There has been some revealing new information coming out recently regarding the strategy against ISIS. One aspect many find troubling is the apparent failure of U.S. and coalition forces to sufficiently target and destroy oil infrastructure located in ISIS territory, which accounts for a significant portion of the terror group’s annual income.
The 21st meeting of the Conference of the Parties (or COP21) is underway, with the goal of hammering out a deal to reduce global carbon emissions top of the agenda. As well as leaders from 147 countries, there are a number of CEOs and senior managers of the world’s biggest corporations, industry associations and trade policymakers are present among the 50,000 attendees.
Asia is a big family that varies across and within its regions, with a plethora of systems all bumping against one another. However, one thing Asia’s constituents have in common is the challenge posed by the transition to green growth. That challenge also presents enormous opportunities.
As the terrorist attack in Paris sparks worldwide fear of similar reprisals and a bloody shootout and hostage situation in a five-star Mali hotel exacerbates those concerns, global energy security reels under the pressure of unfathomable geopolitics. In an exclusive interview with Oilprice.com, Robert Bensh—managing director and partner at Pelicourt, a Western-owned oil and gas company navigating tricky conflict zones—discusses:
• The terrorist threat to global energy security
• What ISIS is really after
There has been a rapid decline in the costs of solar and wind power, to such an extent that both technologies are now cheaper than nuclear or coal. This development will radically transform global electricity generation networks.
How this transformation takes place in South Africa will depend on the role of government, the regulator, the market and to some extent civil society.
Jeff Bezos may not have gone where no man has gone before, but in successfully landing its New Shephard rocket back on Earth, his rocket company Blue Origins has pipped ahead of rivals in the race to make space commercially viable. It’s a significant coup in the latest incarnation of the space race. In addition, it may have given pause to Elon Musk, the founder of rival SpaceX.
Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.
According to Graves & Co., an industry consultant, oil and gas companies have laid off more than 250,000 orkers around the world, a tally that will rise if oil prices remain in the dumps.
The latest ABS labour force statistics show a steady trend developing. Both the unemployment rate at 6.1% and the participation rate at 65% have remained stable since March 2015. This smooth trend bodes well for Australia as a whole.
For those watching the UK energy sector, barely a week has gone by of late without some kind of drama. A third of the nation’s coal power stations breaking down, subsidies cut for renewables but available for diesel generators, and a leaked letter suggesting missing renewable targets. This has led to much criticism at home and abroad.
Modern society is characterised by mass manufacturing, mass investment, and mass consumption, which give rise to “mass wrongs” – and the need for a system of mass redress. Reports of harm to underpaid employees, users of payday lending and financial advice, shareholders and consumers has seen the rise of the redress or resolution scheme, which diverts disputes from the courts into a quasi-administrative/ alternative dispute resolution mechanism.
