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The trajectory of North American gassupply is set to change radically as a result of the fall in oilprices that has occurred due to COVID-19 and the breakdown in production cooperation between OPEC and Russia, according to IHS Markit. Combined, the Bakken and Eagle Ford are producing nearly 3 MMbbl/d of oil and 7.2
The collapse in world oilprices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60
As oilprices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. These important questions aren’t getting enough attention according to Johnston, whose firm Eurasia Group foresees a fast-approaching supply gap that Saudi Arabia and U.S.
Crude and lease condensate includes tight oil, shale oil, extra-heavy crude oil, field condensate, and bitumen (i.e., oil sands, either diluted or upgraded). Other liquids refer to natural gas plant liquids (NGPL), biofuels (including biomass-to-liquids [BTL]), gas-to-liquids (GTL), coal-to-liquids (CTL), kerogen (i.e.,
EIA expects crude oilprices 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 oilsupply and OPEC production.
EIA projects that the United States will continue to be an integral part of global oil markets and a significant source of supply in these cases, as increased exports of finished products support US production. It also assumes the Brent crude oilprice reaches $101 per barrel (b) (in 2022 dollars) by 2050.
Oxford Catalysts Group PLC has been selected to supply Calumet Specialty Product Partners, L.P. with a commercial, 1,000 barrel-per-day (bpd) Gas-to-Liquids (GTL) plant to be located at its Karns City, Pennsylvania facility. —Roy Lipski, CEO of Oxford Catalysts Group.
It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. Total global investment in oil and gas exploration grew rapidly over the last 15 years.
Lest we be too quick to forget whence we came, America is now 9-months into lower gasoline prices, which started their swoon the week of June 30, 2015 from a lofty national average just under $3.70, tumbling almost every subsequent week before bottoming and bouncing from $2.02 the end of January, according to gasbuddy.com.
Oilprices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. That has sparked a renewed sense of optimism among oil traders.
The impact of rising oilprices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oilprices. by David Yager for Oilprice.com.
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. billion barrels of oil and 18.8 Mcf of natural gas. by Michael McDonald of Oilprice.com.
Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% The report also highlighted supply disruptions as one of the major energy events of the year. globally, and 8.4% million bpd or 0.7%.
UK-based market analyst visiongain projects that global spending in 2011 on advanced oil & gas exploration technologies will total $10.17 visiongain’s Advanced Oil & Gas Exploration Technologies Market 2011-2021 report analyses the development of this market over the next ten years.
However, fossil fuels continue to supply nearly 80% of world energy use through 2040. Natural gas is the fastest-growing fossil fuel, as global supplies of tight gas, shale gas, and coalbed methane increase. Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5%
GE has concluded a commercial alliance agreement with Norway-based Sargas AS to provide a gas turbine for one of the world’s first gas-fired plants with integrated carbon capture for enhanced oil recovery (EOR). GE’s LMS100 turbine is a combination of proven frame and aero-derivative gas turbine technology.
OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. 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.
This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oilprice forecasts by Wall Street’s major investment banks. shale production, new oil discoveries, and new project start-ups also differ a lot. shale output.
Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oilprices will recover, but when they will. There is no doubt that supply has increased.
Tesla’s ( NASDAQ: TSLA ) plans to expand its production capacity, along with other factors like surging oilprices that could sway consumers to electric vehicles, have contributed to Daiwa Securities analysts upgrading their outlook on the automaker’s stock.
Unconventional liquids become increasingly important in the total supply of liquid fuels, according to IEO2011. World oilprices remain high in the IEO2011 Reference case, but oil consumption continues to grow; both conventional and unconventional liquid supplies are used to meet rising demand. Click to enlarge.
General Motors and Hawaii’s The Gas Company (TGC), the state’s major gas energy provider, are collaborating on a hydrogen infrastructure project. The Gas Company currently produces synthetic natural gas from naptha and hydrogen, will plans to include plant oils and animal fats as feedstocks in the future.
Alfredo Altavilla (Chief Operating Officer of FCA EMEA Region), Pierre Lahutte (IVECO Brand President) and Marco Alverà (Chief Executive Officer of Snam), signed a Memorandum of Understanding (MoU) aimed at fostering the development of natural gas as a fuel for road vehicles. This will result in a direct benefit of €1.5 billion (US$1.7
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.
Many oil companies had trimmed their budgets heading into 2015 to deal with lower oilprices. But the collapse of prices in July—owing to the Iran nuclear deal, an ongoing production surplus, and economic and financial concerns in Greece and China—have darkened the mood. by Nick Cunningham of Oilprice.com.
The Nikkei reports that the nationwide average price in Japan for regular gasoline was ¥139.8 Prices at the pump are falling in Japan not only due to lower crude oilprices, but also because the widespread popularity of fuel-efficient vehicles has lowered demand for gasoline.A per liter ($6.65
The model has four sub-components: vehicle, fuel production, electricity grid; and energy supply. Among their findings were: RFS2 is satisfied at extreme oilprices (at least $215/barrel). This oilprice encourages biofuel use in the RFS2 timeframe, but not in the long run.
The US electric power sector burned through a record amount of natural gas in recent weeks, a sign of the shifting power generation mix and also a signal that natural gassupplies could get tighter than many analysts had previously expected. Natural gas consumption patterns are much more seasonal than for oil.
Profound shifts in the regional distribution of oil demand and supply growth will redefine the refining industry and transform global oil trade over the next five years, according to the annual Medium-Term Oil Market Report (MTOMR) released by the International Energy Agency (IEA).
Shale gas offsets declines in other US supply to meet. The Annual Energy Outlook 2011 (AEO2011) Reference case released yesterday by the US Energy Information Administration (EIA) more than doubles the technically recoverable US shale gas resources assumed in AEO2010 and added new shale oil resources. Source: EIA.
In their analysis, the authors examined the effect of 5 factors on EDV deployment: crude oil and natural gasprices; a federal CO 2 policy; a federal renewable portfolio standard (RPS); and EDV battery cost. No EDV deployment occurs with high battery costs, low oilprices, and no CO 2 policy.
In its new Natural Gas Vehicles report, Navigant Research forecasts that global annual NGV sales—light-, medium- and heavy-duty—will grow 62.5% Various regional factors affect the markets for natural gas vehicles (NGVs), Navigant observes. million vehicles in 2015 to 3.9 million in 2025. million, accounting for 2.6%
Accenture has identified 12 technologies that it concludes have the potential to disrupt the current views of transport fuels supply, demand and GHG emissions over the next 10 years. Will be competitive at an oilprice of $45 to $90 at their commercial date. Source: Accenture. Click to enlarge. Key implications for business.
That leaves a rather large backlog that could add a wave of new supply, even if the pace of drilling begins to slow. 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 Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets. As the source of two-thirds of global greenhouse-gas emissions, the energy sector will be pivotal in determining whether or not climate change goals are achieved. …
The Red Rock process begins with the gasification of woody biomass to produce synthesis gas, which is then is cleaned and sent to a Fischer-Tropsch unit where it is converted to liquid hydrocarbons. Red Rock’s gas-to-liquids technology partner is Velocys.
Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Such an increase in capacity could prompt a plunge or even a collapse in oilprices, he suggests.
Proponents of the concept of peak oilsupply argue that the world faces a situation—possibly very soon—in which its capacity to produce oil hits a ceiling, with demand subsequently having to adjust as supply begins to decline and alternatives to oil move into the market to fill the gap. Earlier post.).
However, both cases result in global CO 2 emissions well above the IEA 450 scenario—a back-cast which illustrates what is required to stabilize greenhouse gas concentrations at 450 ppm. OPEC’s share of global oil production is set to increase to 46%, a position not seen since 1977. Coal will increase by 1.2% —Christof Rühl.
IHS Markit now expects much as 17 MMb/d total liquids output (which includes nearly 14 MMb/d of crude oil production) to be cut or shut-in during the period between April and June 2020. The Great Shut-In, a rapid and brutal adjustment of global oilsupply to a lower level of demand is underway. But there is nowhere to hide.
Forbes 12:43pm ET: Oil retreats from today's record highs around 90 usd as traders lock profits Bloomberg Crude Oil Falls From Record on Signs U.S. Supplies Are Adequate Associated Press Oil Futures Retreat From $90 Record CNN Money Oil retreats from $90, but gas keeps climbing.
Greenhouse gas (GHG) emission standards and CAFE standards increase new LDV fuel economy through model year 2025 and beyond, with more fuel-efficient new vehicles gradually replacing older vehicles on the road and raising the fuel efficiency of the LDV stock by an average of 2.0% per year, from 21.5 l/100 km) in 2012 to 37.2
Secondary considerations include favorable regulations around biofuels mandates, greenhouse gas (GHG) emissions, wastewater treatment, and livestock operation, as well as potential co-location opportunities (wastewater remediation and carbon recycling). Approaches that rely on molecular biology to achieve breakthroughs (e.g.,
Considering today’s oilprices and the efforts being made by the IMO, for example with the coming International Energy Efficiency Certificate (IEE), we believe that this product really has come at exactly the right time. The gas expands over an expander, which drives a generator to produce electricity. Click to enlarge.
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