“Coal offers enormous value in the energy market, even when considering environmental concerns. Countries, such as China, already have several ongoing projects to replace gas with coal, using a variety of applications to reduce the output of CO2 in the processes”, Moore said.
Michael Moore is the VP of Energy Commodities and Advisory Services for FearnOil Inc., a Houston based division of the Norwegian firm Astrup Fearnley based in Oslo. He has more than 30 years of experience working with the energy and environment oil, gas, coal, power, CO2 and carbon capture, and has also been the Executive Director of The North American Carbon Capture Storage Association in Washington, DC since 2008.
Mr. Moore was appointed Officer of the Royal Norwegian Order of Merit in August 2015. He received the order for his long-term efforts to promote industry and trade relations between Norway and the United States. The insignia of the Order was presented to him at the Lunch’n learn on December 16.
With oil prices being record low, and just after the COP 21 Climate meeting in Paris earlier in December, the timing of Mr. Moore’s presentation could not have been better. In reflecting on the Paris meeting, Mike Moore said that although decisions made by Governments on a political level are important driving forces to achieve results on meeting with energy demand, whilst maintaining the efforts to achieve environmental objectives globally, it all comes down to what is commercially viable.
When asked about the duration of the current downturn in the oil market, Moore said: “The bottom of this downturn may be a bit longer than we thought, but in predicting how long it will take before the market picks up, my ‘crystal ball’ may be as cloudy anyone else’s”.
In addition, just hours before the US House and Senate Appropriations committees announced a fiscal 2016 Omnibus Appropriations bill fiscal 2016 that included language to repeal the 40-year-old ban on exports of US-produced crude oil, Mr. Moore predicted that this might happen. “The current market situation may prompt a lift of the export bans on US crude oil. Although there may not currently be a lot of oil that could be exported coming straight from the pump, The U.S. has inventories of about 120 million barrels of oil over and above in storage that are over the five year high that potentially could be exported now”, Moore said.
The White House has said it opposes ending the crude export ban, so the last word has yet to be said in that matter.