “While such security coalitions have been successful in the past, applying the same approach in the Middle East may not improve conditions and may even exacerbate tensions,” explain Gregory Clough and Morgan D. Bazilian. November 21, 2019.
Andrew Spielman and Morgan Bazilian were honored by the Denver Business Journal in their 2019 Who’s Who in Energy. Denver Business Journal honors them as movers and shakers in metro Denver’s fast-moving energy industry. November 8, 2019.
Saudi Aramco said on Wednesday it was joining the World Bank’s initiative to reduce gas flaring to zero by 2030. The Payne Institute’s Earth Observation Group is proud to provide the flaring data that underlies this important initiative. November 6, 2019.
Navigating the energy transition is a tricky business. On the one hand, the transformation of the global energy sector into a lower-carbon one appears likely in the future, as the need to combat climate change has stirred politicians and the public alike and the markets for low-carbon energy technologies have continued to grow. On the other hand, despite the growth of the clean-energy markets, the level of greenhouse gas emission has continued to rise. Global oil demand has also continued to rise, and has now reached over 100 million barrels per day. November 1, 2019.
Please join the Payne Institute for Perspectives on the Future of Oil and Gas with discussions from Wim Thomas and Eirik Wærness – Scenarios: What is the Future of Energy, and Andreas Goldthau, Amy M. Jaffe and Sarah Ladislaw – Implications for Geopolitics & Industry in the Ben H. Parker Student Center Grand Ballroom at Colorado School of Mines (Agenda). November 5, 2019.