Quartz news service that does a good job at following energy and business trends. As they have just reported in a story entitled, “Big Oil’s troubles will lead to the next huge advance in energy technology”, major oils and gas companies are struggling.
As Quartz points out, an unmistakable message was hidden in the flurry of downbeat oil company earnings reports recently released: A major technological advance is on its way in old energy, new energy, and perhaps both. Not necessarily soon, but unquestionably coming.
“Simply put, the available technology for fossil fuel companies’ most challenging tasks—drilling in ultra-deep water and in the Arctic, and developing humongous liquefied natural gas projects—is insufficiently advanced, says the news service. At this stage, it costs too much to use. So oil companies have decided to stop working with it as much.”
For environmentalists worried about the various forms of fossil fuel exploitation, and the burning of fossil fuels, this is good news – short term – at least for those worried by the drive to exploit the Arctic.
At this particular stage, there is a reluctance to venture out to the frontier areas, such as the Arctic, or into exceptionally deep water. Profit-wise, it does not make so much sense.
But as Quartz points out, this means a wait for better technology to extract fossil fuels from hard-to-get-to places. It also means more effort within the borders of the US to exploit shale gas and oil.
For the full story, please check out Big Oil’s troubles will lead to the next huge advance in energy technology.
It seems oil and gas companies continue to put effort into more and more extreme forms of extracting fossil fuels. For those concerned about carbon emissions going forward, this holds no good news. Just wait for the next “tech breakthrough”. Worrying, indeed.
