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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. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.

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Petrobras says it is expanding oil and gas production in the pre-salt in “economically viable” manner

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Responding to press articles saying that the collapse of the global oil price is threatening oil and gas production in the off-shore Brazil pre-salt layer, Petrobras countered that it is expanding its production capacity “in an economically viable manner.” On Tuesday, 6 January, the price for WTI crude closed at $47.93/bbl,

Oil 150
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IHS Markit: US oil producers to halt 1.75 MMb/d per day of production; Canada to cut 0.5 MMb/d

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Due to the collapse in oil prices, IHS Markit expects US producers are in the process of curtailing about 1.75 The oil market fear that characterized March and the extreme price pressure that producers felt in April have galvanized producers across North America into unprecedented action. However, nearly 1.4

Oil 186
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Harvard Kennedy School researcher forecasts sharp increase in world oil production capacity and risk of price collapse

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Such an increase in capacity could prompt a plunge or even a collapse in oil prices, he suggests. Taking into consideration limitation in transportation infrastructure and refining capacity, and environmental barriers to development, the United States could still increase oil production by 3.5 shale oil production.

Oil 261
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First reference installation of Opcon Waste Heat Recovery technology for ships; potential for 5–10% fuel savings

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Considering today’s oil prices and the efforts being made by the IMO, for example with the coming International Energy Efficiency Certificate (IEE), we believe that this product really has come at exactly the right time. Waste heat is used by a heat exchanger to vaporize a working fluid with a boiling point lower than water.

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EIA: China’s use of methanol in liquid fuels has grown rapidly since 2000; >500K bpd in 2016

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Beginning with its February Short-Term Energy Outlook (STEO), EIA incorporated revisions to historical international liquids consumption data into the STEO’s international liquid fuels market balances. Methanol, like ethanol, is an alcohol with inherent issues such as its solubility in water and corrosiveness. Click to enlarge.

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IEA WEO-2012 finds major shift in global energy balance but not onto a more sustainable path; identifies potential for transformative shift in global energy efficiency

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The global energy map is changing significantly, according to the 2012 edition of the Internal Energy Agency’s (IEA) World Energy Outlook ( WEO-2012 ). 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. Energy demand. — WEO-2012.

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