OMV says it will stop oil and gas production by 2050 in transformation to net-zero

Green Car Congress

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 share of gas will increase to more than 60%. Market Background Natural Gas Oil

Oil 363

EPA proposes new rulemaking for sharp cuts in methane emissions from oil and gas industry

Green Car Congress

The US Environmental Protection Agency (EPA) is proposing comprehensive new regulations to reduce methane emissions from the oil and natural gas industry—including, for the first time, reductions from existing sources nationwide.

Oil 217
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Imperial Oil and E3 Lithium partner on lithium pilot project, redeveloping historic oil field

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The pilot will support E3 Lithium’s Clearwater project, which will draw lithium from under the Leduc oil field, Imperial’s historic discovery that first launched major oil and gas development in Western Canada. Batteries Canada Manufacturing Market Background Materials Oil

Oil 334

EIA: Petroleum and natural gas will be the most-used fuels in the US through 2050

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In this case—which reflects only current laws and regulations—renewable energy is the fastest-growing energy source through 2050, while petroleum remains the largest share of energy consumption throughout that period, followed by natural gas.

Gas 359

Biden bans import of Russian oil, gas, coal with immediate effect; Putin to block exports of “certain products and raw materials”

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President Joe Biden issued an executive order banning the importation from Russia of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products. In 2021, Russian oil was just under 10% of US overall imports of oil. The UK will also phase out imports of Russian oil in response to the Russian invasion of Ukraine by the end of the year, the Business Secretary Kwasi Kwarteng confirmed.

Oil 239

Opinion: Political Climate Shifting Against The Oil And Gas Industry

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Oil and gas companies have had a tough time over the past year trying to weather the storm of falling oil prices. But the political and financial winds are moving in the wrong direction for the industry, raising more “above ground” problems at a time that they can ill-afford it. Drilling oil and gas wells requires a lot of money. Put another way, about 12 percent of all loans to oil and gas companies are rated “substandard” or worse.

2015 191

The $32-Trillion Push To Disrupt The Entire Oil Industry

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Global oil and gas companies are increasingly facing an uphill battle as global warming policies are taking their toll. Most analysts and market watchers are focusing on peak oil demand scenarios, but the reality could be much darker. International oil companies (IOCs) are likely to face a Black Swan scenario, which could end up being a boon for state-owned oil companies (NOCs). Lower oil supply will push up prices if demand continues to grow.

2019 196

Equinor Energy & Mitsubishi Heavy to collaborate on low-carbon technology to reduce carbon footprint of oil & gas operations

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Norway-based energy company Equinor Energy and Mitsubishi Heavy Industries (MHI) signed a Memorandum of Understanding (MoU) for a low-carbon technology collaboration. The non-exclusive cooperation agreement will see both companies develop and use technology to reduce the carbon footprint of oil & gas operations. MHI has also further developed its advanced-class gas turbines to be capable of utilizing hydrogen, currently at 30%, and ultimately 100%.

2020 172

EIA expects increased US crude oil production, with continued high petroleum prices in 2022

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The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). A high level of uncertainty remains in our outlooks, but we have consistently forecast that elevated crude oil prices would help drive record-level annual US oil production levels in 2023.

Oil 270

Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

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Canadian researchers have developed a large-scale economical method to extract hydrogen from oil sands (natural bitumen) and oil fields. The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. The process can also be applied to mainstream oil fields, causing them to produce hydrogen instead of oil. Oil fields, even abandoned oil fields, still contain significant amounts of oil.

3 Oil Majors That Bet Big On Renewables

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Big Oil has frequently been chided for merely trying to burnish its green credentials, and so far, it has done little to convince us that it is truly moving forward to greenness. Let this sink in: In 2018, Big Oil spent less than 1% of its combined budget on green energy projects.

2020 334

Joestradamus Foresees Terrible Trouble & Complete Collapse For Kings Of Stranded Assets. “I Got Your Just Transition Right Here,” Say Youth Hackers For Climate Justice.

Creative Greenius

environment climate change climate crisis climate wreckers homegrown terrorists Just Transition monkeywrench oil and gas industry stranded assets

IHS Markit: conventional oil & gas discoveries at lowest levels in 70 years; major rebound unlikely

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Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by global business information provider IHS Markit. The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oil prices collapsed in 2014.

2019 183

Oil Industry Faces Huge Worker Shortage

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The rig count has rebounded from the lows seen in late May, a small indication that oil companies in the US could begin drilling anew. Because of this, the collective US shale industry has been likened to the new “swing producer”: low oil prices force quick cutbacks but higher prices trigger new supplies. An estimated 350,000 workers have been laid off in the oil industry around the world, and the rig count in the US is a tiny fraction of what it was two years ago.

2016 150

California adds more regulation for oil and gas industry; water quality and spill response

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AB 1328 gives California water agencies access to information on potentially hazardous chemicals used in oil and gas operations. AB 1197 will ensure their spill management teams are adequately trained and prepared in the event of an oil spill. For decades, legislators in California have been working to obtain information on the chemicals present in wastewater from oil and gas production.

2017 174

Nearly 20% of intact tropical forest landscapes overlap with extractive industries

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A new study from WCS (Wildlife Conservation Society) and WWF finds that nearly 20% of tropical Intact Forest Landscapes (IFLs) overlap with concessions for extractive industries such as mining, oil and gas. Market Background Mining Oil Sustainability

There’s Only One Kind Of “Just” Transition I Want To See

Creative Greenius

Oil, gas and coal workers have all known for more than a dozen years that their work was helping to destroy people’s health and well being. So the justice I want to see is first, second and third for the victims in the sacrifice zones created by the oil, gas and coal companies.

Waste 302

Berkeley Law’s CLEE report provides policy options for phasing out oil and gas production in California

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California is the seventh-largest oil-producing state in the US. The state’s crude oil production in 2018 was approximately 162 million barrels—mainly from onshore wells—down from 174 million barrels in 2017 and a recent high of 205 million barrels in 2014. Net natural gas production for 2018 was between 180 and 199 billion cubic feet—15 th in the nation (near the bottom of major gas-producing states, some of which produce trillions of cubic feet per year.

2020 150

Oil and Gas Climate Initiative to invest $1B over 10 years in low-emissions tech

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The Oil and Gas Climate Initiative (OGCI) will invest $1 billion over the next ten years to develop and to accelerate the commercial deployment of innovative low-emissions technologies. It will also identify ways to cut the energy intensity of both transport and industry. Working in partnership with like-minded initiatives across all stakeholder groups and sectors, the OGCI CI believes its emission reduction impact can be multiplied across industries.

2016 191

EY: oil & gas megaproject overruns to cost industry more than $500B

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A new report by EY finds that 64% of multibillion-dollar, technically and operationally demanding oil & gas megaprojects continue to exceed budgets, with 73% missing project schedule deadlines. Source: EY Megaprojects oil and gas report. The report—“Spotlight on megaprojects”—is based on the review of 365 projects with a proposed investment of above US$1 billion in the upstream, LNG, pipelines and refining segments of the oil and gas industry.

2014 249

Oil and gas fracking industry targets Millennials for support

Green Car Reports

The oil and gas industries certainly know how to tailor their messages to specific demographics. Marketing oil natural gas Social Media Millennials fossil fuelsThe process of hydraulic fracturing—commonly known as "fracking"—to release fossil-fuel reserves from the earth has led to a boom in U.S. production, but has also proven controversial because of environmental issues. So to shore up support.

2016 77

White House: OPEC+ oil production increases “simply not enough”

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On Wednesday, US National Security Advisor Jake Sullivan issued a statement calling on OPEC+ to increase oil production: While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022.

Oil 217

EPA proposes new standards to reduce methane and VOCs emissions from oil and gas industry

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The US Environmental Protection Agency (EPA) released its latest set of proposed standards to reduce emissions of methane and volatile organic compounds (VOCs) from the oil and natural gas industry. Methane, the key constituent of natural gas, is a potent GHG with a global warming potential more than 25 times greater than that of carbon dioxide. The proposal also includes incentives to spur the oil and gas industry to minimize leaks.

2015 200

BNEF, Snam, IGU report finds global gas industry set to resume growth post-pandemic; low-carbon technologies for long-term growth

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After growing by more than 2% in 2019, global gas use is set to fall by around 4% in 2020, as the COVID-19 pandemic reduces energy consumption across the global economies. A particular growth opportunity exists in liquefied natural gas. Low-carbon gas.

2020 217

New study confirms extensive gas leaks in the North Sea; recommends stricter guidelines for handling of abandoned wells

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Researchers from the GEOMAR Helmholtz Center for Ocean Research Kiel have found that considerable quantities of the greenhouse gas methane escape uncontrolled into the water from abandoned oil and gas wells in the North Sea.

2020 234

Researchers find abundance of oil-eating bacteria in northeast Atlantic

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A team of scientists from Heriot-Watt University has found the waters in the Faroe-Shetland Channel (FSC) are teeming with oil-eating bacteria. The FSC is a deepwater sub-Arctic region where the oil and gas industry has been active for the last 40?years. In the event of an oil spill, our results suggest that the response of these organisms is severely hindered by the low temperatures and nutrient levels that are typical for the FSC.

Oil 191

Satellite study: livestock digestion released 70% more methane than oil and gas industry in 2004

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Livestock were the single largest source of methane gas emissions in the United States in 2004, releasing 70% more into the atmosphere than the oil and gas industry as estimated by other inventories, according to a new study by a team from Harvard University, JPL/CalTech and UC Irvine. US livestock emissions are 40% greater than in these two inventories; no such discrepancy is apparent for overall US oil and gas emissions.

2004 196

S&P Global report forecasts absolute emissions from Canadian oil sands to decline even as production grows

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By the middle of this decade greenhouse gas (GHG) emissions from Canadian oil sands production should be in decline even as production continues to grow, according to a new comprehensive report by S&P Global Commodity Insights that takes into account current technology trends and production growth. From 2020 to 2035, S&P Global Commodity Insights projects GHG intensity of the Canadian oil sands could decline from 20-28% with some segments seeing much more dramatic reductions.

DOE selects 6 projects for $30M in funding to boost unconventional oil and natural gas recovery

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The US Department of Energy (DOE) has selected six projects to receive approximately $30 million in federal funding for cost-shared research and development in unconventional oil and natural gas (UOG) recovery. The Institute of Gas Technology. This technology will be for initial stimulation/production as well as enhanced recovery via refracturing and enhanced oil recovery methods. Natural Gas Oil

2018 150

SwRI to lead oil and gas separation technology joint industry project

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Southwest Research Institute (SwRI) launched a multi-million dollar joint industry project to better understand oil and gas separation technology. The objective of the Separation Technology Research Program (STAR Program) is to combine industry knowledge and resources to advance research that could lead to better equipment and test protocols. The STAR Program will involve this three-phase separation process as well as gas/liquid separation and liquid/liquid separation.

2014 180

New USGS oil and gas assessment for Bakken and Three Forks formations boosts estimates of recoverable oil two-fold, natural gas three-fold

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The United States Geological Survey (USGS) released an updated oil and gas resource assessment for the Bakken Formation and a new assessment for the Three Forks Formation in North Dakota, South Dakota and Montana, resulting in a two-fold increase in the estimated technically recoverable oil, and a three-fold increase in estimated natural gas. Technically recoverable resources are those producible using currently available technology and industry practices.

2013 214

ARPA-E selects SwRI to create more effective burner to reduce methane emissions

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of the methane encountered during oil production. of the methane in gas flares used by the oil and gas industry. During oil production, producers encountering pockets of methane typically use flare stacks to burn off the vented gas.

GE Oil & Gas secures order for industry’s first 20-ksi deepwater BOP stack and riser

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GE Oil & Gas has received an order for the offshore oil and gas industry’s first 20,000-psi (20-ksi)-rated deepwater blowout preventer (BOP) stack and riser systems from Maersk Drilling. It was the failure of the BOP stack on the Macondo well that enabled the massive oil release from the Deepwater Horizon disaster. — Andrew Way, president and CEO of GE’s Drilling & Surface business—GE Oil & Gas.

2014 180

KIT and Wintershall Dea collaborating to develop industrial-scale methane pyrolysis for CO2-free production of hydrogen

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Methane pyrolysis separates methane (CH 4 ) into gaseous hydrogen and solid carbon that is a valuable material for various industry branches and can also be stored safely. There are huge quantities of natural gas worldwide and it can be used in a climate-neutral way.

2019 247

Neste introduces co-processed marine fuel in partnership with Nordic Marine Oil; up to 80% GHG emission reduction

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Together with its partner Nordic Marine Oil, Neste is piloting a new Neste Marine 0.1 Co-processed marine fuel in Scandinavia, a solution helping the maritime sector to reduce the greenhouse gas (GHG) emissions. Accounting for 90% of world trade and 13% of global transport emissions, the shipping industry needs solutions to reduce its carbon footprint in a viable way in line with the targets of the International Maritime Organization.

US offshore oil and gas leasing plan for 2017-2022 focuses on Gulf of Mexico, excludes Arctic

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Given the unique and challenging Arctic environment and industry’s declining interest in the area, forgoing lease sales in the Arctic is the right path forward. The Proposed Final Program includes 10 sales in the Gulf of Mexico—one of the most productive basins in the world—where resource potential and industry interest are high, and oil and gas infrastructure is well established. The vast majority of US offshore oil production occurs in the Gulf of Mexico.

2016 217

EPA to develop regulations for methane emissions from existing oil and gas wells; ICR coming in April

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The US EPA will begin developing regulations for methane emissions from existing oil and gas sources—e.g., oil and gas wells. The agency announced plans to cut methane emissions from new oil and gas wells last year. The US currently has a goal of cutting methane emissions from the oil and gas sector by 40 to 45% below 2012 levels by 2025. Emissions Natural Gas Oil Regulations

2016 174

Douglas-Westwood: oil & gas industry need to push High-Pressure - High Temperature envelope

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In its latest Monday note, energy research company Douglas-Westwood wrote that the Exploration & Production industry (E&P), experiencing rising global hydrocarbon demand as well as rising costs, is facing the technical challenge of the development of High Pressure – High Temperature (HPHT) reserves. A good example is the Haynesville shale gas play where one E&P Company has completed more than 300 HPHT wells, he noted.

2014 196

GE, Rosneft to pursue opportunities in Russia’s oil and gas industry, including Arctic offshore

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GE and OJSC Rosneft signed a memorandum of understanding (MOU) that lays the foundation for the two companies jointly to evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation. The agreement calls for a strategic, cooperative relationship that would: leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and.

2012 196

Battelle develops self-healing smart beads that detect and repair corrosion; valuable for oil & gas industry

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Now, they’ve developed a proof-of-concept technology that can be valuable for many industries, especially oil & gas. Battelle scientists have developed a tiny bead, the Battelle Smart Corrosion Detector bead, that not only detects corrosion but delivers a payload to help heal the microscopic cracks that rust creates.

2014 196

Siemens targeting Li-ion energy storage for marine and offshore oil and gas applications; 6MW system to West Mira rig

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As part of a strategy to continue providing low-emissions solutions for harsh offshore operating environments, Siemens has opened a fully robotized and digitalized plant in Norway that will develop and manufacture energy storage technologies for both marine and offshore oil and gas applications. Siemens was also encouraged by its closeness to ambitious customers in the Norwegian maritime industry and by the policy offensive for low-emission solutions.

2019 204

The “Amazon Effect” Is Coming To Oil Markets

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While OPEC mulls over further steps to once again support falling oil prices, tech startups are quietly ushering in a new era in oil and gas: the era of the digital oil field. Much talk has revolved around how software can completely transform the energy industry, but until recently, it was just talk. Mills , believe we are on the verge of an oil industry transformation of proportions identical to the transformation that Amazon prompted in retail.

2017 150

National Academies’ Gulf Research Program awards $10.8M to address systemic risk in offshore oil and gas operations

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million to six new projects to develop new technologies, processes, or procedures that could result in improved understanding and management of systemic risk in offshore oil and gas operations. The greatest risk in offshore oil and gas operations is the uncontrolled release of hydrocarbons and the threats such events pose to human health and safety, the environment, and infrastructure—as evidenced by the Deepwater Horizon disaster.

2017 150