Fossil Fuels, Renewables Can Co-Exist, Help Each Other

Fossil fuel-based and renewable energy sources can co-exist and even help each other, according an industry professional speaking at central London energy conference attended by Rigzone.

In the presentation, the energy sector representative – who was speaking under Chatham House Rules – stated that the two fields are currently kept well apart, but suggested that collaboration among certain renewable and conventional sources could only help the energy sector. The source did concede, however, that it could be a long time before the energy industry might see such collaboration, due to financial and legislative restraints.

“It is regrettable in our policy and operational landscape that we silo renewables from fossil fuels. It’s as if they’re not allowed to mix,” said the industry source. “Looking at renewables, particularly offshore wind in conjunction with gas, to provide both a resilient and ‘dispatchable’ source of energy is very viable but we’re not allowed to do that right now. It’s too difficult. The financial and legislative frameworks are just too difficult for that level of collaboration. It has needed collaboration, because if they work together symbiotically, I think we could tap into the necessary R&D funding to bring offshore wind further down,” the source continued.

New wind turbines and solar panels worldwide will provide more energy over the next five years than U.S. shale-oil production has over the past five, according to Goldman Sachs Group Inc. A research report released Monday Nov. 30 claims that renewable energy technologies will add the equivalent of 6.2 million barrels of oil a day to the global energy mix, exceeding the 5.7 million barrels a day pumped from U.S. shale oil wells since 2010.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  All Six People Aboard Fatal Angolan He... (Sep 28)
 -  Brent to Stay Below $50 in 2016 (Sep 28)
 -  More Than 350 Oil Service Workers Laid... (Sep 28)
 -  UKCS In Urgent Need of Fresh Investmen... (Sep 27)
 -  Condor Commences Commercial Oil Produc... (Sep 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Analyst II
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Rescue Technician - High Angle - Confined Space
Expertise: Emergency Response|Environmental, Safety & Training|Safety Officer
Location: Baytown, TX
 
Health & Safety ( H&S ) Manager
Expertise: HSE Manager / Advisor
Location: Baton Rouge, LA
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours