Archive for Eni
www.nytimes.com 10th April 2011
The global recession has had many an unintended consequence in our society. One way European governments are tightening their belts is by reducing subsidies on new technologies such as renewable energy, thereby making it more expensive for citizens to use. Coupled with the current negative attitude towards nuclear power following the awful Japanese tsunami of March last year, there is suddenly a gap in the energy market. And it seems we are falling back on fossil fuels as a result. Countries all over sub-Saharan Africa are experiencing billions of dollars of investment as energy giants look for the next lucrative oil or gas field to exploit. Mozambique, for example, has seen interest from the American company Exxon-Mobil, the British BG Group, and the Italian Eni. Potentially, the eastern African country has more gas reserves than the largest producer in Europe: Norway. Much of these resources will be diverted towards the energy hungry East, where China’s demand is forever increasing. The scramble for new resources good have benefits on a national scale. Energy companies are diversifying their sources for fossil fuels, and the introduction of the contentious ‘fracking’ of shale gas could allow countries like Poland escape their reliance on Russia for gas. However, environmentally, this renewed boom of fossil fuel exploration can only have a detrimental effect.