October 19, 2017
Sochi, 18 October. – Russian Minister of Energy Alexander Novak held a meeting with young people from around the world as part of the World Festival of Youth and Students and shared his vision of the energy industry of the future.
Novak noted that the development of global economies will be accompanied by growth in energy consumption. “Taking into account new technologies, it will be possible to spend less energy on new processes, and the growth rates of energy consumption will be lower than economic growth rates. According to forecasts, the global economy will double by 2040, while energy consumption will increase by only 30%. At the same time, the share of electricity consumption will increase, which will account for most of the energy balance”, Novak said.
He said hydrocarbons will continue to be the main source of energy for several decades: either hydrocarbons or new technologies such as renewable energy sources are needed to generate energy. “Today oil, gas, and coal make up 87% of the energy balance, and in the next two decades their total share will decrease by 10–15%”, Novak said.
The minister said the theory of “pick oil” is no longer relevant. “The development of modern technologies has made it possible to extract new layers of oil that had previously been considered unprofitable – oil is virtually being found in stone. So today people are already talking about the peak of consumption instead of the peak of production. All experts agree that the physical consumption of oil and gas will increase. At the same time, the share of renewable energy sources will increase in the energy balance from 15% to 23%, while electricity generation will grow from 7% to 20% by 2040”, Novak said.
Novak cited digitalization, artificial intelligence, and breakthroughs in energy storage as technologies that could completely transform the energy sector. “In order to more actively introduce solar- and wind-based energy sources, we need technologies for the accumulation and rapid release of energy. Many countries are working on this, and such technologies can completely transform the energy sector. On the other hand, science is working on transmitting large amounts of energy over long distances, and the wireless transmission of energy is also gradually being introduced. We shouldn’t forget that new sources of energy may emerge, for example from hydrogen, which is unlimited. There are large reserves of gas hydrates in the sea at great depths. If cheap technologies are found to develop such deposits, raw hydrocarbon materials will become very affordable and cheap”, Novak said.
In conclusion, Novak noted that Russia is currently one of the leading energy powers and ranks first in oil production and the second in gas production around the world.
Link to source: https://minenergo.gov.ru/node/9579
Alexander Novak talks about energy of the future at the World Festival of Youth and Students
Novak noted that the development of global economies will be accompanied by growth in energy consumption. “Taking into account new technologies, it will be possible to spend less energy on new processes, and the growth rates of energy consumption will be lower than economic growth rates. According to forecasts, the global economy will double by 2040, while energy consumption will increase by only 30%. At the same time, the share of electricity consumption will increase, which will account for most of the energy balance”, Novak said.
He said hydrocarbons will continue to be the main source of energy for several decades: either hydrocarbons or new technologies such as renewable energy sources are needed to generate energy. “Today oil, gas, and coal make up 87% of the energy balance, and in the next two decades their total share will decrease by 10–15%”, Novak said.
The minister said the theory of “pick oil” is no longer relevant. “The development of modern technologies has made it possible to extract new layers of oil that had previously been considered unprofitable – oil is virtually being found in stone. So today people are already talking about the peak of consumption instead of the peak of production. All experts agree that the physical consumption of oil and gas will increase. At the same time, the share of renewable energy sources will increase in the energy balance from 15% to 23%, while electricity generation will grow from 7% to 20% by 2040”, Novak said.
Novak cited digitalization, artificial intelligence, and breakthroughs in energy storage as technologies that could completely transform the energy sector. “In order to more actively introduce solar- and wind-based energy sources, we need technologies for the accumulation and rapid release of energy. Many countries are working on this, and such technologies can completely transform the energy sector. On the other hand, science is working on transmitting large amounts of energy over long distances, and the wireless transmission of energy is also gradually being introduced. We shouldn’t forget that new sources of energy may emerge, for example from hydrogen, which is unlimited. There are large reserves of gas hydrates in the sea at great depths. If cheap technologies are found to develop such deposits, raw hydrocarbon materials will become very affordable and cheap”, Novak said.
In conclusion, Novak noted that Russia is currently one of the leading energy powers and ranks first in oil production and the second in gas production around the world.
Link to source: https://minenergo.gov.ru/node/9579
