{"id":3226,"date":"2017-04-12T13:10:47","date_gmt":"2017-04-12T13:10:47","guid":{"rendered":"https:\/\/ishraqenergy.com\/?p=3226"},"modified":"2018-06-13T08:38:28","modified_gmt":"2018-06-13T08:38:28","slug":"record-number-oil-gas-firms-go-bust-renewable-energy-revolution-begins-bite","status":"publish","type":"post","link":"https:\/\/ishraqenergy.com\/?p=3226","title":{"rendered":"Record number of oil and gas firms go bust as renewable energy revolution begins to bite"},"content":{"rendered":"<p>The world\u2019s largest private power production company warns\u00a0the sector that renewables could drive the oil price as low as $10 a barrel<\/p>\n<p>A record number of oil and gas companies became insolvent last year, according to a new study which environmentalists said highlighted the need for the UK to prepare for the move to a low-carbon economy.<\/p>\n<p>They warned that the loss of jobs in the sector when it becomes clear that fossil fuels can no longer be burned because of the effect on global warming would lead to \u201cdesolate communities\u201d unless people were retrained to work in the \u201cnew industries of the 21st century\u201d.<\/p>\n<p>The study by accountancy firm Moore Stephens found 16 oil and gas companies went insolvent last year, compared to none at all in 2012.<\/p>\n<p>After oil prices fell from about $120 a barrel to under $50 for most of the past year, smaller firms in the sector were unable to cope, Moore Stephens found.<\/p>\n<p>Jeremy Willmont, who carried out the research, said: \u201cThe collapse of the price of oil has stretched many UK independents to breaking point.<\/p>\n<p>\u201cThe last 15 years has seen a large increase in the number of UK oil and gas independents exploring and producing everywhere from Iraq to the Falkland Islands.<\/p>\n<p>\u201cUnless there is a consistent upward trend in the oil price, conditions will remain tough for many of those and insolvencies may continue.\u201d.<\/p>\n<p>His report said North Sea oil producers were facing more \u201cheadwinds\u201d because of the need to decommission a number of offshore rigs.<\/p>\n<p>Dr Doug Parr, chief scientist at Greenpeace UK, warned the ultimate demise of the fossil fuel industry would create \u201cdesolate communities\u201d unless the Government took steps to help the country move to a low-carbon economy.<\/p>\n<p>\u201cAs the warnings from climate science get stronger, now is the time to realise \u2013 as a utility chief recently warned \u2013 that the future is not in fossil fuels,\u201d Dr Parr said.<\/p>\n<p>\u201cIt\u2019s also time for Government to recognise that we should not leave the workers stranded, but provide opportunities in the new industries of the 21st century.\u201d<\/p>\n<p>The utility chief cited by Dr Parr is Thierry Lepercq, head of research at French energy company Engie,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-12-20\/energy-tsunamis-threaten-to-drag-oil-down-to-10-engie-says\" target=\"_blank\" rel=\"nofollow noopener\">who recently told Bloomberg<\/a> that the growth in renewable energy could push the cost of oil down to as low as $10 in less than 10 years.<\/p>\n<p>\u201cEven if oil demand continues to climb until 2025, its price could drop to $10 if markets anticipate a significant fall in demand,\u201d he said.<\/p>\n<p>Engie, the world\u2019s largest private power production company, is increasingly investing in renewables and selling off coal-fired power stations and fossil fuel exploration rights.<\/p>\n<p>The firm recently carried out research which found the Provence-Alpes-Cote d\u2019Azur region, home to about five million people, could save 20 per cent on energy costs by 2030 by switching to 100 per cent renewable sources.<\/p>\n<p>And Mr Lepercq added: \u201cThe promise of quasi-infinite and free energy is here.\u201d<\/p>\n<p>However Joseph Dutton, an associate research fellow with Exeter University\u2019s Energy Policy Group, said fossil fuels would be around for some time to come.<\/p>\n<p>\u201cThere\u2019s a real battle between fossil fuels and renewables in power generation,\u201d he said.<\/p>\n<p>\u201cBut in terms of renewable transport, we are so far behind where we need to be to tackle climate change.<\/p>\n<p>\u201cIn fuels and chemicals, I think fossil fuels are set to remain for the foreseeable future.\u201d<\/p>\n<p>And Mr Dutton said any oil and gas supplies held by the insolvent companies would have been taken over by larger companies.<\/p>\n<p>\u201cTheir assets are being picked up by the bigger companies. It\u2019s not as if they are falling out of the picture. The companies might be, but the oil and gas reserves are going to different companies,\u201d he said.<\/p>\n<p>\u201cIt may well be that what they hold will still be produced further down the line.\u201d<\/p>\n<p>\u201cWhether this represents a shift away from fossil fuels to renewables is maybe too early to say.<\/p>\n<p>SOURCE:\u00a0independent.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s largest private power production company warns\u00a0the sector that renewables could drive the oil price as low as $10 a barrel A record number of oil and gas companies became insolvent last year, according to a new study which environmentalists said highlighted the need for the UK to prepare for the move to a&hellip;<\/p>\n","protected":false},"author":4,"featured_media":3563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[233],"tags":[],"class_list":["post-3226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - 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