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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.
GE and OJSC Rosneft signed a memorandum of understanding (MOU) that lays the foundation for the two companies jointly to evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation. In addition, the Company participates in several exploration projects in Kazakhstan and Algeria.
Maersk Oil and other partners declared the Azul-1 deepwater exploration well, located in Block 23 in the Kwanza Basin, a discovery well. The condition of the well prevented an assessment of flow capacity by a conventional test; this was performed as a mini-Drill Stem Test that enabled the recovery of two good quality oil samples.
After growing by more than 2% in 2019, global gas use is set to fall by around 4% in 2020, as the COVID-19 pandemic reduces energy consumption across the global economies. The report shows that medium-term growth will come from increasing cost-competitiveness and increased global access to gas. Low-carbon gas.
Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF). Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference.
A lifecycle study by consultancy thinkstep, commissioned by SEALNG and SGMF, has found that greenhouse gas (GHG) reductions of up to 21% are achievable now from LNG as a marine fuel, compared with current oil-based marine fuels, over the entire life-cycle from Well-to-Wake (WtW).
Nigeria or Algeria cannot do the same for their oil industry. Petro-states are compensated to transition smoothly to a sustainable economy, avoiding a last-ditch attempt to flood the world with cheap oil and gas. Some national oil companies go bankrupt and others consolidate into a handful of global energy giants.
With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.”
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
Total signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.49 Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years. —Patrick Pouyanné, Chairman & CEO of Total.
Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. percent of GDP in 2014.
Over the past few years I’ve published assessments of the hydrogen strategies of multiple jurisdictions, including the United States, Australia, Japan, Morocco, Algeria, Egypt, the EU, and the Canadian province of Ontario, among others. News of the German chancellor coming, cap in hand, begging for liquid natural gas and hydrogen.
Six Member States depend on a single supplier for their entire gas imports and therefore remain too vulnerable to supply shocks. It has also been estimated that every additional 1% increase in energy savings cuts gas imports by 2.6%. 94% percent of transport relies on oil products, of which 90% is imported.
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