- mega projects production in 2017 to 2019: "likely to see the largest increase in history"
- record 2011 - 2013 CAPEX
- CAPEX hit record in 2012: $660 billion
- CAPEX continued to climb, hitting peak of $710 billion in 2014
- projects could create a material oversupply in 2018 - 2019
- IEA begs to differ: says a potential global supply deficit could take hold in 2020
- lead time for these mega projects: 7 years (CAPEX began in 2011 - 2012 (oil at $100/bbl) and that oil could come to market in 2018 - 2019
Wind: oil majors plunge into industry that may hurt fossil fuel -- Bloomberg.
The oil companies have many reasons to move into the industry. They’ve spent decades building oil projects offshore, and that business is winding down in some areas where older fields have drained.
Returns from wind farms are predictable and underpinned by government-regulated electricity prices. And fossil fuel executives want to get a piece of the clean-energy business as forecasts emerge that renewables will eat into their market.
Even as oil production declined in the North Sea over the last 15 years, economic activity has been buoyed by offshore windmills. The notorious winds that menaced generations of roughnecks working on oil platforms have become a boon for a new era of workers asked to install and maintain turbines anchored deep into the seabed.
About $99 billion will be invested in North Sea wind projects from 2000 to 2017. A decade ago, the industry had projects only a fraction of that size.California refinery. From Reuters, data points:
- Martinez, about 30 miles northeast of San Francisco
- Royal Dutch Shell not eager to sell its last asset in California
- Shell has been selling assets to pay down debt following its $54 billion purchase of smaller British rival BG Group last year
The Apple Page
Apple launches (PRODUCT)RED iPhone 7 and the new 9.7-inch iPad today. We were at the Apple store yesterday to buy May a new MacBook Air laptop. It was an incredibly easy and enjoyable experience.
We asked about the new 9.7-inch iPad. I've been waiting for this one. Sophia needs her own iPad. She is confused by all the different devices: some with touch screens, some without; some with keyboards, some without. This will end all her problems.
Apple lowered the price on the 9.7-inch iPad and improved it (ever so slightly) so it's a must for Sophia.
Yesterday, we were told the Apple store had the new iPad in the "back" but it would not be available for "one or two days." My hunch is it will be available today.