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Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future plateau in oil demand, according to new analysis from IHS Markit, a global business information provider. Source: IHS Markit 2018. —Spencer Welch.
The majority (62%) of the plantations were located on the island of Sumatra, and more than two-thirds (69%) of all industrial plantations were developed for oil palm cultivation, with the remainder mostly being Acacia plantations for paper pulp production. Earlier post.). —Dr.
Chevron’s Brazilian subsidiary and Petrobras have started crude oil production from Papa-Terra’s floating production, storage and offloading vessel (FPSO) offshore Brazil. Papa-Terra has installed capacity to produce 140,000 barrels of heavy crude per day; the project is estimated to recover 380 million barrels of oil.
Investment into emerging oil and gas E&P (exploration and production) technologies, which were nearly non-existent in 2003, at just $57 million, have attracted nearly $7 billion in private investment from 497 unique transactions, according to a new report from Lux Research, “ Investing in Next Generation Oil and Gas Technologies ”.
Japan’s Ministry of Economy, Trade and Industry (METI) will begin test drilling for oil and natural gas in the Sea of Japan off the coast of Niigata Prefecture in April 2013. METI hopes to discover Japan’s largest reserves of these resources—possibly the size of intermediate oil fields in the Middle East, according to METI.
BP announced a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico (GOM). The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 metres) making it one of the deepest wells ever drilled by the oil and gas industry. The well found oil in multiple Lower Tertiary reservoirs.
has started shipping crude oil bound for the US West Coast through Petroterminal de Panama ( PTP )’s trans-Panama pipeline, marking the start of a seven-year transportation and storage agreement between BP and PTP. Crude oil tankers too large to navigate the Panama Canal sail around Cape Horn in South America to reach the US West Coast.
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%
Meeting the goal of cutting US oil dependence depends largely on two things, Obama said: finding and producing more oil at home, and reducing dependence on oil with cleaner alternative fuels and greater efficiency. The Administration is pushing the oil industry to produce on leases already held.
Suncor Energy has received conditional approval for its oil sands fluid tailings management plan from Alberta’s Energy Resources Conservation Board ( ERCB ). Tailings are a mixture of fine clay, sands, water and residual bitumen produced through the oil sands extraction process, and are held in massive “ponds”. Click to enlarge.
Pending confirmation through future appraisal drilling, the total hydrocarbons initially in place in the Mad Dog field complex are now estimated to be up to four billion barrels of oil equivalent. interest, Chevron Corporation, through its subsidiary Union Oil Company of California, has a 15.6% BHP Billiton has a 23.9%
Chevron announced that crude oil and natural gas production has begun at the ultra-deepwater Jack/St. With a planned production life of more than 30 years, current technologies are anticipated to recover in excess of 500 million oil-equivalent barrels. Malo Oil Export Pipeline, and then onto refineries along the Gulf Coast.
million barrels per day (bbl/d) in 2003 to more than 2 million bbl/d in 2013, according to figures from the US Energy Information Administration (EIA). Increasing oil demand is requiring increasing imports; since 2009, China has been importing more than half of its petroleum needs. China Electric (Battery) Fuel Efficiency Oil Policy'
Oil and gas drilling in the US in the second quarter of 2009 fell 46% year-on-year to an estimated 8,038 oil wells, natural gas wells and dry holes, according to the American Petroleum Institute’s (API) Quarterly Well Completion Report: Second Quarter. This activity corresponds to levels in 2003-2004.
Viking Energy was the first LNG powered ocean going vessel in 2003, and Eidesvik and Wärtsilä also collaborated on the 2009-built Viking Lady, another LNG-fueled vessel that was seen as a milestone in the transition of shipping with its installation of fuel cells and marine batteries.
Shell announced a “significant” new oil discovery in the deepwater eastern Gulf of Mexico, adding to discoveries in the area from 2009. Shell drilled the discovery well, located on Mississippi Canyon block 392, to a depth of 7,643 meters (25,077 feet) and encountered approximately 162 meters (530-feet) of oil pay. Click to enlarge.
Linde has executed a new long term contract with PdV Midwest Refining LLC to supply hydrogen to the company’s CITGO Lemont, Illinois, oil refinery. Linde has been providing hydrogen to CITGO for clean fuels production at the Lemont site from a 15 mmscfd plant that began operating in 2003.
where he worked with Continental Airlines in helping to achieve the first US commercial demo flight using an algae-oil blend.). The process employs viable, high growth rate, high oil content algae strains. New Horizons for Hydrogen ”, NREL 2003 Research Review. Earlier post.). Resources. “
Shell began production at its multi-field Parque das Conchas (BC-10) project 110 kilometers (68 miles) off Brazil’s south-east coast, where heavy oil resources lie beneath waters nearly two kilometers deep in the Campos Basin. This marks a major milestone in delivering oil from Brazil’s deep water.” The Espírito Santo.
US crude oil production in October rose to 5.5 million barrels per day, marking the highest production level for any October since 2003. Following the summer maintenance season, Alaskan crude oil production, at 654,000 barrels per day in October, was higher than September, but was 0.6% Production from the Lower 48, at 4.86
JDC) and INPEX Corporation (INPEX) have concluded a contract to support Japan Oil, Gas and Metals National Corporation’s (JOGMEC’s) medium and long-term offshore production test of methane hydrate. In FY 1999 and 2003, exploratory test wells were conducted in the offshore Nankai trough and in the Tokai Oki-Kumano Nada area respectively.
The Nikkei reported that the top oil refiners in Japan and S. Korea—JX Nippon Oil & Energy Corp. —will join forces in petrochemicals and lubricating oils. Production of paraxylene, an oil-based raw material for synthetic fibers and plastics, is expected to begin around 2014. and SK Innovation Co.—will
NY Times reporting: Oil prices reached the symbolic level of $100 a barrel for the first time on Wednesday, a long-awaited milestone in an era of rapidly escalating energy demand. Crude oil futures for February delivery hit $100 on the New York Mercantile Exchange shortly after noon New York time, before falling back slightly.
Except for 2008, it was the lowest July gasoline demand number since 2003. Domestic crude oil production rose marginally in July over June 2010 to 5.4 Crude oil imports rose by 5.6% Crude oil and gasoline stocks continued to build from June levels and also were up from July a year ago. in July over a year ago.
It will include three subsea centers tied back to a hub production facility with a capacity of 170,000 barrels of oil and 42.5 Malo fields are estimated to contain combined total recoverable resources in excess of 500 million oil-equivalent barrels. million cubic feet of natural gas per day. Startup is anticipated in 2014.
The ERD process enables onshore drilling beneath the seafloor to the offshore oil and gas reservoirs in one of the most challenging sub-arctic environments in the world. Since the first Sakhalin-1 well was drilled in 2003, six of the world’s 10 record-setting ERD wells have been drilled at the project.
The MoU follows the Peregrino-transaction where Sinochem bought a 40% share in the oil field offshore Brazil. Sinochem Group, incorporated in China in 1950, is 100% state-owned and is China’s 4 th largest oil company and the largest integrated agrichemical product and service provider. Earlier post.).
Domestic crude oil production stood at 5.44 from October, but the highest total for any November since 2003. million barrels a day of crude oil and product imports were lower than November a year ago by 1.1%, driven by double digit declines in product imports. Crude oil imports were 5% higher than a year ago, averaging 9.1
per year since 2003, excluding the credit crunch years). With the present annual growth rate, China has returned to the lower annual growth rates that it experienced before its economic growth started to accelerate in 2003, when its annual CO 2 emissions increased on average by 12% per year, excluding the credit crunch years.
Hess Corporation will proceed with the development of Tubular Bells, a deepwater oil and gas project operated by Hess in the Gulf of Mexico. Discovered in 2003, Tubular Bells is located approximately 135 miles southeast of New Orleans in the Mississippi Canyon area. The development is estimated to cost $2.3
The first Na Kika Phase 3 well began oil production on 19 February, with a second well expected to start up in the second quarter. Na Kika Phase 3 is BP’s third new major upstream project to begin production so far in 2014, following the earlier start-ups of the Chirag Oil project in Azerbaijan and the Mars B project in the Gulf of Mexico.
According to all the forecasts, 20 to 25 years from now mineral oil and, in turn, diesel will be in short supply and too expensive to be a viable fuel for buses. Three more buses are to follow next year. Earlier post.). The fuel cell bus has a range of around 250 kilometers. million kilometers.
Ford has reported to the CDP on its successful efforts to reduce its carbon footprint since 2003. The company is also pursuing new technologies such as Minimum Quantity Lubrication, which lubricates cutting tools with a fine spray of oil.
Mitsui intends to apply the technology in the palm oil industry, where wastes from palm oil production can be converted into ethanol, solid biofuel for energy production, and animal feed. The agreement grants Mitsui the right to build a number of biomass refineries in Southeast Asia using Inbicon’s technology. Earlier post.).
The two-piece housing design has been retained: the torque converter housing is made of lightweight aluminium, while the transmission housing with weight-optimized plastic oil pan is made of an even lighter magnesium alloy. In the first-generation 7G-TRONIC dating from 2003, the efficiency of this component was only 85%.
BP also confirmed the recently-announced Pitu oil discovery in the frontier deepwater of the Potiguar basin off Brazil’s equatorial margin, announced by Petrobras. The lease for Keathley Canyon Block 93 was acquired in the Western Gulf of Mexico Lease OCS Sale 187 in 2003. billion barrels of oil equivalent, according to Cobalt.
In addition, predicted oil consumption for use in motor vehicles between 2008 and 2050 were used to develop the inventory. Similarly, consumption of oil by a large number of non-state-owned small refineries before 2003 was counted only in the provincial statistics, but not by the national statistics.
NRV began in 2003 by first identifying and evaluating all solid and liquid waste streams within the plant. Conserving 9,348 barrels of oil, or. Once identified, the plant’s environmental team introduced a framework better to coordinate recycling efforts and began expanding reuse, recycling and composting opportunities.
The Bijupirá/Salema fields have produced close to 100 million boe since startup in 2003. Once online, Phase 3 of the BC-10 project is expected to reach a peak production of 28,000 barrels of oil equivalent (boe) per day (Shell share 50%, Petrobras 35%, ONGC 15%).
Reform of energy subsidies in oil-exporting countries can reduce carbon emissions and add years to oil exports, according to a new paper from Rice University''s Baker Institute for Public Policy. Indonesia, for example, after failed attempts in 1997 and 2003, successfully raised fuel prices in 2005 and 2008. —Jim Krane.
liter, twin-turbocharged W12 in 2003, the engineering team in Crewe has continually improved the performance of the engine in terms of power, torque, emissions and refinement. The second cools the engine block and oil system, while the third handles the thermal load of the turbochargers. Since the first introduction of the 6.0-liter,
Butamax’s technology package will include the installation of novel corn oil separation technology. We investigated other options for corn oil recovery, but we had the advantage of seeing the Butamax system first-hand and we were impressed with what we saw. Today, our vision is becoming reality. —Butamax CEO Paul Beckwith.
Demand for and production of oil and refined products were the highest July in eight years, since 2007, said API Chief Economist John Felmy. million barrels per day, US crude oil production increased by 8.8% This was the highest July level since 1920 for crude oil production. the number of oil and gas rigs in the U.S.
NTL) was founded in 1988 and acquired by Ginsber Beer Group in 2003. NTL is one of the largest corn refinery plants in the northeast of China with the production and sale of potable alcohol, chemical reagent (absolute ethyl alcohol), corn oil (raw material), etc. Jilin Province New Tianlong Industry Co.,
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