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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). 2005 Hurricane Katrina Sale. (The 2005 Hurricane Katrina Sale.

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China’s CNOOC to acquire Canada-based Nexen for $15.1B; offshore oil and gas, oil sands, and shale gas

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CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. billion cash. The price represents a premium of.

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When Will Russia Run Out Of Oil?

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On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 Russia’s Oil Production 1970-2020 and Russia’s Deep-Hole Oil & Gas Exploration Drilling. In 2016, only 3.7

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INEOS investing additional $1.4B in Grangemouth complex in next phase of GHG reductions; blue hydrogen

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INEOS acquired Grangemouth in 2005, and has so far delivered a 37% reduction in net CO 2 emissions. INEOS FPS operates the Forties Pipeline System landing and processing approximately 40% of North Sea oil and gas production for onward domestic and international sales. The Petroineos JV operates the Grangemouth Refinery.

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Viridos executes agreement with ExxonMobil to help scale algae biofuels toward commercial levels

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earlier known as Synthetic Genomics, has signed a joint development agreement with ExxonMobil Research and Engineering Company (EMRE) with the intent to bring Viridos’ low-carbon intensity algae biofuels toward commercial levels. Viridos Inc., —Vijay Swarup, vice president of Research and Development at ExxonMobil.

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Eni reports first oil from giant Kashagan field in North Caspian Sea

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Eni announced that first oil from the giant Kashagan oil field has been produced. Afterwards, the production will increase progressively up to 370,000 barrels of oil equivalent per day. Kashagan is one of the largest oil fields discovered in the last 40 years, with estimated reserves of 35 billion barrels of oil in place.

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Valvoline launches NextGen line of motor oil with 50% recycled oil

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The NextGen line of oils, with 50% recycled oil, will include conventional, synthetic blend and high mileage offerings. Valvoline, a leading independent marketer of motor oil, has introduced its NextGen line of motor oils, featuring the inclusion of 50% recycled base oil. Click to enlarge.

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