English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Energy emissions unsustainable says BP

BP CEO Bob DudleyLONDON: BP expects global energy output to rise 37 percent by 2035 with China and India accounting for half of the total demand and Russia, Saudi Arabia and the U.S. providing a third of the supply.

With liquid fuel consumption rising to 111 million barrels per day driven by non-OECD transport and industry, BP CEO Bob Dudley (left) says the resultant growth in emissions by 25 percent in the next 20 years is unsustainable.

According to the International Energy Agency (IEA), a rise in global temperatures must be no more than 2°C to avoid catastrophic climate change. BP says the expected growth in energy consumption will exceed the IEA ceiling by 18 billion tonnes of C02 by 2035.

"The projections highlight the scale of the challenge facing policy makers at this year's UN-led discussions in Paris. No single change or policy is likely to be sufficient on its own. And identifying in advance which changes are likely to be most effective is fraught with difficulty. This underpins the importance of policy-makers taking steps that lead to a global price for carbon, which provides the right incentives for everyone to play their part," explained Dudley.

BP expects demand for oil will increase by around 0.8 percent each year to 2035 with China the largest single consumer. Energy self-sufficiency in North America - which is expected to become a net exporter this year – will lead to the U.S. being oil self-sufficient by 2030 after having imported 60 percent of its total demand as recently as 2005.

The current weakness in the oil market, which stems in part from strong growth in 'tight' (shale) oil production in the U.S. is likely to take several years to "work through" says BP. In 2014, shale oil production drove U.S. oil output higher by 1.5 million barrels a day – the largest single-year rise in its history.

BP expects natural gas production to increase 1.9 percent per annum by 2035 led by demand from Asia. Russia and the Middle East will supply 50 percent by conventional gas production and the remainder will come from shale gas. By 2035 North America, which currently accounts for almost all supply, will still produce 75 percent of the total.

As a result, BP expects LNG surface transport will have overtaken pipelines as the dominant form of traded gas with Asia Pacific overtaking Europe after 2020 as the largest net gas-importing region.

News

Written on 20/10/2017, 20:31
cma-cgm-members-add-intra-asia-capacitySINGAPORE: October 20, 2017. CMA CGM Group subsidiaries APL and Cheng Lie Navigation (CNC) have launched a new Korea China Straits (KCS) box service...
Written on 19/10/2017, 21:13
britain-requires-new-aviation-strategy-with-or-without-brexitLONDON: October 18, 2017. The Manchester Airports Group (MAG), owner of Manchester, London Stansted and the airfreight-focused East Midlands Airport, has...
Written on 18/10/2017, 20:06
airlines-increase-support-for-endangered-speciesDOHA: October 18, 2017. Qatar Airways has joined Airlines for America, Delta, Emirates, IATA, Kenya Airways and United in the USAID Reducing Opportunities...
Written on 17/10/2017, 20:05
britain-should-remain-in-the-eu-says-oecdLONDON: October 17, 2017. In its latest survey of the UK economy the OECD says the positive impact on growth "would be significant should Britain remain...
Written on 15/10/2017, 19:28
africa-gdp-growth-of-3-7-percent-in-2018ABIDJAN, Côte d'Ivoire: October 12, 2017. According to a new forecast from the African Development Bank (ADB), the continent's GDP is expected to grow 3.0...
Written on 13/10/2017, 16:16
biofuels-no-alternative-to-hydrocarbons-claimLONDON: October 12, 2017. As the U.N. International Civil Aviation Organisation (ICAO) held its second conference on alternative aviation fuels this week,...
Written on 11/10/2017, 19:41
delta-pre-tax-hit-by-hurricaneATLANTA: October 11, 2017. Delta Air Lines has reported a 5.5 percent increase in third quarter 2017 (Q3) revenue to US$11.06 billion and a net profit of...
Written on 10/10/2017, 20:53
lebanon-gets-new-access-to-export-marketsTRIPOLI, Lebanon: October 10, 2017. CMA CGM has added Tripoli to its Beirut, Lebanon call on a weekly basis in a bid to link exporters in North Lebanon to...
Written on 10/10/2017, 17:34
new-russian-arrival-in-hong-kongHONG KONG: October 10, 2017. Moscow-based carrier Aviastar-Tu has begun flying a Tu-204C freighter from Novosibirsk to Hong Kong on behalf of Russia...
Written on 09/10/2017, 18:20
jetblue-launches-aid-program-for-puerto-ricoNEW YORK: October 08, 2017. JetBlue, which normally operates 53 daily flights from three airports in Puerto Rico to the U.S Mainland, has launched a...
Written on 06/10/2017, 20:34
puerto-rico-begins-to-restore-essential-servicesSAN JUAN, PR: October 06, 2017. The American Maritime Partnership (AMP), representing 450 companies specializing in U.S. cabotage routes, says its members...
Written on 05/10/2017, 22:10
saudi-arabia-tops-equestrian-event-at-asian-gamesASHGABAT, Turkmenistan: October 03, 2017. President of Turkmenistan Gurbanguly Berdimuhamedov brought the 5th Asian Indoor and Martial Arts Games in...
Written on 28/09/2017, 19:43
jd-com-to-deploy-one-million-dronesBEIJING: September 25, 2017. JD X, the innovation lab for e-commerce company JD.com, has partnered with U.S. gaming technology company NVIDIA to add AI to...
Written on 28/09/2017, 18:29
port-of-rotterdam-to-develop-blockchain-solutionsROTTERDAM: September 25, 2017. The Port of Rotterdam Authority and the Rotterdam Municipality have launched 'BlockLab' to develop applications and...
Written on 27/09/2017, 15:48
alibaba-to-invest-us-16-billion-in-logisticsHANGZHOU: September 26, 2017. The Alibaba Group is spending US$807 million to raise its stake in affiliate Cainiao Smart Logistics Network from 47...
Written on 26/09/2017, 19:30
technology-tops-most-valuable-brand-listNEW YORK: September 25, 2017. Apple, Google and Microsoft are the world's three most valuable brands according to Interbrand's latest ranking of 100 best...
Written on 26/09/2017, 17:55
unilever-remains-top-of-european-supply-chainsSTAMFORD, CT: September 25, 2017. Gartner's latest European Supply Chain Top 15 ranks Unilever No.1 for the second year running with Inditex taking second...
Written on 22/09/2017, 18:52
air-and-sea-aid-response-to-irma-and-mariaTORTOLA: September 22, 2017. With Hurricane Maria causing structural damage and power outages as it passes the Turks & Caicos islands, Royal Navy...
Written on 22/09/2017, 14:44
turkish-airlines-to-order-40-dreamlinersNEW YORK: September 21, 2017. Boeing and the Turkish government plan to develop Turkey's aerospace industry with the launch of a National Aerospace...
Written on 21/09/2017, 21:28
fedex-q1-results-hit-by-tnt-cyberattackMEMPHIS/MIAMI: September 20, 2017. FedEx Corporation has reported adjusted first quarter (Q1) revenue of US$15.3 billion, up from US$14.7 billion...

- powered by Quickchilli.com -