Thank you for your interest. While early in the process, the TotalEnergies and Galp discoveries in Namibia are very impressive resources and unlikely to be impacted by clean tech because their strong economic return potential. Global oil production faces 4-5% decline rates annually so new barrels are needed even when demand is flat. I su…
Thank you for your interest. While early in the process, the TotalEnergies and Galp discoveries in Namibia are very impressive resources and unlikely to be impacted by clean tech because their strong economic return potential. Global oil production faces 4-5% decline rates annually so new barrels are needed even when demand is flat. I suspect faster EV adoption in China weighed on oil prices in 2024 but I believe these projects are developed if crude oil is not much lower than $60/bbl. I do think the world needs these barrels long-term.
Both of these companies are conscious of carbon intensity of barrels produced -- last year Total sold its oil sands assets partly due to carbon emissions. Galp has previously stated future earnings from Namibia will be used in part to fund its long-term decarbonization efforts. I can't speak to specifics on batteries and power grids -- you sound more knowledgeable than me on that topic.
Thank you for your interest. While early in the process, the TotalEnergies and Galp discoveries in Namibia are very impressive resources and unlikely to be impacted by clean tech because their strong economic return potential. Global oil production faces 4-5% decline rates annually so new barrels are needed even when demand is flat. I suspect faster EV adoption in China weighed on oil prices in 2024 but I believe these projects are developed if crude oil is not much lower than $60/bbl. I do think the world needs these barrels long-term.
Both of these companies are conscious of carbon intensity of barrels produced -- last year Total sold its oil sands assets partly due to carbon emissions. Galp has previously stated future earnings from Namibia will be used in part to fund its long-term decarbonization efforts. I can't speak to specifics on batteries and power grids -- you sound more knowledgeable than me on that topic.