BofA predicts $62 per barrel 2020 average amid medium-term downside risks

Feb 24- Bank of America expects benchmark Brent crude prices to average $62 per barrel in 2020, with medium-term downside risks due to slowing global growth, trade war uncertainties and the coronavirus outbreak. Brent crude was down $2.37, or 4.1%, to $56.13 per barrel at 1145 GMT on Monday, while U.S. crude futures fell by $2.08, or 3.9%, to $51.30 amid sharp rises in…

Is Tesla Really The Emerging ‘Energy King’?

About 22 months ago, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk fired an ominous warning that the shorts were about to experience ‘the short burn of the century.’ The heads-up came at a time of intense short interest in the company, with the CEO even threatening to take Tesla private. As usual, the bears quickly dismissed it as idle bluster and just another round of Musk’s marijuana-infused trolling.  Fast forward to the present and TSLA shares have nearly tripled since the cautionary note and rallied 115% in only the first two…

Two Innovations That Could Make CO2 Fuel A Reality

Carbon capture technology has been garnering more and more attention as one way to solve the world’s human-made emissions problem, but costs remain an obstacle. But another technology might help: turning CO2 back into fuel. Two recent inventions are giving hope, and both have to do with nanocatalysts.  As the name suggests, these are microscopic catalysts—chemicals that accelerate a chemical reaction between other elements—and these catalysts can be used in hydrogenation to produce useful gases. Hydrogenation put simply,…

UAE’s Latest Natural Gas Discovery Is A Gamechanger

The Persian Gulf is, without doubt, the most prominent oil and gas production area in the world. After decades of intensive exploration and production, the region still amaze persistent explorers. Even well-explored countries such as the UAE still hold surprises. The Emirates are already one of the world’s largest producer and exporter of oil. In 2019 on average 2.9 million barrels per day were extracted, which generates approximately 30 percent of the country’s GDP. Despite its impressive production capacity, the UAE remains strongly…

The Complete Guide To FID’s

When joint ventures, company consortia, or public-private partnerships plan massive energy projects, they must go through several stages of planning and execution. One of the most important steps of this process is the FID. But what exactly does FID stand for and what does it mean for the projects and the companies involved?    This comprehensive guide to FID will provide an overview of the steps companies and project partners must go through before they give the final go-ahead for a project and have contractors launch the actual construction…

Big News For U.S. Solar As Job Growth Returns

After two underwhelming years of solar job contraction in the United States, the solar industry’s employment returned to growth in 2019, thanks to an expansion in U.S. solar installations. The U.S. solar industry added 5,600 jobs last year, with employment increasing by 2.3 percent compared to 2018, the annual National Solar Jobs Census from non-profit organization The Solar Foundation showed this week. The solar industry now employs almost 250,000 workers nationwide and has returned to workforce growth after two consecutive years of job…

Why Venezuela’s Oil Based Cryptocurrency Is Still Alive

In a recent Wall Street Journal article, Mary Anastasia O’Grady writes that Venezuela’s “National Superintendency for the Defense of Socio-Economic Rights is reportedly pressuring stores to accept the government’s new digital fiat currency, the Petro.” The Venezuelan government claims its digital currency, which launched in early 2018, is backed one-for-one by a barrel of oil. The petro is also intended to circulate at a fixed exchange rate with the bolívar soberano, the latest iteration…

Nigeria’s Terrible Oil Decision

Nigeria has adopted the Finance Act 2020. A step which unacquainted with the phenomenon might seem completely innocent yet poses great risks to the future of Africa’s largest oil producer. A trend which has been for a several years in the making – ever since a couple of Nigerian states initiated a lawsuit against their own government for allegedly not collecting the maximum possible revenue under the 1999 Production Sharing Contracts Act, compelling the Buhari government to embrace the issue. The idea that the government should have…