• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 mins The Most Annoying Person You Have Encountered During Lockdown
  • 30 mins Which producers will shut in first?
  • 13 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 5 hours How to Create a Pandemic
  • 5 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 23 hours WE have a suicidal player in the energy industry
  • 11 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 14 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Where's the storage?
  • 9 hours KSA taking Missiles from ?
Alt Text

Oil Markets Are On The Brink Of Armageddon

The coronavirus severely affected the…

Alt Text

The Worst Is Still To Come For Oil Markets

There isn’t any incentive to…

Rystad Energy

Rystad Energy

Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy consulting and research products. Rystad Energy’s…

More Info

Premium Content

Renewables Investment To Overtake Oil & Gas In Asia

Renewable energy investment in Asia excluding China will overtake spending on upstream oil and gas projects in the region as soon as next year, according to Rystad Energy.

Total capital expenditure (capex) in renewables will overtake exploration and production (E&P) spending in 2020, with contributions from Australia and other Asian countries such as Vietnam, Taiwan and South Korea, Rystad Energy’s latest bottom-up analysis of investments shows.

“These countries each have strong pipelines for renewable energy developments of all types, including offshore wind,” says Gero Farruggio, Head of Renewables at Rystad Energy. “And, importantly, most have large targets outlining the inclusion of renewable power sources within their respective energy mixes, with corresponding support policies.”

As oil and gas professionals descend on Brisbane for the annual APPEA conference, renewable energy continues to rise up the agenda. In his presentation, Farruggio outlines the drivers for this and what we can expect within renewables from upstream players going forward.

In Australia, the renewable energy project pipeline is now over double the national electricity market. Only 1% of the country’s solar, wind and utility storage projects is currently owned by oil majors. Rystad expects this to change.

“By 2020 it is feasible that the majors will be the dominant renewable developers in Australia as they pursue ‘oil and gas’ scale opportunities. Commercial drivers are increasing the desire to ride the ‘solar-coaster’,” Farruggio remarked.

“Upstream companies will lead the charge, building sizeable utility storage, solar and – ultimately – offshore wind portfolios. Solar panels, lithium ion batteries and turbines will soon be conventional segments of Australia’s oil?eld services,” Farruggio added. Related: Trinidad And Tobago Doubles Down On Gas Production

Rystad Energy expects renewables in Australia will continue the strong growth seen in 2018 through 2020, although the country still faces the local challenge of transmission losses, which impacts revenues and creates policy uncertainty. However, investor confidence is high in Australia, and the country currently has a development pipeline of over 105 GW of solar, wind and storage projects, as well as a fleet of ageing coal-fired power stations which will require replacement.

The growth in India’s renewables presents significant scale and one to watch.

“It is no surprise that Petronas and Shell have recently made moves in the Indian commercial and industrial (C&I) renewables space,” Farruggio said.

By Rystad Energy

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News