Energy Transition is referring to a journey to find new source of energy which are cleaner, sustainable and affordable. Unfortunately, you can only get 2 at one time. Oil and Gas companies are constantly on the dance floor finding the right balance. This means Hydrocarbon will not be the primary source of energy for the world. At the moment Hydrocarbon constitute about 80% of energy source. Why is it this is such a hype right now? The 21st Conference of UN Framework Convention on Climate Change (UNFCCC) met in Le Bourget , near Paris, France in 2015 and agreed that the global warming has reached an alarming level and something drastic need to be done. All parties agreed on "Paris Agreement" to limit global warming to less than 2 degree Celsius and try to limit the increase to 1.5 degree Celsius above pre industrial level. Paris Agreement came into force in 2016 and currently has over 195 countries signatories. Ironically US withdrew from the agreement in 2020 and re...
1. This blog is created in an historical week. 2. This is the week where the oil price collapsed due to what is referred to the twin impact 3. Twin impact because there is impact to the demand and also there is price war! 4. The only time this has happened before was in 1998 when Venuzuela did staged a price war due to ...