Exploration

Eco Atlantic to focus on oil prospects in Namibia

Gil Holzman 2Eco Atlantic Oil CEO Gil Holzman is upbeat about the prospects for oil exploration and production in Namibia, praising the country as one of the best places in Africa in which to do business

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IEA: "Current government policies are not sufficient to achieve long-term global climate goals"

ShipTracks MODIS 2005may11The International Energy Agency's latest report on energy technology trends, as well as technological advances, will play out in the next four decades to reshape the global energy sector


Energy Technology Perspectives 2017 (ETP) highlights that decisive policy actions and market signals will be needed to drive technological development and benefit from higher electrification around the world. Investments in stronger and smarter infrastructure, including transmission capacity, storage capacity, and demand side management technologies are necessary to build efficient, low-carbon, integrated, flexible and robust energy system. 

Still, current government policies are not sufficient to achieve long-term global climate goals, according to the IEA analysis.

Only three out of 26 assessed technologies remain "on track" to meet climate objectives, according to the ETP's Tracking Clean Energy Progress report. Where policies have provided clean signals, progress has been substantial. However, many technology areas suffer from inadequate policy support.

"As costs decline, we will need a sustained focus on all energy technologies to reach long-term climate targets," said IEA Executive Director Dr Fatih Birol. "Some are progressing, but too few are on track, and this puts pressure on others. It is important to remember that speeding the rate of technological progress can help strengthen economies, boost energy security while also improving energy sustainability."

ETP 2017's base case scenario, known as the Reference Technology Scenario (RTS), takes into account existing energy and climate commitments, including those made under the Paris Agreement. Another scenario, called 2DS, shows a pathway to limit the rise of global temperature to 2ºC, and finds the global power sector could reach net-zero CO2 emissions by 2060.

A second decarbonisation scenario explores how much available technologies and those in the innovation pipeline could be pushed to put the energy sector on a trajectory beyond 2DS. It shows how the energy sector could become carbon neutral by 2060 if known technology innovations were pushed to the limit. But to do so would require an unprecedented level of policy action and effort from all stakeholders.

Looking at specific sectors, ETP 2017 finds that buildings could play a major role in supporting the energy system transformation. High-efficiency lighting, cooling and appliances could save nearly three-quarters of today's global electricity demand between now and 2030 if deployed quickly. Doing so would allow a greater electrification of the energy system that would not add burdens on the system. In the transportation system, electrification also emerges as a major low-carbon pathway.

The report finds that regardless of the pathway chosen, policies to support energy technology innovation at all stages, from research to full deployment, will be critical to reap energy security, environmental and economic benefits of energy system transformations. It also suggests that the most important challenge for energy policy makers will be to move away from a siloed perspective towards one that enables systems integration.

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Solo Oil appoints Neil Ritson as Executive Chairman

7S0A0497 Crop LowResSolo Oil announces that the Company’s Non-Executive Chairman, Neil Ritson, will take up the role of Executive Chairman with immediate effect

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Koral Energy announces first investment in Nigerian oil and gas sector

pump jack 848300 640Koral energy announces first investment in the Nigerian oil and gas sector through the acquisition of a floating production unit (fpu) and O and M contract from Mercator

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DLA Piper advises Sinopec on Chevron acquisition in South Africa and Botswana

Chevron Oil Refinery 017DLA Piper has advised China Petroleum and Chemical Corporation, otherwise known as Sinopec, on its acquisition of Chevron Global Energy's 75 per cent of the shares in Chevron South Africa Limited and one hundred per cent of the shares in Chevron Botswana Limited

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