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Questions and Answers

What is the target for global CO2 emissions as per the IEA for the year 2030?

  • 30 Gt
  • 15 Gt
  • 20 Gt
  • 24 Gt (correct)

The Net Zero Emission by 2050 scenario aims for global energy sector to reach net zero CO2 emissions by 2040.

False (B)

By what year does the IEA project that emissions need to fall to net zero?

2050

The scenario that includes all climate commitments made by governments worldwide is known as the ______.

<p>Announced Pledges Scenario (APS)</p> Signup and view all the answers

Match the energy scenarios with their respective temperature outcomes:

<p>Stated Policies Scenario (STEPS) = +3/+2.5°C by 2100 Announced Pledges Scenario (APS) = +2/+1.7°C by 2100 Net Zero Emission by 2050 (NZE) = +1.5/+1.4°C by 2100</p> Signup and view all the answers

What is the projected total energy supply in the NZE scenario for the year 2030?

<p>632 EJ (D)</p> Signup and view all the answers

The STEPS scenario meets the climate objectives set by the IEA.

<p>False (B)</p> Signup and view all the answers

What is the anticipated price of oil per barrel in the STEPS scenario?

<p>$83</p> Signup and view all the answers

Emissions must drop by more than ______% per year starting from 2022.

<p>5</p> Signup and view all the answers

What is the total energy supply projected in the APS scenario for the year 2030?

<p>541 EJ (D)</p> Signup and view all the answers

Which region contributes to 60% of the world's oil supply?

<p>OECD North America (A)</p> Signup and view all the answers

The top 20 oil fields contribute a total of more than 50% to global oil production.

<p>False (B)</p> Signup and view all the answers

Name the oil field that contributes the largest percentage to global oil production.

<p>Ghawar</p> Signup and view all the answers

About 60% of the world's oil supplies remain dependent on output from _____ big, old super-giant and giant oil fields.

<p>300</p> Signup and view all the answers

What is the projected price of oil per barrel in 2050 according to the IEA Net Zero Scenario?

<p>$25/barrel (C)</p> Signup and view all the answers

Match the following oil fields with their contribution to global oil production:

<p>Ghawar = 17% Cantarell = 6% Samotlor = 2% Safaniyah = 1%</p> Signup and view all the answers

Coal production in the US is expected to decrease by 91% by 2050.

<p>True (A)</p> Signup and view all the answers

Which of these oil fields contributes the least to global oil production?

<p>Safaniyah (B)</p> Signup and view all the answers

Africa is a significant contributor to the world's oil supply.

<p>False (B)</p> Signup and view all the answers

What percentage of fossil fuel use remains in 2050 according to the projections?

<p>18%</p> Signup and view all the answers

What is the total number of oil fields worldwide?

<p>70,000</p> Signup and view all the answers

In 2050, the price range for coal global excluding the US is projected to be between $____ and $____ per tonne.

<p>43, 49</p> Signup and view all the answers

Global upstream oil and gas investments are _____ below 2014 in real terms.

<p>47%</p> Signup and view all the answers

Match the energy sources to their projected percentage change from 2022 to 2050:

<p>Solar = 1867% Wind = 950% Hydro = 88% Coal = -91%</p> Signup and view all the answers

Which oil field's output has declined sharply since 2012?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following energy sources is projected to change by 1066% from 2022 to 2050?

<p>Other Renewables (B)</p> Signup and view all the answers

The energy transition and COVID led to increases in oil exploration and production capital expenditure (E&P CAPEX).

<p>False (B)</p> Signup and view all the answers

Natural gas in the US is expected to decrease by 77% by 2050.

<p>True (A)</p> Signup and view all the answers

According to the projections, which energy source experiences a -100% change in traditional use of biomass by 2050?

<p>Traditional use of biomass</p> Signup and view all the answers

What percentage of global oil demand is represented by '1,170'?

<p>approximately 12%</p> Signup and view all the answers

The _____ oil field is known for contributing 78% to global oil production.

<p>Samotlor</p> Signup and view all the answers

By 2050, the percentage change of bioenergy usage is projected to be ______%.

<p>139</p> Signup and view all the answers

Match the oil field players with their respective countries:

<p>Chevron = USA Gazprom = Russia Sinopec = China Eni = Italy</p> Signup and view all the answers

What is the projected price of oil in the year 2050?

<p>$60/barrel (A)</p> Signup and view all the answers

What will be the percentage of abated fossil fuels by 2050?

<p>73% (B)</p> Signup and view all the answers

In the Announced Pledges Scenario, fossil fuel demand is expected to increase by 2050.

<p>False (B)</p> Signup and view all the answers

What percentage of energy sources will be clean energy (renewables and nuclear) by 2050?

<p>63%</p> Signup and view all the answers

The demand for coal is expected to drop by more than ____ by 2050.

<p>70%</p> Signup and view all the answers

Match the energy sources with their projected change by 2050:

<p>Coal = -73% Oil = -45% Natural Gas = -42% Nuclear = 103%</p> Signup and view all the answers

Which energy source is expected to see the greatest increase by 2050?

<p>Nuclear (A)</p> Signup and view all the answers

In 2050, more than a third of fossil fuels will be classified as abated or for non-energy use.

<p>True (A)</p> Signup and view all the answers

What will happen to total energy demand in the Announced Pledges Scenario?

<p>It will flatten.</p> Signup and view all the answers

Renewables are expected to increase by ____% from the current levels by 2050.

<p>409%</p> Signup and view all the answers

What contributes to the flattening of total energy demand in the Announced Pledges Scenario?

<p>Improved efficiency (D)</p> Signup and view all the answers

Electric vehicles and heat pumps are less efficient than fossil fuel-based alternatives.

<p>False (B)</p> Signup and view all the answers

Which scenario predicts that electricity will become the global 'star' of energy sources?

<p>Net Zero Emissions Scenario</p> Signup and view all the answers

What is the projected share of fossil fuels in the energy mix by 2050?

<p>18% (D)</p> Signup and view all the answers

The share of solar PV capacity is expected to remain constant by 2050.

<p>False (B)</p> Signup and view all the answers

The share of fossil fuels in the Announced Pledges Scenario is reduced compared to ____.

<p>STEPS</p> Signup and view all the answers

What year is targeted for achieving Carbon Neutrality in the European Green Deal?

<p>2050</p> Signup and view all the answers

Match the following energy sources with their expected prices in 2050:

<p>Oil = $60/barrel Natural Gas excl. US = $5.4-6.3/MBtu Coal global excl. US = $53-62/tonne Coal US = $26/tonne</p> Signup and view all the answers

In the NZE 2050 Scenario, the primary energy is expected to decline at a rate of __% per year to 2030.

<p>1.2</p> Signup and view all the answers

By how much is global electricity demand expected to change between 2021 and 2050 in the NZE scenario?

<p>Almost tripling (C)</p> Signup and view all the answers

The Inflation Reduction Act in the USA is expected to decrease carbon emissions by less than 50%.

<p>False (B)</p> Signup and view all the answers

What is the target year set by California to phase out internal combustion engine vehicles?

<p>2035</p> Signup and view all the answers

The USA aims for a target of __% carbon-free electricity by 2035 nationwide.

<p>100</p> Signup and view all the answers

Which fossil fuel is projected to see a significant exit according to the USA's energy transition?

<p>Coal (A)</p> Signup and view all the answers

Renewables sectors are expected to provide zero emissions credits at a national level.

<p>True (A)</p> Signup and view all the answers

Match the following years with their respective targets in energy transition goals:

<p>2030 = 50% of new car registrations projected to be electric 2035 = Phase out ICE vehicles in California 2050 = Carbon Neutrality target for the EU</p> Signup and view all the answers

What is the expected increase in wind capacity by 2050?

<p>11-fold</p> Signup and view all the answers

The global final energy in 2022 was __ EJ.

<p>439</p> Signup and view all the answers

Which scenario reflects the Net Zero Emission objectives?

<p>NZE 2050 Scenario (C)</p> Signup and view all the answers

What is the expected lifetime of wind energy sources?

<p>25 years (C), &gt;25 years (D)</p> Signup and view all the answers

Nuclear energy has a CO2 emission cost of $0/MWh.

<p>True (A)</p> Signup and view all the answers

What is the capacity factor range for geothermal energy?

<p>80 - 85%</p> Signup and view all the answers

The capital expenditure (CAPEX) range for combined cycle gas turbine (CCGT) is $______ M$/MW.

<p>0.5 - 1</p> Signup and view all the answers

Match the following energy types with their corresponding fuel costs ($/MWh):

<p>Nuclear = $9 - $30 Solar PV = $0 Wind = $0 Natural Gas (CCGT) = $46</p> Signup and view all the answers

Which energy source has the highest capital expenditure (CAPEX) range?

<p>Nuclear (A)</p> Signup and view all the answers

All solar energy types have a fuel cost of $0/MWh.

<p>True (A)</p> Signup and view all the answers

What is the CO2 emission cost ($/MWh) for hydro power?

<p>0</p> Signup and view all the answers

The operation and maintenance (O&M) cost for offshore wind energy is between $______ and $______ per MWh.

<p>10, 20</p> Signup and view all the answers

What is the fuel cost range for biopower?

<p>$14 - $43 (C)</p> Signup and view all the answers

Solar energy systems use significant amounts of fuel during their operation.

<p>False (B)</p> Signup and view all the answers

What is the capacity factor for concentrated solar power (CSP)?

<p>34%</p> Signup and view all the answers

The capacity factor for natural gas (OCGT) is expected to be between ______ and ______.

<p>0%, 15%</p> Signup and view all the answers

Which energy source listed has the longest expected lifetime?

<p>Hydro Power (A)</p> Signup and view all the answers

Match the following energy sources with their CAPEX ranges.

<p>Wind Onshore = $1.2 - $1.7 M$/MW Natural Gas CCGT = $0.5 - $1 M$/MW Solar PV = $0.7 - $1 M$/MW Biopower = $1.2 - $4.9 M$/MW</p> Signup and view all the answers

The CO2 emissions for geothermal energy are typically high.

<p>False (B)</p> Signup and view all the answers

Flashcards

IEA Net Zero Scenario

The IEA's scenario where global energy systems reach net zero emissions by 2050.

Total Energy Supply

The overall amount of energy produced and consumed in a particular period.

Energy Supply (EJ)

The total energy supply measured in exajoules (EJ), a unit of energy equivalent to 10^18 joules.

Fossil Fuels

Energy sources formed from the remains of ancient organisms, like coal, oil and natural gas.

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Renewables

Energy sources that are naturally replenished, like solar, wind, and hydro.

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Oil Price in 2050

The predicted price of oil in 2050 is $25 per barrel, according to the IEA's Net Zero Scenario.

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Solar Energy Growth

Solar energy is expected to see a massive 1867% increase in usage from 2022 to 2050.

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Fossil Fuel Decline

The use of fossil fuels is projected to significantly decrease in the Net Zero Scenario.

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Nuclear Energy Role

Nuclear energy plays a crucial role in the transition towards net zero emissions.

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Natural Gas Trend

Natural gas usage is predicted to decline by 77% from 2022 to 2050.

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Stated Policies Scenario (STEPS)

The IEA scenario that assumes governments will implement all announced policies and targets, including those related to energy efficiency and climate change.

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Announced Pledges Scenario (APS)

This scenario assumes that all climate commitments made by governments, including Nationally Determined Contributions (NDCs) and long-term net zero targets, will be met fully and on time.

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Net Zero Emission by 2050 (NZE)

This scenario sets a path for the global energy sector to reach physical net-zero CO2 emissions by 2050.

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Global GDP growth

The overall increase in the value of goods and services produced in a country or region.

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Nationally Determined Contributions (NDCs)

Commitments that each country makes under the Paris Agreement to reduce their greenhouse gas emissions.

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Net-zero emissions

A state where the amount of greenhouse gases emitted into the atmosphere is balanced by the amount removed.

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IEA World Energy Outlook (WEO)

An annual publication by the International Energy Agency (IEA) that analyses global energy markets and trends, including energy demand, supply, and emissions.

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Energy Efficiency

Using less energy to achieve the same level of output or service.

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CO2 emissions

The release of carbon dioxide gas into the atmosphere, primarily from burning fossil fuels.

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Super-giant Oil Field

A large oil field producing over 5 billion barrels of oil, significantly impacting global supply.

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Giant Oil Field

A large oil field producing between 1 and 5 billion barrels of oil.

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Oil Supply Structure

The arrangement and distribution of oil fields, their size, and their combined impact on global oil production.

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OECD

Organization for Economic Co-operation and Development, a group of developed countries focusing on economic growth and sustainable development.

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EOR (Enhanced Oil Recovery)

Techniques to increase oil production from existing wells by injecting fluids or gases to push more oil out.

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Top 20 Oil Fields

The 20 largest oil fields globally, contributing significantly to global oil production.

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Ghawar Oil Field

The world's largest oil field, located in Saudi Arabia, producing over 70 billion barrels of oil.

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Cantarell Oil Field

A major oil field in Mexico, once the world's second-largest, producing over 13 billion barrels of oil.

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Safaniyah Oil Field

A major oil field in Saudi Arabia, producing over 50 billion barrels of oil.

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Rumaila Oil Field

A major oil field in Iraq, producing over 17 billion barrels of oil.

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Greater Burngan Oil Field

A major oil field in Kuwait, producing over 10 billion barrels of oil.

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Samotlor Oil Field

A major oil field in Russia, producing over 15 billion barrels of oil.

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Oil Production Decline

The gradual decrease in oil production from a field over time, due to natural depletion.

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E&P CAPEX (Exploration & Production Capital Expenditure)

Investment in discovering and extracting oil and gas.

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Global Upstream Oil & Gas Investment

Total investment in oil and gas exploration and production worldwide.

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Fossil Fuel Share in 2050

The predicted share of fossil fuels in the global energy mix by 2050 under the Net Zero Emission (NZE) scenario is 18%.

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Solar PV Capacity Growth by 2050

The solar photovoltaic (PV) capacity is expected to increase by 20 times (20-fold) by 2050 under the NZE scenario.

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Wind Power Growth by 2050

Global wind power capacity is projected to grow almost 11 times (11-fold) by 2050 under the NZE scenario.

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Carbon Neutrality Target

The Net Zero Emission (NZE) scenario aims to achieve global carbon neutrality, effectively reaching zero net carbon emissions, by 2050.

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Primary Energy Decline in NZE

In the NZE 2050 scenario, the use of primary energy (raw energy sources) is predicted to decline by 1.2% per year up to 2030.

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Electricity in the Energy Chain (2050)

Electricity will become the dominant energy vector in the NZE scenario by 2050, with global demand nearly tripling compared to 2021.

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Radical Redesign of Economies

Achieving Net Zero Emissions (NZE) necessitates a fundamental, and profound restructuring of global and regional economies.

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Coal Exit

The NZE scenario envisions a phasing out of coal-based energy production, leading to its eventual exit from the energy mix.

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Oil Usage Slowdown

While still being used, the NZE scenario anticipates a gradual slowdown in global oil consumption.

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Inflation Reduction Act (IRA) Impact

The US Inflation Reduction Act (IRA) is expected to dramatically accelerate the country's energy transition, including a significant reduction in carbon emissions.

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IRA and Carbon Emissions Reduction

The IRA aims to cut US carbon emissions by more than 50% from current levels.

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Renewable Portfolio Standards

States in the US are progressively increasing their Renewable Portfolio Standards, with some aiming for 100% carbon-free electricity by 2035.

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Nuclear Zero Emission Credits

The IRA has granted national-level zero emission credits to nuclear energy, contributing to its continued role in the US energy mix.

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California's ICE Vehicle Phase-Out

California has set a target to eliminate the sale of new gasoline-powered vehicles by 2035.

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Electric Vehicle Adoption in the US

The IRA is projected to boost the adoption of electric vehicles in the US, with 50% of new car sales expected to be electric by 2030.

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CCGT

Combined Cycle Gas Turbine - a type of power plant that uses natural gas to generate electricity with higher efficiency than traditional gas turbines.

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CAPEX

Capital Expenditures - Initial costs associated with building a power plant, such as land, equipment, and construction.

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O&M Costs

Operational & Maintenance Costs - Ongoing expenses associated with running a power plant, like repairs, staff salaries, and fuel.

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Fuel Costs

The price of the fuel used to generate electricity, such as natural gas or coal.

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Cost Volatility

The amount of fluctuation in the price of a power plant's fuel or operational costs over time.

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Flexibility

The ability of a power plant to adjust its output quickly to match changes in electricity demand.

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Resource Intermittency

The unpredictable nature of some energy sources, such as solar or wind, where power output can vary.

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Capacity Factor

The percentage of time a power plant is operating at its maximum output, indicating its efficiency.

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CO2

Carbon Dioxide Emissions, a greenhouse gas produced by burning fossil fuels, contributing to climate change.

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Lifetime

The expected lifespan of a power plant, determining the period over which it can operate.

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Full cost

The combined cost of building, operating, and maintaining a power plant over its entire lifetime.

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Nuclear Power

A type of power generation using nuclear fission to produce electricity, with low CO2 emissions.

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Hydro Power

A type of renewable energy source, using the force of water to generate electricity.

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Solar Power (PV)

A renewable energy source using photovoltaic cells to convert sunlight directly into electricity.

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Solar Power (CSP)

A renewable energy source using mirrors to concentrate sunlight and generate heat to power a turbine.

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Wind Power

A renewable energy source using wind turbines to convert wind energy into electricity.

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Geothermal Power

A renewable energy source harnessing heat from the earth's interior to generate electricity.

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Biopower

A renewable energy source that uses biomass, such as wood or crops, to generate electricity.

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Energy Supply

The total amount of energy available for use, measured in exajoules (EJ).

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Fossil Fuel Share

The percentage of energy supply that comes from fossil fuels like coal, oil, and natural gas.

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Electricity Share

The percentage of total energy use that is derived from electricity.

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Electric Vehicles (EVs)

Vehicles powered by electric motors instead of internal combustion engines, using batteries to store energy.

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Heat Pumps

Devices that use electricity to transfer heat from a colder environment to a warmer one, used for heating and cooling.

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Net Zero Emissions Scenario

A hypothetical scenario where greenhouse gas emissions are reduced to zero, aiming to limit global warming.

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Carbon-based Molecules

Chemical compounds containing carbon atoms, such as fossil fuels and their byproducts.

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Electricity-based Economy

An economy where electricity plays a dominant role as the primary energy source for various applications.

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Coal Demand

The amount of coal consumed for various purposes, such as electricity generation and industrial processes.

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Oil Demand

The amount of oil consumed for various purposes, such as transportation and industrial processes.

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Natural Gas Demand

The amount of natural gas consumed for various purposes, such as electricity generation and heating.

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Clean Energy Sources

Energy sources that have a lower environmental impact compared to fossil fuels, such as renewables and nuclear power.

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Energy Demand

The total amount of energy consumed by all sectors of the economy, including households, industry, and transportation.

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Energy Efficiency Advantages

The inherent efficiency benefits of using electricity-based technologies compared to fossil fuel-based alternatives.

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Cumulative Decrease

A gradual and ongoing reduction over time, in this case, referring to the declining demand for fossil fuels.

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Traditional Use of Biomass

The use of biomass materials as an energy source in traditional ways, often for heating and cooking.

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CO2 Advanced Econ

Carbon dioxide capture and storage technology used in advanced economies, with a higher price per tonne.

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CO2 BRZ, CH, IND

Carbon dioxide capture and storage technology used in Brazil, China, and India, with a lower price per tonne.

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Energy Source Change

The percentage change in the consumption of a specific energy source over a period of time.

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Prices 2050 in USD 2022

The projected prices of various energy sources in 2050, adjusted to reflect the value of the US dollar in 2022.

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Natural Gas excl.US

Natural gas prices excluding the United States.

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Natural Gas US

Natural gas prices specifically within the United States.

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Coal global excl.US

Coal prices globally, excluding the United States.

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Coal US

Coal prices specifically within the United States.

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Share of clean energy sources

The percentage of total energy use that comes from clean energy sources, such as renewables and nuclear.

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Coal, Oil & Gas demand cumulatively decreasing

The combined demand for coal, oil, and natural gas is declining significantly in the future.

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Triple to 63% by 2050

The share of clean energy sources in the global energy mix is expected to increase three-fold by 2050.

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Total energy demand flattens

In the Announced Pledges Scenario, the overall demand for energy remains relatively stable.

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Inherent efficiency advantages

The inherent efficiency benefits of using electricity for various applications compared to fossil fuels.

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Electric vehicles and heat pumps

Examples of technologies that use electricity more efficiently than their fossil fuel counterparts.

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Fossil fuel-based alternatives

Technologies that rely on fossil fuels for energy, such as gasoline-powered cars and traditional heating systems.

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Electricity becomes the global star

In the Net Zero Emissions Scenario, electricity takes on a dominant role in the global energy system.

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How bright will it shine?

This question explores the potential impact and challenges of a global shift to an electricity-based economy.

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Study Notes

Oil Industry Facing Decline?

  • The presentation focuses on the future of the oil industry in the face of climate change.
  • The agenda outlines key topics, such as life cycle of an oil field, reserves, supply and demand, pricing mechanisms and the oil players' response to the energy transition.
  • The presentation examines the life cycle of a conventional oil field, from exploration through delineation, development, plateau, enhanced recovery, and abandonment.
  • Illustrative data for the life cycle of an oil field shows declining production over time. Different phases like exploration, delineation and development require different amount of investment, while a build-up phase marks the plateau of production, followed by enhanced recovery and decline.
  • The presentation differentiates between the life cycle of conventional oil fields from the life cycle of oil shale formations, presenting the declining production profile of a shale oil field over time.
  • Yearly declines presented in the presentation vary from field to field, and are significantly higher during the early years of production.
  • Data on proved oil reserves reveals that the distribution across regions has shifted over time. The Middle East consistently holds the largest share, although other regions have also experienced changes.
  • The current level of global oil discoveries is significantly lower than in the past.
  • OPEC holds the largest share of global conventional oil reserves in 2020.
  • Oil reserves levels, production levels, refining margins and currency exchange rates (forex) are considered key metrics for an oil & gas company.
  • Oil demand by sector and scenario projection indicates that oil demand could drop to ~80% in the NZE by 2050. Different sectors like road transport, petrochemicals, buildings and other industries will exhibit different reduction rates in oil demand.
  • Global oil demand by sector and annual average change by region shows fluctuating demand trends.
  • Post-Covid, oil demand growth has lost momentum due to government spending in clean energy and global central bank policies.

Reserves Definitions

  • Proven reserves are recoverable from known reservoirs under existing economic and operating conditions. These reserves have a 90% confidence level.
  • Probable reserves have a 50% probability of being recoverable.
  • Possible reserves are recoverable with a 10% confidence or P10.

Oil Price Formation Mechanism

  • OPEC adjusting volumes, and swing suppliers.
  • OECD commercial stocks and geopolitical factors.
  • Non-OPEC players.
  • Financial markets' fluctuations (market speculation).

Oil Players Facing Energy Transition

  • Key players in the oil industry, including National Oil Companies (NOCs) and International Oil Companies (IOCs), are playing significant roles by facing the energy transition.
  • NOCs focus on long-standing, government-owned, cradle-to-grave operations.
  • IOCs tend to be listed companies with robust financial power.

The Oil Supply Structure (i)

  • Most of the world's oil supplies are dependent on a small portion (approximately 300) of super-giant and giant oil fields. This proportion accounts for about 60% of global oil supply, out of a total 70,000 oil fields.
  • Distribution of giant and super-giant oilfields by region shows significant concentration in specific regions.

The Oil Supply Structure (ii and iii)

  • The top 20 oil fields contribute considerably to global oil production, with some fields being predominant.
  • Top 5 oilfields for 2012 exhibit a sharp decline since then. Data are expressed in thousands of millions of barrels.

Climate Change Mechanisms and Impacts

  • Increased radiation leads to higher evaporation and excess heat, which, in turn, drives radiative forcing.
  • Fossil fuel use leads to CO2 emissions, pollution, and increased heat, worsening radiative forcing.
  • These factors contribute to elevated global temperatures and climate change.

Quiz on Climate Change

  • Industry-related CO2 emissions are approximately 3.5 billion tonnes per year.
  • The Paris Agreement aims to limit CO2 concentrations in the atmosphere to below 450 ppm.
  • The Paris Agreement's goal of 1.5°C calls for global carbon neutrality by 2050.

The Challenge of Decarbonizing the Energy Industry

  • The challenge of decarbonizing the energy industry is substantial.

The Energy Value Chain

  • The presentation demonstrates the energy chain from primary energy sources (oil, gas, coal, etc.) to final forms of energy and used energy (electricity, heat, transport).
  • Various loss factors during conversion, transportation or usage are presented.
  • Electricity is shown to have a high carbon footprint compared to other forms of energy usage.

Three Energy Scenarios

  • Three energy scenarios (STEPS, APS, NZE) are presented, mirroring IPCC climate scenarios and representing various degrees of decarbonization.
  • These scenarios address decarbonization, energy value chain, and the radical redesign of global and regional economies with a focus on electricity, energy consumption and production.
  • Global electricity demand will rise significantly by 2050.

Carbon Sources and Sinks

  • The budget imbalance exists between estimated sources and sinks of carbon dioxide.
  • Reducing the excess carbon dioxide emissions and supporting carbon sinks are both essential to climate action.

The Players in the Oil Game (IOCs/NOCs)

  • International companies (IOCs) and national petroleum companies (NOCs) differ in their operational models, financial and legal status and roles.

Global Upstream Oil & Gas Investments

  • Global upstream investments in oil & gas currently lie close to 47% below 2014 level in real terms.
  • The major cuts were a result of the energy transition and Covid.

Other Points

  • The presentation has information about several energy sectors and their challenges in the context of climate change, including policies, markets, and investments.

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