This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
In its January 2023 Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that crude oil production in the United States will average 12.4 In 2022, US crude oil production averaged an estimated 11.9 The forecast of crude oil production in the Permian increases by 470,000 b/d to average 5.7
Big Oil has frequently been chided for merely trying to burnish its green credentials, and so far, it has done little to convince us that it is truly moving forward to greenness. Let this sink in: In 2018, Big Oil spent less than 1% of its combined budget on green energy projects. by Alex Kimani for Oilprice.com.
Liquid intermediates from pyrolysis and hydrothermal liquefaction (HTL) can be co-processed in an oil refinery along with conventional crude oil. After pyrolysis, the vapors are condensed to give a dark brown fast pyrolysis bio-oil (FPBO). In fast pyrolysis, biomass is quickly heated to around 500 °C in the absence of oxygen.
The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3 US crude oil production then fell to 9.7
Despite volatility in global oil markets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 The most recent four-week rolling average of US crude oil exports reached 3.51
In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. Background.
US crude oil production averaged 11.3 million b/d in 2019, according to the US Energy Information Administration (EIA). The production decline resulted from reduced drilling activity related to low oil prices in 2020. The production decline resulted from reduced drilling activity related to low oil prices in 2020.
Austria-based OMV, an international, integrated oil, gas and chemicals company, announced its intention to become a net-zero (Scope 1, 2 and 3) company by no later than 2050. The gradual decline foresees a decrease in crude oil production by around 30% and natural gas production by around 15% by 2030. Exploration & Production.
In the face of the emerging global energy crisis triggered by Russia’s invasion of Ukraine and the countervailing barrage of economic sanctions, the International Energy Agency (IEA) is proposing a 10-Point Plan to Cut Oil Use. IEA claims that its plan would lower oil demand by 2.7 Ban private cars in cities on Sunday.
Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.
China processed record amounts of crude oil in 2021 to meet rising domestic consumption of petroleum products, according to analysis by the US Energy Information Administration (EIA). Energy Information Administration, based on data from China General Administration of Customs, as compiled by Bloomberg, L.P. increase from 2020.
Energy Vault, a company developing grid-scale gravity energy storage solutions, has entered into an energy storage system agreement with DG Fuels, a developer of renewable hydrogen and biogenic-based, synthetic sustainable aviation fuel (SAF) and diesel fuel. Under the terms of the agreement, Energy Vault agreed to provide 1.6
Chemical recycling has great potential for this: If plastic components can be produced from pyrolysis oil instead of petroleum, it would be possible to significantly increase the proportion of sustainably manufactured components in automobiles. These plastic components are processed into pyrolysis oil by chemical recycling.
The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). in summer 2021.
With tuning, the catalyst can achieve a selectivity of 80% toward motor oil (C 21 –C 45 ). As an indication of the industrial interest in this field, Neste and and Ravago recently announced plans to set up a joint venture to focus on chemical recycling of mixed waste plastic using a thermochemical liquefaction technology from Alterra Energy.
Global Clean Energy Holdings, Inc., Alon Bakersfield Refinery is an existing oil refinery located in Bakersfield, California. Alon Bakersfield Refinery is an existing oil refinery located in Bakersfield, California. Historically, the refinery has produced diesel from crude oil and has a capacity of 70,000 barrels per day.
The US Energy Information Administration (EIA) expects that low inventories of distillate fuels, which are primarily consumed as diesel fuel and heating oil, will lead to high prices through early 2023. Renewable energy is the only source that increases its share of electricity generation in 2023 in our forecasts,” DeCarolis said.
Solid-oxide fuel-cell manufacturer Bloom Energy and Samsung Heavy Industries (SHI), a part of Samsung Group, have signed a joint development agreement (JDA) to design and to develop fuel cell-powered ships. The two companies will work together to realize their vision of clean power for ships and a more sustainable marine shipping industry.
India’s state-run Oil and Natural Gas Corp (ONGC) said that oil output from the Sakhalin-1 project in Russia has returned to a plateau level of 190,000 - 200,000 barrels per day (bpd) from zero. In April 2023, Russia’s Rosneft offered dividend payments to OVL against its 20% stake, rather than equity oil.
New research led by Mohammad Masnadi, assistant professor of chemical and petroleum engineering at the University of Pittsburgh Swanson School of Engineering, offers a closer look at the relationship between decreasing demand for oil and a resilient, varied oil market—and the carbon footprint associated with both.
DNV’s Transport in Transition report draws on DNV’s system dynamics-based Energy Transition Outlook model and explores the changes in fuels, electricity and infrastructure needed to transport ever-larger numbers of people and volumes of freight while at the same time decarbonizing the sector.
Scientists from ExxonMobil, the Georgia Institute of Technology and Imperial College of London have published in the journal Science joint research on potential breakthroughs in a new membrane technology that could reduce emissions and energy intensity associated with refining crude oil. —Thompson et al.
Global energy demand spiked in 2024, driven largely by surging electricity use, according to a new report released today by the International Energy Agency (IEA). Electricity consumption jumped by nearly 1,100 terawatt-hours a hefty 4.3% increase nearly twice the annual average growth of the past decade.
European Energy , a Danish developer and operator of green energy projects, has ordered a 50 MW electrolyzer from Siemens Energy for use in developing the first large-scale commercial e-Methanol production facility. —Knud Erik Andersen, CEO of European Energy.
In 2021, the United States returned to importing more petroleum (which includes crude oil, refined petroleum products, and other liquids) than it exports following its historic shift to being a net exporter of petroleum in 2020, according to the US Energy Information Administration (EIA). million b/d. million b/d in 2023. million b/d.
Organizers wanted to showcase how their small nation of nearly 11 million, on the western shore of the Caspian Sea , had evolved over its three decades of independence and was ready to play a role in the world s energy transition. But if they succeed, it will mark a bold feat of engineering to boost clean energy and fight climate.
IBM announced that bp has joined the IBM Quantum Network to advance the use of quantum computing in the energy industry. Next-generation computing capabilities such as quantum computing will assist in solving the science and engineering challenges we will face, enabling us to reimagine energy and design new lower carbon products.
The US Environmental Protection Agency (EPA) and US Department of Energy (DOE) are partnering to provide more than $1 billion in funding to help reduce methane emissions from the oil and gas sector through the creation of the Methane Emissions Reduction Program.
The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year—from fossil fuels to renewables and efficiency—the International Energy Agency said in a new report. —Dr Fatih Birol, the IEA’s Executive Director.
As of May 2022, surplus crude oil production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the US Energy Information Administration’s (EIA) new report Global Surplus Crude Oil Production Capacity. In 2021, 1.4
Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. Investment slumped by 30% in 2020.
Solid-oxide-fuel-cell manufacturer Bloom Energy is entering the commercial hydrogen market by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen. The Bloom Energy Servers are a proven market leader in clean, reliable, and resilient on-site power. million hydrogen cars by 2040.
The global push to convert the world to electric vehicles will cause supply chain complexities that could undermine the alternative energy transition in the United States, according to a new report from Rice University’s Baker Institute for Public Policy. The detailed report— Need Nickel? —Baker Institute report Need Nickel?
MAN Energy Solutions has won the order to supply six MAN B&W 9S50ME-C9.6 These will use fuel-oil during navigation and lithium mega-batteries in harbor, thus guaranteeing zero emissions in port—and meeting the Registro Italiano Navale (RINA) Green Plus class notation—while still satisfying energy requirements at berth.
The Gold Hydrogen Program , a coalition of organizations seeking to support the scale of this clean energy resource, announced its launch and the debut of a pilot microbial Gold Hydrogen Process. a leader in clean energy solutions). Gold hydrogen has been cost-prohibitive to extract and not commercially viable up to now.
signed a framework agreement to sell seeds of its proprietary castor varieties to one of the world’s leading oil and gas companies for cultivation in specific African territories. Casterra’s high-yield, high-oil castor seed varieties are optimized for biofuel production to support the growing market of sustainable energy.
Energy prices used in the S&P Goldman Sachs Commodity Index (GSCI) ended 2021 59% higher than the first trading day of the year, according to the US Energy Information Administration (EIA). WTI crude oil makes up the largest share of the overall GSCI at more than 21%. The precious metals index was the only one to decline.
In 2021, proved reserves of natural gas set a new record in the United States, and proved reserves of crude oil and lease condensate increased, but not quite to pre-pandemic levels, according to the US Energy Information Administration (EIA). In 2021, Texas’s annual crude oil and lease condensate proved reserves increased by 12% (1.9
After declining in 2020, the combined production of US fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 Crude oil accounted for 30%, coal for 15%, and natural gas plant liquids (NGPLs) for 9%. quadrillion British thermal units. EIA expects those shares to remain similar through 2023.
Battery electric vehicles are only as clean as the energy source used to generate the electricity that powers them. The calculated relative amounts of well-to-wheels emissions of greenhouse gases from eight different energy sources are shown in the table below.
The US Department of Energy (DOE) will award up to $165 million to expand US geothermal energy deployment. The FOA will provide $10 million to form the consortium of experts to develop a roadmap for addressing technology and knowledge gaps in geothermal energy. GEODE Facets.
bp has successfully started oil production at its Argos offshore platform, strengthening bp’s position as a leading producer in the deepwater US Gulf of Mexico. Argos is the centerpiece of bp’s Mad Dog Phase 2 project, which extends the life of the super-giant oil field discovered in 1998. Earlier post.) bp is the operator with 60.5%
In 2020, net petroleum imports (total imports minus exports) were negative for the first time since the US Energy Information Administration began tracking them—i.e., This includes crude oil and petroleum products. the United States exported more petroleum than it imported. Net imports peaked in 2005 at 12.5
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content