BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production

British oil major BP PLC reported better than expected third quarter earnings Tuesday. $BP net income was $8.2bn, up from $3.3bn a year earlier and higher than $6.1 billion average forecasts and $3.3 billion in the year-ago period. BP described “exceptional” profits from its gas trading and low-carbon energy division bringing in $6.2bn, up from $3bn in the second quarter. BP shares have risen more than 45 per cent this year. BP will buy back a further $2.5bn in shares … Continue reading “BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production”

China Overtakes Europe as World’s Biggest LNG Importer

Chinese LNG imports in July dropped 15.4% year/year to 4.74mn metric tons, customs department data published on August 18 showed. For perspective of the significance China imported 109.5 billion cubic meters of LNG last year, 1.3 billion more than Europe. Asia has accounted for 70% of global LNG trade for the past decade, during which time China’s shares of both global LNG trade and of Asia LNG trade have more than tripled. The cumulative LNG imports in the first seven months … Continue reading “China Overtakes Europe as World’s Biggest LNG Importer”

Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP net income was $8.45bn (£6.9bn), higher than $6.8 billion average forecasts and $2.8 billion in the year-ago period. BP’s profits were the second highest for the second quarter in the firm’s history. Shares in BP rose 3.7% in morning trading in London. The report follows other energy giants reporting massive profits this quarter, Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose … Continue reading “Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading”

Renewables Sources Make Up 13% of Global Power Generation in 2021

The power generation blend in 2021 shows coal is still the dominant source with 36%, natural gas has increased to almost 23%. Every other major generation source of the mid-1980s has lost relative share and not all to gas. Renewable power is the other big improver, wind, solar, geothermal, biomass and small hydropower has grown from 0.8% of the world’s electricity mix to 13%. Renewables had just 0.8% market share globally in 1985. In 1985, coal-fired power was 38% of global electricity … Continue reading “Renewables Sources Make Up 13% of Global Power Generation in 2021”

Wind and Solar Generate More Energy Than Nuclear Power

With the global energy crisis which has Europe on the ropes with record power prices decimating Germany there is a revival of nuclear energy chatter. Nuclear generation increased over 4% in 2001, the biggest increase since 2004 with Chinese fleet additions the driver.  In 2020, all renewable power generation surpassed all nuclear generation. In 2021, wind and solar surpassed 10% of global generation by themselves overtaking overtook nuclear in annual generation. Since 1985 renewable power (wind, solar, geothermal, biomass and … Continue reading “Wind and Solar Generate More Energy Than Nuclear Power”

China Overtakes Europe as World’s Biggest Renewable Electricity Generator

China’s transition into a major economy has been relentless and with that its energy consumption. While China is the largest user of natural gas and coal it has also evolved to become the world’s largest renewable energy generator. In 2016 China surpassed the US and reached close to 60% of Europe’s total renewable generation. In 2021 China overtook Europe, adding almost 290 terawatt-hours of total renewable electricity generation in one year. Last year, Japan and India generated a combined 302 terawatt-hours.  … Continue reading “China Overtakes Europe as World’s Biggest Renewable Electricity Generator”

Coal Consumption Rebounded to Near Record Highs as Primary Energy Consumption Soared in 2021

With the global economy recovering from the COVID economic shutdown energy was being consumed at record levels BP’s statistical review of world energy showed. Primary energy consumption reached an all-time high, with emerging economies accounting for most of the increase. With the failed transition policies which halted fossil fuel exploration and growth coal consumption rebounded sharply and was very close to its all-time high of 2013. This led to an explosion in energy prices around the world with coal and natural … Continue reading “Coal Consumption Rebounded to Near Record Highs as Primary Energy Consumption Soared in 2021”

BP Raises Dividend and Buybacks After Higher Commodity Prices Boost Profits

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP approved a dividend hike of 4% & plans to buy back $1.4 billion worth of shares. Higher profit margins at convenience stores in BP’s petrol stations boosted results.

S&P Puts Big Oil Companies On Negative Ratings Watch

Rating agancy S&P on Tuesday puts the majority major oil companies on negative ratings watch or lowered their outlook. Many of the energy sector has massive debt exposure which has exposed them to the lockdown economic collapse. To add salt we are seeing aggressive energy transition by the developed world.