ring a 20% increase compared to 103 billion dollars for economically developed states.
The decreasing costs of solar and wind electricity, as well as investments in renewables, are likely to bring more people into economy, delivering more jobs. Clean energy signifies ecologically-friendly environment and healthier development.
Article Source: http://www.energymarketprice.com/energy-news/investments-in-solar-power-more-than-in-fossil-fuels-in-2017-globally
BP reinforces its Middle East gas portfolio with new project in Oman
Energy major BP has approved its first most important project this year, a natural gas field in Oman that will endorse the loss of other assets in the Middle East.
The British firm and Oman Oil Company Exploration & Production have agreed on the second stage of the onshore Khazzan project, which will launch production in 2021. The new investment will bolster total production the site by 50 per cent to 1.5 billion cubic feet a day (255,000 barrels of oil equivalent a day).
BP wishes gas to lead its output slate in the years ahead as worldwide transition includes lowering carbon fuels. Six of the seven projects it launched in 2017 were gas-producing. It plans to start five more this year, three of which are gas-oriented.
Khazzan is unique because it’s one of the few fields which are not located in the US that uses innovative technology. While the rocks BP is drilling into aren’t shale, it has applied hydraulic fracturing to sharply increase production at the site.
BP did not reveal which will be the cost for the new Oman development, called Ghazeer. The two stages will jointly produce an overall quantity of 10.5 trillion cubic feet of gas and 350 million barrels of condensate.
Article Source: http://www.energymarketprice.com/energy-news/bp-reinforces-its-middle-east-gas-portfolio-with-new-project-in-oman
British Gas will increase energy prices by 5.5%
British Gas will increase the price of its most extensively used standard tariff for clients obtaining electricity and gas by an average of 5.5 percent from May 29, as declared by parent Centrica on Tuesday.
Rises to electricity and gas charges will add 60 pounds ($85) to yearly bills for 4.1 million customers on the standard variable tariff (SVT), boosting them to an average of 1,161 pounds, according to the company.
On March 31, British Gas removed its SVT default tariff for new customers and is trying to move customers off SVTs and on to fixed tariffs. New customers will not be offered SVTs by the company.
Centrica stated that the hike in prices is mainly due to increasing wholesale and policy costs. Similar pressures were mentioned by Ofgem when they raised the prepayment meter limit by merely over 57 pounds on 1st April.
Centrica declared that the price rise was partly necessary because of government policy costs such as the smart meter roll-out and schemes to cut carbon dioxide emissions.
Article Source: http://www.energymarketprice.com/energy-news/british-gas-will-increase-energy-prices-by-5-5