U.S. oil and gas giant ConocoPhillips is buying competitor Concho Resources, a company specialised in shale oil extraction in the Permian Basin of Texas and New Mexico.
Academics at Russia’s National University of Science and Technology (NUST) in Moscow have created a prototype nuclear battery which may turn out to be considerably less expensive than previous models, Russia’s State Atomic Energy Corporation, Rosatom, reported in its corporate newspaper.
Fossil fuels – including oil, gas and coal, will account for more than 70 % of the energy balance in the BRICS countries (Brazil, Russia, India, China, South Africa) by 2040, Russian Energy Minister Alexander Novak said.
Installed geothermal capacity is likely to rise by 1.5 times over the next five years as energy companies diversify into alternative markets, prompted by the drive for a transition to renewable energy sources, analysts Rystad Energy reported.
The modern energy sector must resolve three key, but often contradictory, tasks: ensuring security, raising energy efficiency and working for a clean environment. Solutions to these problems can be found by developing contemporary intelligent micro-networks or microgrids, which will enable compatibility of renewable and traditional sources and also the interests of consumers and producers.
Russian oil companies Gazprom Neft and Tatneft are following the lead of their European colleagues by embarking on projects based on renewable energy sources.