• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
5 Picks For A Booming Tech Market

5 Picks For A Booming Tech Market

Technological breakthroughs like artificial intelligence…

Global Energy Advisory Friday 20th October, 2017

Global Energy Advisory Friday 20th October, 2017

As tensions surrounding Kurdistan rise,…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Colonizing Space: the Next Step in the Evolution of Energy Development

Colonizing Space: the Next Step in the Evolution of Energy Development

The age of taking trips to the Moon is over; the next step will be to construct permanent human settlements in space. This path will be driven by the need to mine mineral and energy resources that become increasingly rarer on Earth.

Permanent, off-world bases will be vital for providing the fuel necessary for long distance space missions, and interplanetary travel, as well as for sending any mined minerals back to Earth. The importance of off-world bases has attracted a number of entrepreneurs and private entities that work, both independently, and with NASA, to develop the technology necessary.

Shortages of key inorganic elements such as: rare earth elements, vital for nearly all electronic technology and renewable energy systems; platinum and other similar precious metals; and helium, needed for medical equipment, may one day lead to a demand that the Earth on its own cannot meet. At the point extracting minerals from outer space and returning them to Earth will be the only option for continued growth.

Related article: The Desalination Energy Dilemma

The extraction and production of hydrogen, helium, and any hydrocarbons or other volatiles in space will be important for the expansion of human exploration and habitation. Energy dense fuels will be vital to power off-world transport, accommodation, and manufacturing facilities.

One of the first steps that might be taken is the mining of near earth asteroids. Class M asteroids are fairly common and are formed from the chunks of old planetary cores. They tend to be composed of iron, mixed with large amounts of other ores, such as nickel, cobalt, platinum, etc. The asteroid 2554 Amun-NEA is about 1.3 miles in diameter and has a mass of roughly 30 billion tonnes. With an estimated concentration of roughly 20 ounces per tonne of nickel, the asteroid contains 17 million tonnes of nickel alone, worth $600 billion. Add the worth of all the other elements and metals that can be extracted from it and that value will increase.

As minerals become scarcer here on Earth and their prices begin to rise, mining asteroids will become economically viable.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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