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There were 19 oil rigs that were removed from operation as of Oct. There are now 1,590 active oil rigs, the lowest level in six weeks. We could easily see the oil rig count down 100 by the end of the year, or more.” But that also reflects the high costs of starting up a nascent shale region.
Two diametrically opposed views dominate the current debate about where the oilprice is heading. The second is that under the best of circumstances it will take the EV industry close to another decade to close this cost of ownership gap. by Andreas de Vries and Dr. Salman Ghouri for Oilprice.com. Since (non-U.S. Since (non-U.S.
Two professors from MIT and UC Davis have released a paper challenging the recent claims by the Renewable Fuel Association (RFA) and US Secretary of Agriculture Vilsack that ethanol production decreased gasoline prices by $0.89 t margin for oil refiners. in 2010 and 2011, respectively. —Chris Knittel.
With OPEC breaking down and any kind of coordination among its members on price cuts looking increasingly unlikely, it now appears that oilprices could remain below $50 a barrel for a year or more. percent of the US oil output, so they are a non-trivial source of US production. by Michael McDonald of Oilprice.com.
Upstream spending is back to pre-2008 levels as producers, excluding NOCs (national oil companies) and OPEC organizations, are expected to spend close to $270 billion in 2013. Unconventional oil will be a key area of focus for producers.
Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oilprices, the key question for US oil producers remains one of timing. How long will the oilprice slump last? After the oilprice crash in 1985, it took almost twenty years for prices to revert to previous levels.
World ethanol and biodiesel production, 1975-2010. Global production of biofuels increased 17% in 2010 to reach an all-time high of 105 billion liters (28 billion gallons US), up from 90 billion liters (24 billion gallons US) in 2009. Source: Worldwatch Institute. Click to enlarge. Biofuels provided 2.7% —Sam Shrank.
The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oilprices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion.
Responding to press articles saying that the collapse of the global oilprice is threatening oil and gas production in the off-shore Brazil pre-salt layer, Petrobras countered that it is expanding its production capacity “in an economically viable manner.”
Despite efforts to continue stimulating the US economy in the wake of the pandemic, high inflation put a damper on economic growth, which was exacerbated by a spike in oilprices as a result of Russia’s invasion of Ukraine. Consequently, the US economy grew 1.9% in 2022, down from a 5.7% GDP increase in 2021. and 1.5%, respectively.
US shale production—the chief source of rapid growth that made the United States the world’s largest oil producer—is slowing down fast, says a new report by IHS Markit. The combination of closed capital markets and weak prices are pulling cash out of the system. —Raoul LeBlanc. —Raoul LeBlanc.
The price disparity between crude oil and other resources, coupled with the emergence of cheap and abundant shale gas, especially in the United States, is opening up opportunities to produce cheaper gasoline, according to a new report from Lux Research. times the current production. Waste biomass is a ubiquitous alternative.
On September 10 th , the EIA reported a production decline in the Lower 48—essentially shale production—of 208,000 BOPD (barrels of oil per day). It took a full 6 to 7 months for the falling rig count to cast a shadow over production declines. A few weeks ago he stated that Saudi production could go no higher.
Comparison of coal consumption and CO 2 emissions for co-production and separate production of liquids and power. The main reason for the better performance and economics of the dry-feed [Shell] system is the larger fraction of CO and H 2 , the main reactants in a FT reaction, in the gasifier products compared to the GE system.
Some level of DUCs is normal, but the ballooning number of uncompleted wells has repeatedly fueled speculation that a sudden rush of new supply might come if companies shift those wells into production. The latest crash in oilprices once again raises this prospect. production levels. DUCs may keep U.S.
A crude oilprice of US$100/bbl results in an approximate cost of €0.56/L Bioliq is a three-stage process, envisioning the use of distributed fast pyrolysis (FP) plants in combination with a large centralized gasification and fuel production facility. Biomass is pyrolized to a pyrolysis oil. per liter (US$2.72-5.03/gallon
World production of fossil fuels—oil, coal, and natural gas—increased 2.9% million tons of oil equivalent (Mtoe) per day, according to a Worldwatch Institute analysis. Energy prices reflected this shift: oil peaked at $144 per barrel in July, then fell to $34 per barrel in December. Oilproduction reached 10.7
Among the study’s findings is that the capex required for developing 60 billion gallons of cellulosic ethanol is equivalent to or less than that required for new long-term petroleum production. For each new plant constructed, the BDM selected a feedstock/conversion pair resulting in the lowest cost of ethanol. Source: Sandia.
The company’s ultima goal is series production of DME fuel systems for the global automotive market by 2011. At current oilprices, DME can be produced and distributed at less than 1/2 the cost of conventional fuel.
Chevron’s focus on optimizing the thermal management of the Kern River field has resulted in a steady drop in the steam:oil ratio (barrels steam water per barrel oil), resulting in improved economics of the field even with slowly declining production. Current product flow at Kern River field. Data: California DOGGR.
No EDV deployment occurs with high battery costs, low oilprices, and no CO 2 policy. higher oilprices, a CO 2 policy, lower battery cost—the median market shares increase. higher oilprices, a CO 2 policy, lower battery cost—the median market shares increase.
EIA’s AEO2012 projects a continued decline in US imports of liquid fuels due to increased production of gas liquids and biofuels and greater fuel efficiency. EIA added a premium to the capital cost of CO 2 -intensive technologies to reflect current market behavior regarding possible future policies to mitigate greenhouse gas emissions.
Production capacity must be established, and technology, vehicle cost and infrastructure barriers must be addressed to achieve large-scale market introduction. Production capacity must be established, and technology, vehicle cost and infrastructure barriers must be addressed to achieve large-scale market introduction.
The oilprice shocks of the 1970s led the Brazilian government to address the strain high prices were placing on its fragile economy. Brazil, the largest and most populous country in South America, was importing 80% of its oil and 40% of its foreign exchange was used to pay for that imported oil. by Brian J.
The report comes as oil majors like ExxonMobil, Chevron and Shell, and other companies, are developing at least a couple dozen oil shale and CTL projects, including 12 CTL facilities projected to produce 170 million barrels of liquid fuels per year at a cost of $2 billion to $7 billion per plant. Earlier post.).
The technology provided by Sargas captures carbon dioxide (CO 2 ) at pressure, which requires lower capital investment costs and can be built quickly with existing or slightly modified subsystems and equipment. Traditionally, carbon capture for gas-fired turbine plants relied on government subsidies and advanced technology research.
High oilprices, persistent differences in gas and electricity prices between regions and rising energy import bills in many countries focus attention on the relationship between energy and the broader economy. Contributions to global oilproduction growth. Technology and oil. Source: IEA. Click to enlarge.
The first trials on the demo plant in Leuna were successfully completed, within schedule, in the fall of 2016 and Global Bioenergies announced first production of green isobutene via fermentation. Global Bioenergies is now entering the final phase of demonstrating its technology for converting renewable carbon into hydrocarbons.
The cost of deploying a PSA system and associated refueling pump at a fueling stations will be on the order of $300,000 to $500,000, said Jeff Kissel, president and CEO of TGC during a briefing on the announcement—about one-quarter of the cost of currently installing a more conventional hydrogen fueling station in the US. Jeff Kissel.
Summary of levelized productioncost estimates of fuel (LCOF) for the examined plant designs. The horizontal red lines show the comparable price of gasoline (before tax, refining margin 0.3 $/gal, exchange rate: 1 € = 1.326 $) with crude oilprices 100 $/bbl and 150 $/bbl. Source: VTT. 0.7 €/liter (app.
In January 2015 Sasol announced it was delaying a final investment decision on the proposed project near Lake Charles, Louisiana to conserve cash in response to lower oilprices. The estimated cost of the project ranges between $13 billion and $15 billion. —Stephen Cornell.
The committee that wrote the report said that production of adequate volumes of biofuels are expected to meet consumption mandates for conventional biofuels and biomass-based diesel fuel. As of 2010, biofuel production was contingent on subsidies, tax credits, the import tariff, loan guarantees, RFS2, and similar policies.
Echoing the criticism of too much hype surrounding US shale from the Saudi oil minister last week, a new report finds that shale drilling is still largely not profitable. Not only that, but costs are on the rise and drillers are pursuing “irrational production.”. That makes it much less attractive to lock in future production.
The US Energy Information Administration released its Annual Energy Outlook 2013 (AEO2013) Reference case (the Early Release ), which highlights a growth in total US energy production that exceeds growth in total US energy consumption through 2040. Domestic oilproduction will rise to 7.5 Overall findings. than in AEO2012.
The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oilprices collapsed in 2014. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.
Environmental costs are often not shown on financial statements because the bearers of such costs can be either particular individuals or society at large, are often both non-monetary and problematic to quantify for comparison with monetary values. Global food prices are predicted to rise 70 to 90 percent by 2030. Source: KPMG.
The Annual Energy Outlook 2015 (AEO2015) released today by the US Energy Information Administration (EIA) projects that US energy imports and exports will come into balance—a first since the 1950s—because of continued oil and natural gas production growth and slow growth in energy demand. With greater U.S. With greater U.S.
forecasts of population and gross state product, combined. essential for reducing the cost of electrification, by raising. The transportation sector bore the highest share of these costs, reflecting the cost of fleet electrification. petroleum products, which fall from 45% to 15%. 875 Mt CO 2 e. appliances.
Production of commercial quantities of HRJ depends on the availability of appropriate feedstocks at competitive prices. Other key findings from the report include: Alternative-fuel production benefits commercial aviation regardless of its use in aviation. Alternative jet fuels will have a limited impact on fuel price volatility.
The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. The collapse of oilprices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. per barrel, rising to $36.50.
“Debate about the future of oil sands development is so contentious that even the name of the resource is disputed: proponents typically use oil sands while opponents use tar sands. The source material is neither oil nor tar but bitumen, but is most generally described as an example of ultraheavy oil.”.
In the absence of the pipeline, alternate transportation routes would result in oilsands production growth being more or less unchanged, IHS CERA found. Critics cite the steep crude oilprice discounts for Canadian producers in the past year as further evidence that rail is not economic. Earlier post.). —IHS CERA Insight.
The analysis is based on central forecasts of oilprice, electricity. price and carbon pollution reduction scheme (CPRS)/carbon tax policy, and known information about the historic drivers for consumers in the vehicle. However, as EV and PHEV prices gradually reach. operating cost savings increase.
Whereas fuel cost used to be a major driver for fleet managers, the lowering of oilprices and the availability of low-cost natural gas has reduced this concern, Navigant notes. A major factor has always been the cost of battery packs.
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