In today’s talking points: China’s crude oil imports to increase 7.7%; A bright future ahead for solar energy; Australian Minerals Council lobbies government to lift nuclear ban; LNG became Australia’s third largest export in 2017 – thanks to Chinese demand
China’s crude oil imports to increase 7.7%
In 2018, 70.1% of China’s oil supply will be imported – rising to 451 million metric tonnes. The report by China’s Economics & Technology Research Institute (CNPC) also estimated that in 2018 China’s oil demand will increase 4.6% to 615 million metric tonnes. In 2017, consumption rose 5.9% to 590 million metric tonnes – the highest amount since 2011. These figures come in the wake of a recent natural gas crisis resulting, in part, from efforts to curb air pollution from coal based power generation. This year over 40% of total supply will be imported. Last May, China’s cabinet approved measures to allow greater market access for firms in the oil and gas sector, as a means to develop domestic exploration and production.
Read more at: China Daily
A bright future ahead for solar energy
Australia’s rooftop solar panel market is expected to continue expanding in 2018. Tristan Edis, director of analysis at Green Energy Markets, attributed the growth to increased media attention around electricity price hikes. Consumers are opting for increasingly larger systems and with prices remaining low, it is anticipated that demand will continue to increase. Large-scale solar farms are also being established around the country, with the 33 currently under way set to produce 2.291 gigawatts of solar energy. Clean Energy Council’s executive for industry development, Natalie Collard, said, “With states such as Queensland providing incentives to build solar farms in locations with some of the best sunshine in the world, solar is leading the new resources boom right now.”
Read more at: Sydney Morning Herald
Australian Minerals Council lobbies government to lift nuclear ban
The Australian Minerals Council (AMC) has lobbied the government to lift its ban on developing nuclear energy, as part of a 42-page pre-budget submission. AMC points to the 1999 Environmental Protection & Biodiversity Act (EPBC Act), and 1998 Australian Radiation Protection & Nuclear Safety Act as anti-nuclear and, consequently, hampering foreign investment. Australia is currently the 3rd largest uranium producing country, accounting for 34% of the mineral’s global resources. “Nuclear power has the advantage of being able to generate base load electricity with very low CO2 emissions over its lifecycle,” affirmed the MCA. Australia is undergoing a national debate on it’s energy future, with traditional plants reaching retirement age and more firms engaging in environmentally-sound investment.
Read more at: Kallanish
LNG became Australia’s third largest export in 2017 – thanks to Chinese demand
Australian Liquefied Natural Gas (LNG) exports grew 26.3 per cent from 2016 to 2017 – to reach a record 56.8 million tonnes and become Australia’s third largest export. Higher oil prices and an increase in export volume also drove the export revenue up by 44.1 per cent to reach $25.8 billion. Demand grew significantly from China in 2017, with exports amounting to 17.5 million tonnes, having grown 40.5 per cent from 2016. Graeme Bethune, chief executive of EnergyQuest said, “Increased Chinese demand is not only good for Australian LNG producers and our export revenue, but has an emerging positive impact for China’s environment,” as China makes “a massive switch from coal to gas to reduce air pollution in major cities such as Beijing.”
Read more at: Australian Mining