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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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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

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National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). The Top 50 companies produce 75% of global oil output.

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PDVSA and PetroChina move ahead with 400,000 barrel per day oil refinery in China; processing Orinoco heavy and extra-heavy crude

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Petróleos de Venezuela SA (PDVSA) and PetroChina recently signed the Project for Development and Establishment of a joint venture to realize the future development of the Nanhai refinery. Oil and Gas Journal (OGJ) pegged Venezuela’s 2011 reserves at 211 billion barrels, up from 99.4 billion barrels the year before.

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U Calgary study finds oil shale most energy intensive upgraded fuel followed by in-situ-produced bitumen from oil sands

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A team at the University of Calgary (Canada) has compared the energy intensities and lifecycle GHG emissions of unconventional oils (oil sands 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.

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

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Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF). Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference. —Secretary General Sentyurin.

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Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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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.

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Canada Launches Heavy Oil Working Group to Promote Cleaner Fossil Fuels

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The Government of Canada has established a Heavy Oil Working Group. Comprising countries such as Canada, Brazil, Colombia, Mexico, the United States and Venezuela, the Heavy Oil Working Group will collaborate on clean energy research to reduce the impact of fossil fuel development. Minister Paradis.

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