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As oilprices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. In a speech made at the Association of International Petroleum Negotiators’ 2017 International Petroleum Summit, Johnston laid out his concerns for the future of oil.
US regular retail gasoline prices averaged $2.72 per gallon (gal) in 2018, 30 cents/gal (13%) higher than in 2017 and 57 cents/gal higher than in 2016. In 5 of the 10 cities for which EIA collects weekly retail price data, gasoline prices exceeded $3.00/gal gal at least once in 2018.
Oilprices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. by Nick Cunningham of Oilprice.com.
US Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Hopper released the final plan to guide future energy development for the Nation’s Outer Continental Shelf (OCS) for 2017-2022. The Proposed Final Program includes one sale in the northern portion of the Cook Inlet Planning Area.
The impact of rising oilprices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oilprices. by David Yager for Oilprice.com.
Crude oil production in the US Permian Basin is expected to increase to an estimated 2.4 Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oilprices fell. billion barrels of hydrocarbon gas liquids.
Well lateral lengths in the Permian have increased in average by more than 1,500 feet (ft) since 2016 to approximately 7,500 ft by the end of 2017, says GlobalData, a leading data and analytics company. On 25 June, the price of a 42-gallon barrel of West Texas Intermediate Crude (WTI) was $68.08.
ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017oilprice of $60 per barrel adjusted for inflation and based on 2017 margins.
Coal accounted for 45% of total energy-related CO 2 emissions in 2011, followed by oil (35%) and natural gas (20%). Gt no later than 2017, i.e. just 1.0 Gt above 2011 levels. US emissions have now fallen by 430 Mt (7.7%) since 2006, the largest reduction of all countries or regions.
This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oilprice forecasts by Wall Street’s major investment banks. Beyond 2017, the impact of a collapse in longer-cycle conventional investment over 2014-16 begins to be felt.
Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources. The second volume, the World Gas and Renewables Review , focused on natural gas and renewables sources (solar, wind and biofuels), will be published in autumn.
quadrillion Btu in 2025, due to incorporation of the model year 2017 to 2025 GHG and CAFE standards for LDVs. Growth in diesel fuel consumption will be moderated by the increased use of natural gas in heavy-duty vehicles. The United States becomes a net exporter of natural gas earlier than estimated a year ago. than in AEO2012.
At the company’s Capital Markets Day 2017 in Johannesburg, South Africa, Sasol management said that the company will no longer pursue its proposed ) project in the US ( earlier post ) and furthermore will not invest in additional greenfields gas-to-liquids (GTL) projects.
Greenhouse gas (GHG) emission standards and CAFE standards increase new LDV fuel economy through model year 2025 and beyond, with more fuel-efficient new vehicles gradually replacing older vehicles on the road and raising the fuel efficiency of the LDV stock by an average of 2.0% per year, from 21.5 l/100 km) in 2012 to 37.2
The Eastern Mainline Project would have included four sections of new 36-inch diameter natural gas transmission pipeline between the City of Markham and the Township of Edwardsburgh/Cardinal. Transcanada began the application process in 2013, when oilprices were substantially higher.
The Annual Energy Outlook 2015 (AEO2015) released today by the US Energy Information Administration (EIA) projects that US energy imports and exports will come into balance—a first since the 1950s—because of continued oil and natural gas production growth and slow growth in energy demand. With greater U.S.
The WEO finds that the extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows. In the New Policies Scenario, the WEO ’s central scenario, the United States becomes a net exporter of natural gas by 2020 and is almost self-sufficient in energy, in net terms, by 2035.
EIA’s AEO2012 projects a continued decline in US imports of liquid fuels due to increased production of gas liquids and biofuels and greater fuel efficiency. EIA added a premium to the capital cost of CO 2 -intensive technologies to reflect current market behavior regarding possible future policies to mitigate greenhouse gas emissions.
Energy efficiency has tremendous potential to boost economic growth and avoid greenhouse gas emissions, but the global rate of progress is slowing, according to a new report by the International Energy Agency. improvement in 2017 and marked the third year in a row the rate has declined. Global primary energy demand rose by 2.3%
The agreement runs through 2024, with first delivery expected in 2017. The Red Rock process begins with the gasification of woody biomass to produce synthesis gas, which is then is cleaned and sent to a Fischer-Tropsch unit where it is converted to liquid hydrocarbons. Red Rock’s gas-to-liquids technology partner is Velocys.
Short-term pressures on oil markets are easing with the economic slowdown and the expected return of Libyan supply. But the average oilprice remains high, approaching $120/barrel (in year-2010 dollars) in 2035. Oil and the Transport Sector: Reconfirming the End of Cheap Oil. Click to enlarge. Electric vehicles.
The five different fuel groups were those derived: from conventional petroleum; from unconventional petroleum; synthetically from natural gas, coal, or combinations of coal and biomass via the FT process; renewable oils; and alcohols. million bpd.
Background colors of the cells represent the crude oilprice required for economic feasibility. These synthetic fuels are economically competitive with petro-diesel when the crude oilprice (COP) is at or above $86 per barrel (based on a 20% rate of return, in January 2008 dollars, with a carbon price of zero).
between 2017 and 2021, as a combination of higher oilprices, emerging mandate. Multiple aims include the reduction of dependence on imported oil, mitigation of greenhouse gas (GHG) emissions, and driving economic development. BGPY worldwide, representing a 127% increase over 2010 production volumes and an 8.4%
At home, the kingdom needs oil and natural gas for transportation, industrial production and electricity generation. Each of these sources of domestic demand is increasing, propelled by rising populations, growing incomes and subsidized end-user prices that, despite a recent adjustment, remain among the lowest in the world.
of first-generation, land-using biofuels in EU road transport fuels delivers a net greenhouse gas reduction benefit (13 Mt CO 2 savings in a 20-year horizon) even after factoring in indirect land use change (ILUC) effects. However, the authors note, “ simulations for EU biofuels consumption above 5.6%
In October 2017, Gevo announced a partnership with Los Alamos National Laboratory (LANL) on a project to improve the energy density of Gevo ATJ to meet product specifications for tactical fuels for specialized military applications such as RJ-4, RJ-6 and JP-10, which are currently purchased by the US Department of Defense (DoD).
This sharp slowdown in activity in the conventional oil sector was the result of reduced investment spending driven by low oilprices. mb/d come from liquids production from the US shale plays, and the rest is made up of other natural gas liquids and unconventional oil sources such as oil sands and heavy oil.
Source: EIA and Argus Media group, China Methanol to Energy Study , January 2017. About two-thirds of China’s methanol feedstock is produced from coal and the remainder from coking gas (a by-product of steel production) and natural gas. MTG units involve high capital costs and are only cost-competitive when oilprices are high.
The demo plant will be ramped up in the first half of 2017, with the goal of reaching performances close to commercial levels by the end of the year. The company will now expand its focus to other second- and third-generation carbon feedstocks, which are associated with even higher reductions in greenhouse gas emissions.
Fulcrum expects its first alternative fuels plant to begin commercial operation in 2017. Investing in alternative fuels is not only good for the environment, it’s a smart move for our company as biofuels have the potential to hedge against future oilprice volatility and carbon regulations.
As one example of factors contributing to that decision, a survey of projected oilprices returned values between $30 and $250 a barrel, he said.). One possible ARB scenario for achieving an 80% reduction in greenhouse gas emissions from transportation by 2050. Data: Tom Cackette, ARB. Click to enlarge.
The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. As if being the world’s biggest exporter of oil was not enough, the desert kingdom is now looking to conquer the refining sector as it has quickly become the fourth largest refiner in the world.
At a February 2018 meeting, an IMO-subcommittee announced a proposal to ban the carriage of non-compliant bunker fuel (fuel that exceeds the 0.50% sulfur limit) aboard ships that have not installed on-board ship scrubbers (exhaust gas cleaning systems), Barrow said. As of August 2017, approximately 360 ships had installed scrubbers.
Compared to the reference case, in which gasoline vehicles (ICEVs) remain dominant through 2050 (BAU), OPT results in 16% and 36% reductions in LDV greenhouse gas (GHG) emissions for 2030 and 2050, respectively, corresponding to 5% and 9% reductions in economy-wide emissions. Credit: ACS, Keshavarzmohammadian et al. Click to enlarge.
Americans still love their air-polluting and smog-producing gas guzzlers. Most people do know and feel that if we drive electric cars we could reduce the consumption of oil and could reduce pollution. By 2017, the number of stations increased to 300 from 2014. It is seen only one third is taking step to buy at any point of time.
On the other hand, the gasoline-powered vehicles were also in trouble because of the trail of exhaust gas, the gear shifting, and the cranking required to start the engine. Newly found reservoirs of petroleum and crude oil decreased the oilprice. The Great Fall. Model T was cheaper and had more range.
Oilprices are probably already high enough to spark a rebound in shale production. Even when US oil production hit a peak at 9.7 By the third quarter, oilprices had climbed back to above $40 and traded at around $50 per barrel for some time, replenishing some lost revenue. by Nick Cunningham of Oilprice.com.
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