Sea Technology

FEB 2017

The industry's recognized authority for design, engineering and application of equipment and services in the global ocean community

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www.sea-technology.com February 2017 / st 57 subjects each year. Another important enterprise SPE has supported over the years is Inside Industry, the only tool of its kind focused on providing industry- driven career information and advice. The career guidance website, which is targeted specifically toward the energy industry, has been rolled out across 300 schools in Scotland. Since 2011, SPE Aberdeen has in- vested almost £80,000 in scholarships to support students studying oil and gas-related qualifications in order to relieve the financial stresses faced by students and allow them to focus on their studies. Maritime Credit Fund Exceeds Initial Target Northern Fund Management Amer- ica LLC, an alternative capital provider to the shipping and offshore oil service sectors, has completed a final closing for Northern Shipping Fund III LP, with total investor commitments of $505 million. The fund is one of the largest funds dedicated to maritime credit. The maritime credit fund, managed by Northern Shipping, exceeded its initial target of $400 million. Led by Sean Durkin and Sybren Hoekstra, the fund will continue the firm's strategy of directly originating, structuring and maintaining a diversified portfolio of investments within the maritime sector. "We believe that a favorable invest- ment climate exists for our alternative credit strategy as the maritime sector continues to suffer from the retrench- ment of traditional lending from Euro- pean banks," said Hoekstra. EIA Projects Energy Outlook Through 2050 "Annual Energy Outlook 2017" (AEO2017), released by the U.S. En- ergy Information Administration (EIA) at www.eia.gov/outlooks/aeo, presents updated projections for U.S. energy markets through 2050. The U.S. be- comes a net energy exporter in most AEO2017 cases as petroleum liquid imports fall and natural gas exports rise. Exports are highest, and grow through- out the projection period, in the High Oil and Gas Resource and Technology case, as favorable geology and techno- logical developments combine to pro- duce oil and gas at lower prices. The High Oil Price case provides favorable economic conditions for producers while restraining domestic consumption, enabling the most rapid transition to net exporter status. In all cases but the High Oil and Gas Resource Technology case, which assumes substantial improvements in production technology and more favor- able resource availability, U.S. produc- tion declines in the 2030s, which slows or reverses projected growth in net en- ergy exports. EIA's projections show how advanc- es in technology are driving oil and natural gas production, renewables penetration and demand-side efficien- cies and reshaping the energy future. Energy consumption is consistent across all AEO cases, bounded by the High and Low Economic Growth cas- es. In all AEO cases, the electric power sector remains the largest consumer of primary energy. Unlike energy con- sumption, projections of energy pro- duction vary widely. Production growth is dependent on technology, resource and market conditions. Total energy production increases by more than 20 percent in the Reference case, from 2016 through 2040, led by increases in crude oil and natural gas production. Energy-related carbon dioxide emis- sions decline in most AEO cases. ST

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