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IHS Markit: conventional oil & gas discoveries at lowest levels in 70 years; major rebound unlikely

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The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oil prices collapsed in 2014. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.

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BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

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BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Today, the leaner $9-billion project, which also includes capacity for water injection, is projected to be profitable at or below current oil prices. Earlier post.).

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SDTC awards Nsolv $13M to commercialize warm solvent technology for heavy oil extraction; 80% reduction in GHG emissions

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Among its benefits, the technology reduces greenhouse gas (GHG) emissions by lowering the amount of energy needed to remove heavy oil from the ground. Nsolv’s process uses zero water and very little natural gas to heat the solvent, resulting in an 80% reduction in GHG emissions compared to existing extraction methods. The technology.

Oil 150
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GAO Report Concludes Industry and Government Face Significant Challenges in Meeting RFS Target While Minimizing Unintended Adverse Effects; Suggests Federal Research Give Priority to Non-Ethanol Biofuels

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As part of the report, which was requested by Senators Barbara Boxer (as Chair of the Senate Committee on Environment and Public Works) and Susan Collins, the GAO makes several recommendations to Congress and for executive (i.e. Department or Agency-level) action. non-ethanol biofuels. specifies this year.

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US offshore oil and gas leasing plan for 2017-2022 focuses on Gulf of Mexico, excludes Arctic

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Given the unique and challenging Arctic environment and industry’s declining interest in the area, forgoing lease sales in the Arctic is the right path forward. Cook Inlet is a mature basin with a long history of oil and gas development in state waters, where existing infrastructure could support new activity.

Mexico 150
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KPMG study identifies 10 sustainability “megaforces” with accelerating impacts on business; imperative of sustainability changing the automotive business radically

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The KPMG study, “Expect the Unexpected: Building Business Value in a Changing World”, explores issues such as climate change, energy and fuel volatility, water availability and cost and resource availability, as well as population growth spawning new urban centers. Global food prices are predicted to rise 70 to 90 percent by 2030.

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National Research Council report finds it unlikely the US will meet cellulosic biofuel mandates absent major innovation or a change in policies

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In 2005, Congress enacted the Renewable Fuel Standard as part of the Energy Policy Act (EPAct) and amended it in the 2007 Energy Independence and Security Act (EISA). Biofuels production has been shown to have both positive and negative effects on water quality, soil, and biodiversity. Barriers and opportunities.

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