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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. With global demand expected to grow by 1.2

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GECF: more than a quarter of 2050 natural gas supply untapped

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Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF).

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National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). The Top 50 companies produce 75% of global oil output. ExxonMobil, US.

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Rosneft and PDVSA sign tentative MoU for JV to develop heavy crude reserves in Venezuela’s Orinoco belt

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Rosneft, the leader of Russia’s petroleum industry and majority owned (75.6%) by the state, and PDVSA, Venezuela’s state-owned oil and gas company, have signed a tentative memorandum of understanding (MoU) to set up a joint venture to develop heavy crude oil reserves in Venezuela as part of the Carabobo-2 project.

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Canada Launches Heavy Oil Working Group to Promote Cleaner Fossil Fuels

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The Honorable Christian Paradis, Minister of Natural Resources, initiated the working group with leaders from countries with heavy oil potential in the Americas during the Ministerial meeting of the Energy and Climate Partnership of the Americas (ECPA) in Washington, DC on 16 April.

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U Calgary study finds oil shale most energy intensive upgraded fuel followed by in-situ-produced bitumen from oil sands

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Unconventional oil production received a boost recently especially in North and South America with the significant increases in production from oil sands in Canada, tight oil and oil shale in the US, and growth projections of extra heavy oil in Venezuela. … How does this relate to the life cycle greenhouse gas (GHG) emissions intensity?

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Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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for the first quarter of 2011, according to data from the California Department of Oil, Gas & Geothermal Resources (DOGGR). The US heavy oil resource approaches 100 billion. Of the total worldwide oil resources of 9–13 trillion barrels, 15% is estimated to be heavy (i.e., in 1988 to just above 2.3 Source: Chevron.

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