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News Article | April 18, 2017
Site: www.prnewswire.com

The event, titled "Preparing for the Future of Energy – Thriving in Complex and Uncertain Times," heard that historic questions of global hydrocarbon supply were no longer an issue due to the explosive growth of the U.S. shale sector. This has impacted on the rest of the world and globalized American business through a revamped export policy. It could also play a positive role in future U.S. detente. In his keynote address to a record event audience of more than 200 oil and gas industry professionals, Kenneth Hersh, CEO of the George W. Bush Presidential Center and co-founder and advisory partner of NGP Energy Capital Management, said: "This wonderful industry is at the epicenter of change. It is a change that has been dramatic and it is not going back to the way it was. It has increased opportunity, economic activity and has democratized what was a world of scarcity into a world of abundance." Mr. Hersh said the new look oil and gas industry operating in an era of supply abundance had to face the same pressures as any other commodity. "We grew up with axioms around scarcity but now we have entered a different realm. The North American unconventional game has changed the industry and has had knock on effects around the world," he said. "It is no longer about finding hydrocarbons. It's about whom we are competing against, what does our customer want, what does our distribution channel look like, what is our price point. Who are the winners? The consumers. The losers will be the high-cost producers and people playing the old game." Referencing political instability in the Middle East and Russia's growing influence, Mr. Hersh added supply abundance at home, which released the U.S. from reliance on imports, may impact on future foreign policy decisions. The Energy Symposium featured two panel sessions: 'Forces Shaping the Future of Energy – Global and U.S. Big Picture' and 'Challenges and Opportunities in the U.S.' Energy Institute board of advisors members Mike Stice and Bruce Stover moderated both panel sessions. The sessions focused on the impact of technology and innovation in areas such as global supply and demand, issues related to induced seismicity, the treatment and disposal of water and the impact of carbon emissions on global warming. Attendees heard that while the U.S. onshore shale industry has seen a rapid return to growth, technological developments and innovative risk-reducing business models in the offshore sector, had lowered operating costs and would enable it to follow suit in the next two years. Natural gas was forecast as one of the largest areas for growth, while the export of U.S. Liquefied Natural Gas (LNG), particularly to Asia, could create benefits from a geopolitical perspective. In welcoming delegates to the Energy Symposium, Daniel W. Pullin, dean, Price College of Business, called on U.S. energy leaders to "thrive not just survive" in the low price environment. "Energy in all its forms drives humanity forward," he said. Dr. Dipankar Ghosh, executive director of the Price College of Business Energy Institute, said: "The international energy industry faces many challenges today, but it was clear from the high quality debate at the Energy Symposium that very real opportunities for growth exist. "It was encouraging to hear the positivity and enthusiasm expressed by delegates and the many examples of how the energy industry is embracing the changes required today to meet the demands of tomorrow." To view the video shared at the Energy Symposium, please visit http://www.realenergyleaders.com/blog/a-portrait-of-a-real-energy-leader. Guest speakers at the Energy Symposium were: About the Price College of Business Energy Institute: The Price College of Business at the University of Oklahoma has become Oklahoma's leading graduate business program. For more than 50 years, education and research in energy management have been central to the college's purpose. In 2011, the Price College of Business added to its leading position in energy by forming the Energy Institute: a platform for thought leadership and intellectual exchange. Tightly coupled with its education in energy programs, the Energy Institute's research informs policy and business strategy, while its outreach programs foster meaningful dialogue amongst energy professionals worldwide. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-energy-industry-is-changing-the-world-300440534.html

Sovacool B.K.,Vermont Law School | Valentine S.V.,University of Tokyo | Jain Bambawale M.,Vermont Law School | Jain Bambawale M.,National University of Singapore | And 7 more authors.
Environmental Science and Policy | Year: 2012

This study investigates how energy users from government, industry, civil society, and academia perceive of energy security challenges. It also analyzes how demographic characteristics influence such perceptions, and how geography, economic structure, modes of domestic energy production, and culture shape energy security priorities. Its primary source of data is a four-part survey distributed in seven languages (English, Mandarin, Portuguese, Russian, Arabic, German, and Japanese) to 2167 respondents in Brazil, China, Germany, India, Kazakhstan, Japan, Papua New Guinea, Saudi Arabia, Singapore, and the United States. These countries were selected because they represent a mix of urban and rural populations, developed and developing economies, import- and export-oriented energy trading flows, communist and capitalist societies, liberalized and state-owned energy markets, and small and large geographic sizes. The survey results are used to test four propositions about energy security related to the education, age, occupation, and gender of respondents, as well five propositions about national energy priorities and the interconnected attributes of security of supply, energy efficiency, energy research and development, energy trade, diversification and decentralization, affordability, environmental quality, climate change, and energy governance. © 2011 Elsevier Ltd.

News Article | February 15, 2017
Site: www.marketwired.com

HOUSTON, TX--(Marketwired - February 14, 2017) - Grit Oil & Gas Partners, LLC ("Grit" or the "Company") today announced the closing of an equity commitment from Carnelian Energy Capital Management, L.P. ("Carnelian") through Carnelian's fund, Carnelian Energy Capital, L.P. Grit, an independent oil and natural gas company headquartered in Houston, was formed to pursue an acquisition and exploitation strategy in select onshore basins in North America, with an initial emphasis on the Ark-La-Tex region. The founders of the Company, Larry Forney, Greg Robbins, Anthony Sayre and Dennis Venghaus, most recently worked together as Chief Operating Officer, Senior Vice President of Corporate Development, Vice President of Operations and Chief Accounting Officer, respectively, at Memorial Resource Development Corp. ("Memorial"), where they helped oversee Memorial's significant growth from IPO through its sale to Range Resources Corp. in September 2016. Larry Forney, Chief Executive Officer of Grit, commented, "We have assembled a team with a proven track record of creating value through focused drilling, completion and operational efficiencies, and we are excited about the opportunities we see to put our collective skillset to work in today's market." Greg Robbins, President of Grit, added, "It was important to us to partner with a group we have had a long relationship with. We see Carnelian as a truly additive partner who has the experience and focus to help us succeed." Carnelian Partner Tomas Ackerman noted: "We are truly grateful to partner with such a highly-talented team. Their broad experience across multiple basins and asset types provides a unique competitive advantage in this environment." Grit is an independent oil and natural gas company based in Houston. Grit focuses on acquisition and exploitation opportunities in select onshore basins in North America, with an initial emphasis on the Ark-La-Tex region. For more information, please contact Grit at grobbins@gritog.com or visit www.gritog.com. Carnelian is a private equity firm based in Houston. Carnelian focuses on lower and middle market equity investments in the North American upstream, midstream and oilfield services sectors. For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.

Alhajji A.F.,Energy Capital Management
Oil and Gas Journal | Year: 2011

The article incorporates Iraq's experience in oil production capacity building since 2003 and adds Nigeria. Factors that determine the amount and the speed of Libyan production increases include the degree of destruction of oil facilities and pipelines, the degree of exodus of critical specialized personnel and the conditions of their return or replacements, the degree of decisiveness or level of priority given by the transitional government. The financial crisis, the massive losses of certain ventures with global investment banks, and the uncertainty regarding the ability to reclaim all foreign assets make the amount of capital available significantly smaller than expected. Economic sanctions on Iran have contributed to the slow growth in production capacity during this period. It is worth noting that Iran's production capacity has not recovered to the pre-revolution level of 6 million b/d, mostly because of the belief that the old production level of 6 million b/d was not sustainable.

Alhaiji A.,Energy Capital Management
World Oil | Year: 2013

The hard-to-define conflict in Syria has created a nightmare in the nation's oil fields, especially near the city of Deir alzor in the northeastern part of the country. The conflict has created an opportunity for smugglers to ship badly needed, heavily subsidized petroleum products to neighboring countries; where prices of these products are at least six times higher. The loss of Syrian crude has affected global markets. Some European countries have lost their portions of valuable, 75,000-bpd light crude imports from Syria, due primarily to sanctions that ban the import of Syrian oil. While Syria may be a small oil producer, claiming 2.5 billion bbl of oil reserves and a pre-revolution production of about 330,000 bpd, oil export revenues did generate about 25% of the government's revenues in 2010. Syria's energy usage could potentially explode, once the war is over. The increase in energy consumption would result in higher imports of oil and natural gas.

Alhajji A.F.,Energy Capital Management
World Oil | Year: 2010

While opportunities to develop the oil sector in Iraq are unmatched by those in any other country; many daunting challenges stand in the way. Opportunities include large and easily accessible oil reserves, the use of new technology in fields that have not seen state-of-the-art production methods since the 1980s, and the presence of a skilled national labor force with exceptional experience in the oil sector. However, challenges abound. These include continued political instability and violence, some aging and damaged oil fields, old technology and difficulties in transferring technology, and lack of basic infrastructure. A discussion on Iraq's oil industry covers resource nationalism; brain drain as one of the most serious problems; conflicting interests with OPEC and its members; production capacity expansion; and base-case scenario, e.g., Iraq's oil production capacity would reach 4.9 million bpd.

News Article | December 14, 2009
Site: gigaom.com

UPDATED High-profile cleantech investor Vinod Khosla has made his first publicly announced bet in the wind industry, backing Danotek Motion Technologies, a designer and manufacturer of advanced electrical generators for wind turbines. Khosla’s venture firm Khosla Ventures led the $13.2 million round of funding for the Canton, Mich.-based startup, and according to the release, this marks the first investment for Khosla Ventures’ new “late-stage Venture Expansion Fund.” CMEA Capital, Energy Capital Management and GE Energy Financial Services, the investment arm of General Electric also joined the round, which Danotek said will help it expand R&D, increase its staff and ramp up production of its generators. Scott Mabie, Danotek’s director of business development, told us the firm plans to produce about 1,000 generators next year and reach 4,000 units annually within three years. Khosla, one of the most aggressive clean tech venture investors, has put money in at least 70 cleantech startups spanning a wide array of sectors including solar, water, batteries, engine efficiency, building materials and alternative fuels. But until now, he had not disclosed a direct position in the wind industry. (Update: A Khosla Ventures spokesperson has confirmed that the firm’s portfolio does not include any undisclosed investments in the wind sector, and this is in fact Khosla’s first wind play.) Earlier this year, reports emerged that Khosla was raising $1 billion for two new funds that would largely invest in clean technology startups. Of the total, about $250 million was for a fund focused on early stage investing and the remainder — about $750 million — was to invest in later-stage ventures. Few details so far have emerged about these funds, and it appears the Venture Expansion Fund cited in the release is the later-stage fund from earlier reports. The Khosla spokesperson we spoke with said she could not confirm this point. Danotek develops what are known as “permanent magnetic generators,” which use high-powered magnets to convert the mechanical energy from spinning wind blades into electric power. This type of generator is not new and has been used in small applications, like home appliances, but only recently have engineers started looking to use it in large-scale power generation, Mabie said. Danotek has added special cooling technology and other design features that the firm said have increased the generator’s efficiency at high and low wind speeds. The startup estimates its technology will enable wind turbines to harvest an average of 15 percent more energy than turbines currently on the market, providing about “$1 million in additional revenue over the life of the turbine,” according to a release. Danotek also said its generators are more reliable and less costly to maintain than conventional induction generators because they contain fewer “wear-and-tear” parts. With this latest investment, Danotek has raised a total of $21 million in venture financing. It’s the second time GE Energy has invested in the firm, a notable vote of confidence from one of the world’s leading wind turbine manufacturers. In November last year, GE Energy, Statoil and CMEA invested $7.25 million in Danotek’s first round of funding.

News Article | June 23, 2011
Site: www.xconomy.com

Danotek Motion Technologies is finalizing a deal to secure $20 million in new financing, company officials told Xconomy. The startup, based in Canton Township, MI, will use the money to scale up production of its permanent magnet generators for wind turbines. The company’s existing investors, which include Khosla Ventures, CMEA Capital, GE Energy Financial Services, and Energy Capital Management, are all participating in the Series B round though Danotek may add a new investor, chief financial officer Frank Alex says. Founded in 2001 by three former General Electric engineers, Danotek in recent years has made a big push into wind power. The startup claims its technology, which generates electricity from a constant magnetic field, can help manufacturers design efficient, lightweight, and less expensive wind turbines. Danotek used much of the $16.25 million it raised in its Series A round to move from Ann Arbor to Canton Township, where it built its headquarters and production facility. As of the first quarter of this year, the company has about a $50 million backlog in orders, says CEO Don Naab. The company’s customers include major turbine makers like General Electric, Clipper, DeWind (a unit of Daewoo), and WinWinD in Finland. Naab expects the facility to hit full production in 2012.

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