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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.

Oil 281
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GECF: more than a quarter of 2050 natural gas supply untapped

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Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference. average economic growth rate between 2000 and 2019, continuously expanding domestic gas production, attracting investors, and enhancing knowledge and technologies exchange. —Secretary General Sentyurin.

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BP establishing $100M international research center for advanced materials for energy and industrial applications

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BP will establish a $100-million international research center, the BP International center for Advanced Materials (BP-ICAM) to lead research to advancethe fundamental understanding and use of materials across a variety of energy and industrial applications. —Bob Dudley, BP group chief executive.

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BASF and Gazprom agree on asset swap; BASF’s Wintershall expanding production of oil and gas, exiting gas trading and storage business

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BASF and Russia’s Gazprom signed a legally binding basic agreement to swap assets of equivalent value. In October, Wintershall also substantially expanded its production and reserves of oil and gas in the North Sea through an asset swap with Statoil. billion barrel of oil equivalent. This is equivalent to a total of 2.4

Gas 218
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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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Oil remains the world’s leading fuel, but its 33.1% 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 fossil fuel mix continues to change with oil, the world’s leading fuel at 33.1%

Coal 261
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GE study finds 5% of worlds natural gas production wasted per year by flaring

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Worldwide, billions of cubic meters (bcm) of natural gas are wasted annually, typically as a by-product of oil extraction. Depending on region, these may include power generation; gas re-injection (for enhanced oil recovery, gathering and processing); pipeline development and distributed energy solutions. Advance local solutions.

Waste 260
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Devil in the Details: World Leaders Scramble To Salvage and Shape Copenhagens UNFCCC Climate Summit

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2 ] Rasmussen’s “one agreement, two steps” plan was quickly endorsed by US President Obama, as well as Australia’s Prime Minister Rudd and Russia’s President Medvedev, all of whom were present at the APEC summit. Without a clear and ambitious number, the whole agreement will be in danger ” [ 8 ].

Climate 236