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IPS Bulletin

ENERGY DIVERSITY

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  • About the Bulletin
  • Energy diversity
  • Petroleum Updates

About the Bulletin
This bulletin is written by students of the Centre for Oil and Gas Technology at IPS.
The content and views expressed in this document reflect only the opinion of the authors and not of the School.

ENERGY DIVERSITY
Access to energy has recently taken a prominent place in the global development agenda. It has been placed in a clear position among the Sustainable Development Goals (SDG -7) of the agenda 2030, which is; “to ensure access to affordable, reliable, sustainable, modern energy for all by 2030”.

Energy diversification is simply employing a combination of various types of energy resources to reduce dependence on a single or few. With the current strides in process evaluation, transition to more environmentally friendly processes (i.e., reducing CO2 emissions), climate/energy policies and increased inclusion of renewable energy, a diverse mix of energy resources is a viable way to achieve sustainable energy stability.

Diversification is deemed necessary as no single energy resource can sustainably meet the energy demands of a nation in the face of population growth and the need for Socioeconomic development.

Finally, diversification may not sufficiently protect importing countries from market risks such as supply interruptions posed by geopolitical events or natural disasters but, it allows for a society to absorb shocks in its energy input.

The most common energy resources such as; crude oil, natural gas, coal, and nuclear energy, to mention a few, make up a diverse energy mix as shown below;

Source: U.S. Government’s Energy Information
Administration (2011)

 

 Petroleum Updates   

Crude oil spot prices rise:

 

WTI - $76.71

Brent - $79.80

UK Nat Gas - $3.776

Bonny Light - $79.63

Energy prices rose 59% in 2021
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