Nineteen Countries Pledges to Form Africa Clean Energy Corridor
Nineteen countries vowed to form an Africa Clean Energy Corridor to exploit the regions enormous renewable potential. The corridor is expected to help meet Africa’s rising energy demand from renewable sources such as geothermal, hydro, biomass, wind and solar. Energy demand is seen to triple or even quadruple in Africa over the next 25 years, and the corridor is seen to provide the continent the opportunity to leapfrog into a sustainable energy future.
South Korea Approves First New Nuclear Reactors Since Fukushima
South Korea approved the construction of two new nuclear reactors- the nation’s first since the disaster in Fukushima, Japan. Development of the Shin-Kori No.5 and No.6 reactors will begin in September and is seen to be completed by December 2020. The construction of the two projects is estimated to be worth $7.1 million. South Korea currently has 23 reactors and has plans to build another 11 by 2027 because of surging demand. Similar to Japan, South Korea built nuclear plants to spur economic growth and reduce reliance on imported coal and oil.
Shell Sells Brazil Oilfield Stake to Quatar for $1 Billion
Shell agreed to sell a 23 percent stake in Brazil’s Parque das Conchas oilfield to Quatar’s Petroleum International Ltd. for about $1 billion. Shell will keep a 50 percent stake and will continue to operate the oil field. This is the second asset sale announce by Shell CEO Ben van Beurden. Last week, his company agreed to let go of the Wheatstone liquefied natural gas project in Australia by selling its interests for $1.14 billion to Kuwait Foreign Exploration Petroleum Co. The company is looking to sell about $15 billion in assets to meet the $130 billion net capital-expenditure target for 2012-2015.
New York Decision on Hydraulic Fracturing Regulations Deferred
Joe Martens, New York’s environmental commissioner, announced that he will not issue regulations to allow fracking for natural gas until at least April of 2015, signaling that Governor Andrew Cuomo is likely to make a decision on the matter until after he faces re-election. Martens says that Coumo’s proposed $137 billion budget does not have any funding oversight for high-volume fracking. New York banned fracking in 2008 and Coumo inherited the moratorium and kept it in place while the state reviews fracking’s effect on the environment. It has been said that parts of New York sit atop the Marcellus shale, a rock formation that may hold enough natural gas to meet U.S. consumption for six years.