Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh, has charged his colleague Ministers for Energy at this year’s United Nations Climate Change Conference (COP27) in Egypt to have a united voice and stand up against attempts by environmentalists pushing for Africa to abandon its gas and oil resources and instead shift to renewable energy sources.
The oil industry needs to increase investment in capacity and new production so that the oil market can avoid high volatility in the future, OPEC’s Secretary General Haitham Al Ghais said this week.
Crude oil prices were on the rise early on Friday morning on continuing fears that the oil markets remain tight with the G7 agreeing on a fixed price capping mechanism on Russian crude.
Oil prices fell more than US$1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.
Oil climbed on Friday as the dollar eased and supply risks lingered, though recession fears and China’s COVID outbreaks kept a check on prices.
Mr. Abdulai cited technical and financial crises as the reasons TOR cannot be in operation in its current form to alleviate the fuel challenges in the country.
As the hype around green hydrogen intensifies, several energy firms and governments are exploring the potential for transforming existing natural gas infrastructure to be used to transport hydrogen as the world transitions away from fossil fuels. Now, the U.K. has announced a new development, trialing a hydrogen-gas project to see if this vision can become a reality.
Renewable energy stocks are having a hard time, even in the middle of Europe’s energy crisis. It seems that the sector needs central banks to take their foot off the gas in hiking interest rates, but it may have to wait a little longer.
The world is investing hundreds of billions of U.S. dollars every year in renewable energy and other clean energy solutions, but it needs more than a trillion U.S. dollars in investments annually if it still stands a chance of reaching net-zero emissions by 2050.
High spot electricity prices, particularly in Europe, are changing the utility wind and solar investment narrative as potential payback periods of under a year could start a race to develop renewable assets purely based on project economics, Rystad Energy research shows. Capital investments in renewables have also increased significantly and are set to reach $494 billion in 2022, outstripping upstream oil and gas at $446 billion for the year, according to Rystad Energy research. This is the first time that investment in renewables is set to be higher than for oil and gas.