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OMV says it will stop oil and gas production by 2050 in transformation to net-zero

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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.

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International Seabed Authority greenlights seabed nodule collection trials by Metals Company

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The conclusion of the International Seabed Authority’s review process allows NORI to proceed with its planned integrated pilot collection system trials in its NORI-D exploration contract area in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. Main components of the Prototype Collector Vehicle.

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DOE to award up to $88M for oil and natural gas recovery research

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The Department of Energy’s (DOE’s) Office of Fossil Energy announced up to $88 million in federal funding for cost-shared research and development projects enhancing technologies for oil and natural gas recovery under two separate funding opportunity announcements (FOAs). million barrels of oil per day (MMb/d)) to 56.5%

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Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

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Canadian researchers have developed a large-scale economical method to extract hydrogen from oil sands (natural bitumen) and oil fields. The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. Proton Technologies is commercializing the process.

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EY: oil & gas megaproject overruns to cost industry more than $500B

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A new report by EY finds that 64% of multibillion-dollar, technically and operationally demanding oil & gas megaprojects continue to exceed budgets, with 73% missing project schedule deadlines. Source: EY Megaprojects oil and gas report. —Axel Preiss, EY’s Global Oil & Gas Advisory Leader.

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EIA expects US petroleum trade to shift toward net imports during 2022

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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.

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International automotive researchers emphasize the importance of continued development of the internal combustion engine

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Thirty-seven globally prominent scientists representing the International Journal of Engine Research have published an open-access editorial addressing the future of the Internal Combustion Engine, and stressing the importance for continued development of more efficient and even lower-emitting technologies. Gas exchange.