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Report suggests low-speed electric vehicles could affect Chinese demand for gasoline and disrupt oil prices worldwide

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Low-speed electric vehicles (LSEVs) could reduce China’s demand for gasoline and, in turn, impact global oil prices, according to a new issue brief by an expert in the Center for Energy Studies at Rice University’s Baker Institute for Public Policy. “ million of them—roughly 30% more units than conventional electric vehicle makers did.

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ExxonMobil to explore offshore South Africa; deal for 75% interest in Tugela South

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Exxon Mobil Corporation’s affiliate, ExxonMobil Exploration and Production South Africa Limited, will soon begin exploration activities offshore South Africa. The Impact Oil and ExxonMobil areas offshore South Africa. South Africa has no significant crude oil production. Source: Petroleum Agency SA.

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Cairn, ConocoPhillips confirm oil find offshore Senegal

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Cairn, ConocoPhillips and their other joint venture partners confirmed that oil was discovered in the FAN-1 exploration well, located approximately 60 miles (97 km) offshore Senegal, in Northwest Africa. This Shelf Edge Prospect targeting a dual objective in 1,100 m water depth is in the Sangomar Deep block.

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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. It is the second-largest oil producer in the UK North Sea.

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Pancontinental says first oil discovered offshore Kenya

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Australia-based Pancontinental Oil and Gas NL says it has verified that its recently completed Sunbird-1 well off the southern Kenyan coast has intersected an oil column—the first such discovered off the East African coast. The gross oil column is assessed to be 14m thick beneath a gross gas column of 29.6m

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WRI: global oil consumption hits all-time high

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between 2008 and 2009 due to the global financial crisis, global oil consumption recovered by 3.1% About one third of this growth came from China, which now uses more than 10% of the world’s oil. of total oil consumption in 2010. of total oil consumption in 2010. After falling 1.5% in 2010 to reach an all-time high of 87.4

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ABB Develops Cost-Effective Process to Clean Oily Produced Water

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Oily water treatment schematics. ABB has developed a water treatment technology that cleans oily wastewater—by far the largest waste product in oil and gas production—quickly, cost-effectively and energy-efficiently. About seven to ten barrels of produced water are generated for each barrel of oil.

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