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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

Green Car Congress

ExxonMobil is looking to reduce spending significantly as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. Production in Guyana is expected to reach more than 750,000 gross barrels of oil per day by 2025. Market Background Oil

RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

Green Car Congress

According to three new reports on “Promoting International Energy Security” issued by the RAND Corporation, because the energy purchases made by the US Department of Defense are not large enough to influence world oil prices—despite DoD requiring considerable amounts of fuel to function—cutting fuel use is the only effective choice to reduce what the Pentagon spends on petroleum fuels. Peak oil. Could oil production peak before 2030?

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GE study finds 5% of worlds natural gas production wasted per year by flaring

Green Car Congress

Worldwide, billions of cubic meters (bcm) of natural gas are wasted annually, typically as a by-product of oil extraction. Depending on region, these may include power generation; gas re-injection (for enhanced oil recovery, gathering and processing); pipeline development and distributed energy solutions. If half of this flare gas (25 bcm per year) was captured and sold at prevailing domestic prices in Russia, the economic opportunity may exceed US$2 billion (65 billion rubles).

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