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Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.
Our environmental track record and continual efforts to help our customers build more sustainable communities played a major role in our decision to use renewable diesel in our fleet. Western States Oil, headquartered in San Jose, Calif., —Bill Crotinger.
Austria-based OMV, an international, integrated oil, gas and chemicals company, announced its intention to become a net-zero (Scope 1, 2 and 3) company by no later than 2050. The company can build on a strong position. The production of oil and gas for energy use will be completely stopped by 2050.
PTT is a Thai state-owned oil and gas company and the largest publicly listed conglomerate in Thailand. It will build on Foxconn’s recently-established MIH industry alliance , an open network that enables developers and manufacturers to offer a complete software and hardware platform to build electric cars.
Petrochemicals are rapidly becoming the largest driver of global oil demand. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then. Source: IEA. —Dr Fatih Birol, IEA Executive Director.
In the June Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) forecasts that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). million b/d in 2021 and 11.5
Royal Dutch Shell will build an 820,000-tonnes-a-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam, the Netherlands, formerly known as the Pernis refinery. Hydrogen and high-pressure steam are then used in the production process to convert oils into fuels (hydroprocessing), helping to reduce the fuel’s carbon intensity.
billion to build a new electric vehicle (EV) battery manufacturing plant in Georgia. SK Group has been building relationships within the United States for decades. South Korea-based SK Innovation, a developer of lithium-ion batteries for electric vehicles, will invest $1.67
Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in 2024, using the Prosperity floating production, storage and offloading (FPSO) vessel. The $9-billion development will target an estimated resource base of about 600 million oil-equivalent barrels.
Building on its capability of proactive transformation, Neste has initiated a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site. The refining capacity of crude oil is approximately 10.5 Porvoo refinery. million ton/a.
BASF will uptake most of the pyrolysis oil and process it into new chemical products by using a mass balance approach as part of its ChemCycling project. Furthermore, Pyrum intends to build additional tire pyrolysis plants together with interested partners. —Hartwig Michels, President of BASF’s Petrochemicals division.
bp has successfully started oil production at its Argos offshore platform, strengthening bp’s position as a leading producer in the deepwater US Gulf of Mexico. Argos is the centerpiece of bp’s Mad Dog Phase 2 project, which extends the life of the super-giant oil field discovered in 1998. Earlier post.) bp is the operator with 60.5%
LG Chem and Korean biodiesel producer and exporter Dansuk Industrial will form a joint venture to build Korea’s first next-generation hydro-treated vegetable oil (HVO) plant. HVO is a next-generation bio-oil produced through hydro-treatment of vegetable raw materials such as waste cooking oil and palm by-products.
Saudi Aramco and Air Products signed an agreement to jointly-build the first hydrogen fuel cell vehicle fueling station in Saudi Arabia. The use of hydrogen derived from oil or gas to power fuel cell electric vehicles represents an exciting opportunity to expand the use of oil in clean transport. —Ahmad O.
Suncor Energy, a Canadian integrated energy company that is one of the top oil sands producers in the country, will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050. In 2002, Suncor partnered with Enbridge to build one of the first renewable.
Benzene, an aromatic hydrocarbon, is a natural component of crude oil and is one of the elementary petrochemicals. The researchers noted that while the production of benzene from fatty acids is not economically viable yet, their scheme does provide a perspective to access this important building block from non-fossil sources efficiently.
Cepsa—the Spain-based multinational oil and gas company—will invest more than €3 billion to establish the Andalusian Green Hydrogen Valley, creating the largest green hydrogen hub in Europe in southern Spain. The company will build two plants with a total capacity of 2 GW to produce green hydrogen.
Goodyear’s new tire features three different carbon blacks that are produced from methane, carbon dioxide, and plant-based oil. The use of soybean oil in tires is a significant Goodyear innovation that helps keep a tire’s rubber compound pliable in changing temperatures.
ADM plans to build North Dakota’s first dedicated soybean crushing plant and refinery to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel. The processed soybean flakes are dried, toasted and ground into soybean meal.
Together, the two companies will build a production facility in Shaanxi Fupin in China to produce methanol synthesis catalysts. Forming of the joint venture and building of the catalysts facility will be the first step of a long-term strategic cooperation between Topsoe and Yanchang.
The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines. Preliminary data for May show total OECD stocks building by 6 mb.
EIA projects that through the mid-2020s, the bulk chemicals industry will build facilities that use natural gas and HGL feedstocks to produce chemicals. In the Reference case, petroleum and other liquids (mainly motor gasoline and distillate fuel oil) are the primary fuels consumed in the US transportation sector. Source: U.S.
You do a redemption build. So if you want to follow along -- learning a bit about oil analysis and other useful things -- go ahead and watch below. The TTAC Creators Series tells stories and amplifies creators from all corners of the car world, including culture, dealerships, collections, modified builds and more.
Neste’s renewable hydrocarbons are produced entirely from traceable, bio-based raw materials, such as waste and residue oils and fats, providing a high-quality, more sustainable alternative to fossil feedstock.
Over the next few years, Sinopec plans to deploy 5,000 battery charging and swapping stations. In March 2021, Nio announced that it had completed 2,000,000 battery swaps using its first-generation swapping stations.
The Hydrogen Heavy Duty Vehicle Industry Group—comprising Air Liquide, Hyundai, Nel Hydrogen, Nikola Corporation, Shell and Toyota—has signed agreements with Tatsuno Corporation and Transfer Oil S.p.A. to industrialize globally-standard 70 MPa hydrogen heavy-duty vehicle high-flow (H70HF) fueling hardware components.
is planning to build a 3,000 barrels per day (bpd) renewable fuel plant (Refuel YYZ) in Southern Ontario. Planned feedstocks include a mix of waste fats, oils and greases , such as regionally-sourced used cooking oil, animal fats and non-edible crop oils. Refuel Energy Inc.
Saudi Arabia’s ambitions for an EV supply chain are part of the diversification of the national economy away from oil, a project guided by the government’s Vision 2030 reform plan announced in 2016. Rabigh Refining & Petrochemical Company will supply feedstock in the form of decant oil. Earlier post.) Earlier post.)
Aker Solutions is already a leading supplier to oil and gas companies globally and will continue to maintain this market position. The plant NBC plans to build at Herøya Industrial Park will have a “significant capacity”. Multiconsult will contribute with front-end design related to civil construction and buildings.
The grant will provide $10 million in the first year, which will fund the consortium members, in collaboration with more than 100 partner entities, to develop a roadmap to accelerate the growth and development of geothermal, leveraging expertise, technologies, and methods from the oil and gas industry.
Associated sanctions on Russia—with more than 5 million b/d in crude oil processing capacity—disrupted exports of Russia’s refined products into the global market, and will likely continue to do so as import bans in the European Union and United Kingdom come into full force. million b/d in 2022 and by an additional 1.6
In their proposed Lingen Green Hydrogen project, the two firms intend to build an initial 50 ?megawatt The project is also intended to support a longer-term ambition to build more than 500MW of ?renewable-powered The Lingen Refinery processes about five million tonnes of crude oil a year (~100,000 barrels ?a west Germany.
Vantis , North Dakota’s Statewide Unmanned Aircraft Systems Network, will partner with Thales as the long-term systems integrator to build out the UAS (drone) infrastructure across the state. We’re building the blueprint for commercial BVLOS flights across the country. —Trevor Woods, interim executive director of NPUASTS.
Price-competitive natural gas will be used for the direct reduction of iron ore, but the CO 2 emitted by this process will be injected into UAE oil fields for enhanced oil recovery (EOR) under the practice of carbon capture, utilization and storage (CCUS).
Neste and CIM, part of NOVEN Group in France, the leading independent French group of companies providing oil storage and supply services, are collaborating to enable the supply of Neste MY Sustainable Aviation Fuel into France. Neste is committed to contribute significantly as we are increasing our global SAF production capacity to 1.5
In this next phase of the program, we intend to broaden participation and invite others to build the ecosystem required for full-scale deployment. In the past few years Viridos’ leadership in engineering microalgae has achieved greater than 5x bio-oil productivity increases by increasing both the oil content in the algae and the algae yield.
The plant would no longer produce fuels from crude oil, but instead would make fuels from used cooking oil, fats, greases and soybean oils. The production of renewable fuels will result in 50% less carbon dioxide, 75% less sulfur dioxide, and fewer local emissions than the current crude oil refinery configuration.
SHI is actively participating in all of the relevant activities during the joint development, from early studies to project completion, in order to build highly efficient fuel cell-powered ships. —Haeki Jang, vice president of shipbuilding & drilling sales engineering at SHI.
IBM Quantum is an industry-first initiative to build universal quantum systems for business and science applications. IBM announced that bp has joined the IBM Quantum Network to advance the use of quantum computing in the energy industry. —Morag Watson, senior vice president, digital science and engineering for bp.
A coalition of major oil & gas, power, automotive, fuel cell, and hydrogen companies have developed and released the full new report, a “ Road Map to a US Hydrogen Economy. ” Demand potential across sectors, base and ambitious cases. Road Map to a US Hydrogen Economy ”. —Morry Markowitz.
The renewable diesel HVO (Hydrotreated Vegetable Oil) and renewable jet fuel (Synthetic Paraffinic Kerosene/SPK), also known as Sustainable Aviation Fuel (SAF), will be produced at ECB’s to-be-built Omega Green biorefinery in Paraguay, with a total production capacity of 20,000 barrels per day of HVO, SPK/SAF and green naphtha.
VTT and Neste have agreed to build a technology demonstration facility at VTT Bioruukki Pilot Centre, Espoo. VTT will provide the fuel synthesis unit and technology and Neste carries out upgrading of the synthetic crude oil into fuel products fulfilling the specifications.
Class 3 flammable liquids most commonly include crude oil, ethanol, and refined petroleum products. For crude oil alone, 73% of the tank car fleet in 2019 consisted of DOT-117s, up from 46% in 2018. DOT-111s were required to stop carrying crude oil in 2018. DOT-111s were required to stop carrying crude oil in 2018.
As Scotland’s only crude oil refinery, Petroineos is the primary supplier of aviation fuel for Scotland’s main airports and the major supplier of gasoline and diesel across Scotland’s Central Belt, as well as in Northern Ireland and Northern England. The Petroineos JV operates the Grangemouth Refinery.
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