Shale Gas Current Affairs - 2019
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As per a closely-watched review by United Kingdom (UK) based energy giant BP, titled “The BP Statistical Review of World Energy”, the global carbon emissions grew by 2.0% in 2018, the highest rate since 2010-2011. BP is a London based, British multinational oil and gas company.
Key Findings of Study
- The study called that the current trend of increasing carbon emissions is putting world on an ‘unsustainable’ path.
- There is a growing mismatch between societal demands for action on climate change i.e. for cutting a country’s net greenhouse (GHG) emissions to zero and the actual pace of progress being made in the domain.
- The energy demand and carbon emissions are currently growing at their fastest rate for years.
- The global energy demand grew by 2.9%. A part of this rise was met by increasing shale rock reserve exploitation in United States (US), which recorded fastest rise of oil and natural gas production in world, in recent times.
- Although the use of renewable forms of energy globally grew by 14.5% in 2018 but it still accounted for just 33% of total rise in power generation in 2018.
- Significance: The study highlights that a focus on green/renewable forms of energy will not be able to achieve net-zero GHG emission targets, rather the governments should to do more towards cutting the use of polluting coal and oil. This means that It should not be a race to renewables, but a race to reduce carbon emissions across many fronts.
About BP Statistical Review of World Energy
- It is viewed as an energy industry standard.
- It pools data on everything such as from the size of countries’ oil reserves to their production of renewable energy and various consumption rates.
Global efforts taken for CO2 Emissions
- Globally, governments are coming under intensifying pressure from campaigners to set deadlines by which they will cut their net greenhouse (GHG) emissions to zero.
- Britain’s top advisory body on climate change has recommended that British government must target for cutting their net GHG emissions to zero by 2050. This is the same deadline adopted by some other European governments.
- The progressive wing of US Congress is pushing for year 2030 as a deadline for US government to cut their net GHG emissions to zero. Although most analysts view this target as unattainable and prohibitively expensive to reach.
Tags: BP • BP Statistical Review of World Energy • Britain • British multinational Oil and Gas Company • Carbon Dioxide Emmsision • Climate Change • GHG • Green House Gas Emissions • Renewable Energy • Shale Gas • US
Union Cabinet has approved policy framework to permit exploration and exploitation of unconventional hydrocarbons such as Shale oil/gas, Coal Bed Methane (CBM) etc. It will be carried out under existing Production Sharing Contracts (PSCs), CBM contracts and Nomination fields to encourage existing contractors in licensed or leased area to unlock full potential of unconventional hydrocarbons in existing acreages.
With this policy, there will be complete shift from One hydrocarbon Resource Type to Uniform Licensing Policy which is presently applicable in Discovered Small Field (DSF) Policy and Hydrocarbon Exploration & Licensing Policy (HELP).
Benefits of this Policy Framework
It will enable the realization of prospective hydrocarbon reserves in existing contract areas which otherwise would have remain unexplored and unexploited. It will give impetus to new investment in exploration and production (E&P) activities and chances of finding new hydrocarbon discoveries and increasing domestic production. It will also spur exploration and exploitation of additional hydrocarbon resources giving impetus to new investment, economic activities, additional employment generation and thus benefitting various sections of society. This will also lead to induction of new, innovative and cutting-edge technology and forging new technological collaboration to exploit unconventional hydrocarbons.
Under existing contractual regime of PSCs, existing contractors are not allowed to explore and exploit CBM or other unconventional hydrocarbons in already allotted licensed or leased area. Similarly, CBM contractors are not allowed to exploit any other hydrocarbon except CBM. Acreages held at present by various contractors in PSCs and CBM blocks and National Oil Companies (NOCs) in nomination regime constitute a significant part of India’s sedimentary basin.