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Average values for WTW GHG emissions for oilsands and other crudes, tight boundary. When the oilsandsproducts refined in the United States are considered—a mixture of oilsands and lower-carbon blending components—the GHG emissions are, on average, 9% higher than the average crude processed in the US.
PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco—the area with the largest untapped hydrocarbon reserves in the world, according to Eni. Junin 5 block in the Orinoco. Source: Eni. Click to enlarge. Deepwater Angola.
Venezuela state-owned PDVSA and Italy-based Eni are finalizing a planned 60:40 joint venture to produce heavy crude oil in Junin Block 5 in the Orinoco Oil Belt in Venezuela in 2014. The initial phase, starting in 2014, is targeting the production of 75,000 barrels per day. The Orinoco Belt. Source: PFC.
US imports of Canadian crude oil rose to record levels during the first eight months of 2012, with Canada accounting for a growing share of total gross US imports, according to the US Energy Information Administration (EIA). Canada is the largest supplier of foreign oil to the United States, followed by Saudi Arabia, Mexico, and Venezuela.
Production cost and breakeven figures that analysts enjoy bandying can trap you in bubble of black-and-white mathematics that is a few brush-strokes shy of a full picture. Saudi Arabia and Kuwait enjoy some of the lowest production costs in the world, at about $10 and $8.50, respectively, according to Rystad Energy data.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. Oil discoveries declined to 2.4
The impact of rising oil prices 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 oil prices. by David Yager for Oilprice.com.
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. Data: California DOGGR. Click to enlarge. Source: Chevron. Click to enlarge.
Russian oil and gas major Rosneft, 75% owned by the government, will invest $16 billion in a planned joint venture project with Venezuela’s state oil and gas company PDVSA to develop the Carabobo 2 block in the southern Orinoco extra-heavy crude belt in Venezuela, according to Rosneft CEO Igor Sechin. oilsands).
Canadian researchers have developed a large-scale economical method to extract hydrogen from oilsands (natural bitumen) and oil fields. The process can extract hydrogen from existing oilsands reservoirs, with huge existing supplies found in Canada and Venezuela.
Argentina and Venezuela will form a joint venture targeting production of 100,000 barrels of extra-heavy oil per day in the Junin field area of the Orinoco Oil Belt. The US Geological Survey (USGS) characterizes extra-heavy oil as having an API gravity of less than 10°. billion project will also include a refinery.
A team at the University of Calgary (Canada) has compared the energy intensities and lifecycle GHG emissions of unconventional oils (oilsands and oil shale) alongside shale gas, coal, lignite, wood and conventional oil and gas. This is not the same as crude oil occurring naturally in shales, as in the Bakken.
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 oil price discounts for Canadian producers in the past year as further evidence that rail is not economic. Earlier post.). Earlier post.).
Comparison of the percent differential for WTW (well-to-wheel) GHGs from gasoline produced from WCSB oilsands using different production processes relative to gasoline produced from reference crudes. The proposed Project is not likely to impact the amount of crude oil produced from the oilsands.
Canadian oilsandsproduction is set to enter a period of slower annual production growth compared to previous years. Large scale oilsands projects take two, three, four or more years to be brought online and so the reality of a slower pace of investment and growth in the Canadian oilsands is taking shape.
Russian oil and gas major Rosneft, 75% owned by the government, and the Venezuelan Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, signed an agreement to create a joint venture to develop heavy oil reserves in Venezuela in the framework of the Carabobo-2 project. oilsands). Earlier post.
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