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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.
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 EIA based the forecast on expectations of crude oil prices and infrastructure capacity additions.
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. 2 Total SA.
Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to the US Energy Information Administration’s (EIA’s) recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report.
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.
The pilot will support E3 Lithium’s Clearwater project, which will draw lithium from under the Leduc oil field, Imperial’s historic discovery that first launched major oil and gas development in Western Canada. —Jason Iwanika, director of commercial business development at Imperial.
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.
In this case—which reflects only current laws and regulations—renewable energy is the fastest-growing energy source through 2050, while petroleum remains the largest share of energy consumption throughout that period, followed by natural gas. Source: U.S. Energy Information Administration, Annual Energy Outlook 2022 (AEO2022).
The fuel is produced from materials such as used oil from restaurants and the food industry. The first car freighter was refueled for the first time with this oil in mid-November 2020 and a second ship is due to follow at the beginning of 2021. This way, we reuse waste oil in an environmentally compatible way.
This fall was driven mainly by oil, which accounted for almost three quarters of the net decline. Natural gas prices declined to multi-year lows; however, the share of gas in primary energy continued to rise, reaching a record high of 24.7%. World oil production fell for the first time since 2009 by 6.6 million b/d).
“Blue” hydrogen—produced through steam methane reforming (SMR) of natural gas or coal gasification, but with CO 2 capture and storage—is being described as having low or zero carbon emissions. For our default assumptions (3.5% Even if true though, the use of blue hydrogen appears difficult to justify on climate grounds.
These include the financing and construction of an oil refinery in the DRC to be owned jointly by both countries to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products. —Equatorial Guinea’s Minister Gabriel Mbaga Obiang Lima.
Since the EU imposed sanctions on Russia in the wake of the invasion of Ukraine, there has been a redrawing of the global oil map, a new study by Transport & Environment (T&E) shows. Instead of cutting demand, Europe has simply replaced imports from Russia with oil from other producing countries. C carbon budget.
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
Purchase and importation into Venezuela of goods or inputs related to the activities described in this general license, including diluents, condensates, petroleum, or natural gas products. from receiving profits from the oil sales by Chevron. Chevron also operates and holds a 60% interest in the Loran gas field offshore Venezuela.
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.
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. We expect notable decreases in electricity generation from natural gas and coal next year. EIA forecasts Russia will produce 9.3
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). million barrels per day this year and 12.8
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.
Researchers at The Ohio State University have used a chemical looping process to produce hydrogen from hydrogen sulfide gas—commonly called “sewer gas”. Hydrogen sulfide is emitted from manure piles and sewer pipes and is a key byproduct of industrial activities including refining oil and gas, producing paper and mining.
Owning gas cars means dealing with frequent oil changes and various maintenance issues, leading to time, cost, and reliability concerns versus EVs. This rant is going to list some things I’ve found to be annoying about the ~15 gas cars I owned until I went all electric in 2021.
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 Of the total US fossil fuel production in 2021, dry natural gas accounted for 46%, the largest share. quadrillion British thermal units. US NGPL production increased by 4% in 2021.
To reduce the number of accidents in the global oil and gas industry caused by damaged pipelines, University of Houston researchers are developing an autonomous robot to identify potential pipeline leaks and structural failures during subsea inspections. When larger spills happen, pipelines are often the culprit.
A new analysis by Consumer Reports finds that owners of plug-in electric vehicles are spending half as much on maintenance and repair as the owners of similar gas-powered vehicles. According to CR’s experts, simpler powertrains in EVs and no need for oil changes are likely reasons for the lower costs.
Despite oil demand in the transport sector forecast to half by 2050, the present pace of the transition still falls severely short of the goals of the Paris Agreement. Conversely, the consumption of oil within aviation will be virtually flat to 2050, with hydrocarbons set to have a 60% share in the sector in the same year.
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.
of the methane encountered during oil production. of the methane in gas flares used by the oil and gas industry. During oil production, producers encountering pockets of methane typically use flare stacks to burn off the vented gas. The three-year, $2.9-million —Luis Gutierrez.
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.
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. —Joseph McMonigle, secretary general, IEF.
Gold Hydrogen is a novel source of carbon neutral hydrogen produced from depleted oil reservoirs that are ready for plug and abandonment, extending the life of wells that would otherwise be a significant burden. Cemvita Factory’s mission is to reimagine heavy industries such as oil & gas and mining for the net-zero economy.
For example, the geometry of the piston recess, the injection nozzle design and the parameters of the cylinder head relevant for gas exchange were subject to an extensive optimization process. Reduced friction losses and pressure control with low-viscosity oil. Newly-developed exhaust gas aftertreatment system.
Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in 2024, using the Prosperity floating production, storage and offloading (FPSO) vessel. The $9-billion development will target an estimated resource base of about 600 million oil-equivalent barrels.
EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.
The results of a new analysis by the International Council on Clean Transportation (ICCT) show that, when combined with a trend toward higher methane leakage and combustion slip, there is no climate benefit from using liquefied natural gas (LNG) as a marine fuel—regardless of the engine technology. First, it contains very little sulfur.
Higher crude prices and continued optimization improvements have driven the first upward revision to the S&P Global Commodity Insights 10-year oil sands production outlook in more than half a decade. The new forecast, produced by the S&P Global Commodity Insights Oil Sands Dialogue , expects Canadian oil sands production to reach 3.7
The Record of Decision (ROD) reduces the size of the project by denying two of the original five drill sites proposed by ConocoPhillips, which is seeking to develop oil and gas leases it acquired beginning in the late 1990s. The Willow project is estimated to produce 180,000 barrels of oil per day at its peak. Earlier post.)
While hydrogen is expected to play a critical role in reducing greenhouse gas emissions, at standard conditions, it is a flammable gas with low density and cannot be transported efficiently in a gaseous form. Honeywell UOP’s LOHC solution utilizes existing refining assets and infrastructure to create and transport the carrier.
Conventional hydrogen production is energy-intensive; thus, hydrogen products are classified by colors—green, blue, grey, brown, and more—that describe the process used for creation (including electrolysis, steam-methane, oil, or coal production methods).
The plant will no longer produce fuels from crude oil, but instead will make fuels from used cooking oil, fats, greases and soybean oils. The Santa Maria facility in San Luis Obispo County that currently provides crude oil feedstocks to the Rodeo facility will be idled and decommissioned. Earlier post.).
The California Air Resources Board last week approved the final proposed 2022 Scoping Plan ( earlier post ), a roadmap to reduce demand for petroleum by 94%, cut air pollution by 71%, reduce greenhouse gas emissions 85%, and reach carbon neutrality by 2045.
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. GCEH will immediately commence retooling the refinery to produce renewable diesel from organic feedstocks such as vegetable oils.
Researchers in India are using multi-wall carbon nanotube-optimized surfactant-polymer flooding for enhanced oil recovery. In an open-access paper in the journal Fuel , they report that their experimental application of carbon nanotube-based fluids yielded an oil recovery factor of approximately 70% of the original oil in place.
An upgrade from the previous fueling station offering oil, gas, hydrogen, electric charging services, the integrated complex can produce 1,000 kilograms of hydrogen a day, with a purity of 99.999%. Sinopec Fuel Oil Sales Co.,
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