Canadian Some. It’s easy to imagine this place has looked the same for a hundred years.

[ A Canadian oil firm thinks it has struck big. Some fear it could ravage a climate change hotspot ]

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A Canadian oil firm thinks it has struck big. Some fear it could ravage a climate change hotspot

Syringa trees rise out of the Kalahari sand in the wild expanse of Kavango East, as the humid heat warns of afternoon showers. It’s easy to imagine this place has looked the same for a hundred years.

Except, that is, for the road. Recently widened, graded and ramrod straight, new roads like this mean change is coming.

In this northeastern corner of Namibia, on the borders of Angola and Botswana, a Canadian oil company called ReconAfrica has secured the rights to explore what it believes could be the next — and perhaps even the last — giant onshore oil find.

The oilfield that ReconAfrica wants to harness is immense. The firm has leased more than 13,000 square miles, or some 30,000 square kilometers, of land in Namibia and neighboring Botswana.

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Big Oil’s Dwindling Reserves Are A Major Problem

According to Citi, the overall average reserves in place have fallen by 25% since 2015, with less than 10 years of total annual production available. These issues appear to have been under-assessed by financial markets, with analysts unable to accept that the very future of IOCs is under threat. An oil company can only exist if it has reserves and is able to keep production at targeted levels for a long period of time. If reserves and production dwindle, it is not only the attractiveness of such an independent oil company that comes into question but its existence. In its research note, Citibank described falling IOC reserves as ‘an impending challenge’ and the annual reports from the industry giants suggest that these once-great companies are now in trouble. According to Citibank, it is low oil prices that are the primary driver behind this growing problem. ‘There is no circumventing this relationship between reserves and earnings, so we believe that analyzing reserve trends is an extremely important indicator of a company’s health,’ said Citi.

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Climate change: Carbon ‘surge’ expected in post

The International Energy Agency (IEA) is predicting a major surge in CO2 emissions from energy this year, as the world rebounds from the pandemic.

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The use of coal in Asia is expected to be key: the IEA says it will push global demand up by 4.5%, taking it close to the global peak seen in 2014.

However, renewable energy is also booming, with green sources set to supply 30% of electricity this year.

The empty roads, high streets and airports that marked the global response to coronavirus saw the biggest fall in demand for energy since World War Two.

That decline saw carbon emissions tumble by around 6% in 2020, as the more carbon-intensive fuels such as coal and oil were hardest hit by restrictions.

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2 Big Reasons Why the Rogers-Shaw Deal Might Be in Jeopardy

The Canadian 5G landscape has become much more intriguing of late. Indeed, the recent takeover of Shaw Communications (TSX:SJR.B)(NYSE:SJR) by Rogers Communications (TSX:RCI.B)(NYSE:RCI) has sent shockwaves through the sector.

The $20 billion deal would create a behemoth in the Canadian telecommunications sector. Certainly, there’s no doubt that this consolidation will have immense long-term growth potential ‘ that is, if it’s approved.

There’s going to be a highly anticipated regulatory review on the horizon. Accordingly, investors do have some reason for concern about this deal right now.

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Homeowners will have to put up with central heating that is cooler by 10 degrees C if Britain is to hit climate change targets

Homeowners will have to turn down radiators by 10 degrees for the country to hit climate change targets, it has emerged.

The Government has set a target of 600,000 heat pumps being installed every year until 2028 to replace current gas boilers to bring down emissions.

The pumps, which look like air conditioning units on the outside of buildings, suck energy from the air and use it to heat homes and are more efficient than using fossil fuel technologies.

But in order to run efficiently, they operate at lower water temperatures with Government advisors the Climate Change Committee saying they believe the technology will run at 50 degrees, rather than a gas boiler’s 60 degrees, the Telegraph reported.

Publisher: Mail Online
Date: 2021-04-05T02:01:21+0100
Author: Antony Thrower
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