Energy News Beat

In a tweet, Bjorn Lomborg points out that Germans are now consuming less electricity per capita than they did in 1978. Take a look:

This is the surest sign of economic collapse, and it is something the German government has intentionally imposed on its people. It is also the real end goal of the climate hysteria religion, a message its true believers have delivered for years but few of the rest of us have grasped.

This is intentional. It is where they want to take every country on earth. When your entire personal belief system is grounded in dogma holding that a microscopic rise in the trace element of carbon dioxide in Earth’s atmosphere is the source of all evil, then working to force economic collapse as the fastest, most certain way to halt its growth becomes not only an acceptable outcome, but an active goal.

Germany’s example is just the leading example of the plan taking hold. Unfortunately, the lunatics running the Biden asylum have the U.S. on the same path, just a few years behind the German timetable.

If this year’s election goes the wrong way and gives Biden’s handlers another four years, it’s a safe bet America will catch up pretty rapidly.

That is all.

Source: Blackmon.substack.com

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Energy News Beat

The Houthis launched their largest attack so far yesterday evening.

According to the US military the “complex attack” consisted of 18 attack drones, two anti-ship cruise missiles, and one anti-ship ballistic missile. They were all shot down through efforts of F/A-18 aircraft from the US aircraft carrier Dwight D. Eisenhower, three US destroyers and one British destroyer. According to US Central Command there were no reports of damage or injuries.

The dramatically altered world seaborne trading map in the months since the Houthis in Yemen started attacking ships shows many vessels visiting the Cape of Good Hope for the first time.

The weekly average of such first-time visits during 2023 was four, according to data from Israeli firm Windward. In the last week of December 2023, there was a 450% increase in container vessels, and a 100% increase in tankers visiting the Cape of Good Hope for the first time during their operational lifetimes.

The increasing traffic around South Africa has also seen bunker prices spike and concern has been raised about suitable quantities of fuel being made available for the armada of rerouted ships.

Rerouting vessels via the Cape of Good Hope clearly takes longer and consumes more fuel per unit of commodity transported than via the Suez Canal, but the costs associated with environmental regulations illustrate the perverse incentives in play, according to an investigation carried out by UK consultancy Maritime Strategies International (MSI).

Not only are fuel costs and emissions higher for a Cape voyage, but there is an additional cost associated with the newly introduced emissions trading scheme from the European Union (EU ETS). A ship leaving Colombo in Sri Lanka for Barcelona would be liable for almost twice the amount of carbon credits if transiting via the Cape rather than via the Suez Canal, corresponding to an additional EUR75,000 ($82,000) cost for a 15,000 teu containership, according to MSI.

Perversely, routing via the Cape is better for a vessel’s Annual Efficiency Rating (AER) and Carbon Intensity Index (CII) rating since the ratio of time at sea to time in port is higher. In an example for comparable containerships of 15,000 teu operating on the Asia-Europe loop, the AER of the ship routing via the Cape would be 5.0g CO2/dwt.NM but via the Suez Canal 6.6g CO2/dwt.NM.

Source: Splash247.com

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Energy News Beat

The geopolitical landscape is witnessing a seismic shift as Russia declares that 30 additional countries are poised to join the BRICS alliance, potentially expanding its membership to a formidable 40 nations. This move, championed by Russia’s President Vladimir Putin, marks a pivotal moment in the global balance of power, challenging the longstanding economic dominion of the West.

The BRICS, initially a quintet of emerging economies – Brazil, Russia, India, China, and South Africa – has evolved into a significant economic bloc. The recent addition of five new members in January 2024 – Saudi Arabia, United Arab Emirates, Egypt, Iran, and Ethiopia – marked its first major expansion. Argentina, despite an invitation, stood as the lone refusenik. This development set the stage for the forthcoming 16th BRICS summit in Russia’s Kazan region, where the potential induction of 30 new countries will be a critical agenda item.

The BRICS Expansion: A New Global Order?

This unprecedented expansion of BRICS could recalibrate global financial dynamics. A 40-member BRICS, surpassing its current economic heft, could pose a substantial challenge to the dominance of the US dollar and the financial leverage of Western countries. The implications of such a shift are profound, not just economically but also geopolitically. The expanded BRICS could offer an alternative axis of power, providing a counterbalance to Western influence and rewriting the rules of global economic engagement.

It’s not just about adding numbers; this expansion signifies a diversification of geopolitical interests and economic priorities. The new members bring unique perspectives, resources, and challenges to the table, promising to enrich the BRICS consortium with a wider range of viewpoints and strategies. However, this expansion is not without its complexities. The integration of such a diverse array of economies, each with its distinct political and economic landscapes, will be a monumental task.

Beyond Economics: The Political Chessboard

Politically, this move can be seen as a strategic play by Russia to consolidate its influence on the global stage. The expansion of BRICS under Russia’s leadership may be interpreted as an attempt to forge new alliances and strengthen existing ones in the face of Western sanctions and diplomatic pressures. This is particularly poignant given the ongoing geopolitical tensions and the West’s increasing economic sanctions following Russia’s actions in Ukraine.

Moreover, the expansion of BRICS comes at a time when global economic institutions and alliances are undergoing significant transformations. The G20’s initiative to accelerate international payments, aiming for more efficiency by 2027, casts a spotlight on the evolving nature of global financial systems. However, this push for speed in transactions has raised concerns about the potential for increased financial crimes and the challenges in enforcing sanctions, especially against nations like Russia.

The integration of these new BRICS members will necessitate a delicate balance between fostering economic growth and maintaining financial security. The task ahead is not just about economic integration, but also about creating a cohesive political stance that respects the individuality of each member while advancing the collective interests of the bloc.

The potential expansion of BRICS to include 30 new countries represents a bold stride towards reshaping global economic and political landscapes. It underscores a growing shift in global power dynamics, with emerging economies gaining increased prominence and influence.

As the world watches, the upcoming BRICS summit in October 2024 could mark the beginning of a new chapter in global affairs, one where traditional power structures are challenged, and a more multipolar world order emerges. Whether this expansion will lead to a more balanced global framework or exacerbate existing tensions remains to be seen. One thing is certain: the world is on the cusp of a significant transformation, and the BRICS expansion is a clear indication of the shifting tides.

Source: Msn.com

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WASHINGTON – Independent Petroleum Association of America (IPAA) President and CEO Jeff Eshelman released a statement ahead of the House Energy and Commerce Committee hearing on Wednesday, Jan. 10 at 10:00 a.m. ET examining Environmental Protection Agency (EPA) actions affecting American oil and natural gas operations, particularly those regulations and programs related to methane emissions.

IPAA President & CEO Jeff Eshelman said, “IPAA appreciates the committee’s review of this important issue – the EPA’s overbearing regulatory regime will undoubtedly harm America’s oil and natural gas producers, increase energy supply costs and harm the economy. It is estimated that EPA’s recently finalized methane rules will lead to the shutdown of 300,000 of the nation’s 750,000 low production wells. The federal government should not use the regulatory process to eliminate much needed sources of energy. Independent oil and natural gas producers are committed to effectively managing their methane and volatile organic compounds (VOC) emissions. At issue is developing appropriate techniques that reflect both the emissions profile and the economic challenges of each segment of the industry from large to small.”

Background. In Wednesday’s hearing, the Committee will hear from three independent producers:

Drew Martin, Managing Member and Director of Finance, Miller Energy;
Patrick Montalban, Chairman and CEO, Montalban Oil and Gas Operations;
Mike Oestmann, President and CEO, Tall City Energy

The Methane Emissions Reduction Program (Methane Tax) that was included in the Inflation Reduction Act passed by Congress complicates industry efforts to plan and comply with EPA’s rule to address emissions from oil and natural gas production. The tax was passed without any committee hearings, expert testimony, or impact analysis on prices to consumers, impact on domestic production, or impact on industrial manufacturing consumers.

The Independent Petroleum Association of America (IPAA) is a national upstream trade association representing thousands of independent oil and natural gas producers and service companies across the United States. Independent producers develop 91% of the nation’s oil and natural gas wells. These companies account for 83% of America’s oil production, 90% of its natural gas and natural gas liquids (NGL) production, and support over 4.5 million American jobs.

Source: Worldoil.com

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Energy News Beat

Qatari LNG shipping giant Nakilat has placed orders worth about $955 million with South Korea’s Hyundai Samho for the construction of two LNG tankers and four LPG carriers.

S.Y. Park, president and COO of HD Hyundai Heavy Industries, and Nakilat’s CEO, Abdullah Al Sulaiti, signed the shipbuilding deal on January 9.

The LNG carriers will each have a capacity of 174,000 cubic meters, while the very large LPG/ ammonia gas carriers will each have a capacity of 88,000 cbm.

Nakilat will take delivery of these vessels between 2026 and 2027, but the company did not provide the price tag of the deal.

HD KSOE said in a filling to the stock exchange on January 10 that the entire order is worth about $955 million. It did not break down the price for just the LNG carriers.

The latest orders for LNG carriers at HD Hyundai’s yards were priced at about $265 million per vessel.

However, shipbuilding sources said that Nakilat most likely secured a lower price for these LNG carriers as VLGCs, VLACs are currently priced between $115-120 million.

Upon delivery of the two new LNG carriers, Nakilat’s LNG fleet will expand to 71 vessels, while the LPG fleet will grow to eight vessels, it said.

In October 2021, Nakilat took delivery of the 173,400-cbm Global Sea Spirit, followed by the delivery of the 174,000-cbm Global Sealine in January 2022. Hanwha Ocean, previously known as DSME, built these vessels.

Nakilat’s fleet currently includes 24 conventional LNG carriers, 31 Q-Flex vessels (210,000-217,000 cbm), 14 Q-Max vessels (263,000-266,000 cbm), and also one FSRU.

The company’s LNG fleet has a combined carrying capacity of over 9 million cubic meters, or some 12 percent of the global LNG fleet carrying capacity, according to Nakilat.

(Article updated on December 10 to say that the entire order is worth about $955 million.)

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