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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. —Axel Preiss, EY’s Global Oil & Gas Advisory Leader. Click to enlarge.
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.
Solid-oxide fuel-cell manufacturer Bloom Energy and Samsung Heavy Industries (SHI), a part of Samsung Group, have signed a joint development agreement (JDA) to design and to develop fuel cell-powered ships. The two companies will work together to realize their vision of clean power for ships and a more sustainable marine shipping industry.
In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.
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. Proton Technologies is commercializing the process.
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 gradual decline foresees a decrease in crude oil production by around 30% and natural gas production by around 15% by 2030.
Thirty-seven globally prominent scientists representing the International Journal of Engine Research have published an open-access editorial addressing the future of the Internal Combustion Engine, and stressing the importance for continued development of more efficient and even lower-emitting technologies. —Reitz et al.
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.
Low-speed electric vehicles (LSEVs) could reduce China’s demand for gasoline and, in turn, impact global oil prices, according to a new issue brief by an expert in the Center for Energy Studies at Rice University’s Baker Institute for Public Policy. “ —Gabriel Collins.
In an EU-funded research project, an international consortium is aiming to develop new production methods for sustainable marine fuels to replace heavy fuel oils in shipping. In addition, the International Maritime Organization (IMO) is seeking to ban HFO use in Arctic waters. The participants are Vertoro B.V. (NL);
Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades. Global oil demand is expected to increase by 37 percent by 2040, with a dominant proportion of that coming from developing countries—i.e. China and India.
The nation’s major freight railroads joined US Transportation Secretary Anthony Foxx in announcing a rail operations safety initiative that will institute new voluntary operating practices for moving crude oil by rail. Current federal regulations do not require comprehensive track geometry inspections. Braking Systems.
quadrillion Btu in 2040 in AEO2014 , reflecting the impacts of increased foreign trade on international shipping and higher incomes on recreational boating. Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 Industrial shipments are expected to grow at 3.0%
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.
To reduce the number of accidents in the global oil and gas industry caused by damaged pipelines, University of Houston researchers are developing an autonomous robot to identify potential pipeline leaks and structural failures during subsea inspections. When larger spills happen, pipelines are often the culprit.
Global energy demand spiked in 2024, driven largely by surging electricity use, according to a new report released today by the International Energy Agency (IEA). Electricity consumption jumped by nearly 1,100 terawatt-hours a hefty 4.3% increase nearly twice the annual average growth of the past decade.
a leader in the area of high-performance dynamometer systems, recently provided a performance test stand for validating designs for new hydraulic variable timing cam phaser systems for a major international provider of powertrain components. The custom-built system is designed for use with cam phasers driven by oil pressure.
Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. —Joseph McMonigle, secretary general, IEF.
Cummins and Taylor Machine Works, a leading US manufacturer of heavy industrial lift equipment, signed a letter of intent with plans to integrate the Cummins 6.7-liter This collaboration will help realize the decarbonization goals of industrial steel, wood products, concrete, oil and gas, and port operations markets.
Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets.
Crude palm oil is one of the more than ten renewable raw materials that Neste uses to produce a range of renewable products, including renewable diesel. Palm oil represents approximately 20% of Neste’s renewable raw material usage annually. The field work was conducted by Meo Carbon Solutions. Schematic of a belt filter press.
billion to be split equally between the joint venture partners and funded from internal cash flows provided by DGD. —Joe Gorder, Valero Chairman and Chief Executive Officer, To produce renewable diesel, Diamond Green Diesel first pretreats used cooking oil and inedible animal fats to remove impurities.
World petroleum and other liquid fuels consumption will increase 38% by 2040, spurred by increased demand in the developing Asia and Middle East, according to the Reference Case projections in International Energy Outlook 2014 ( IEO2014 ), released by the US Energy Information Administration (EIA). oil sands, either diluted or upgraded).
The Record of Decision (ROD) reduces the size of the project by denying two of the original five drill sites proposed by ConocoPhillips, which is seeking to develop oil and gas leases it acquired beginning in the late 1990s. The Willow project is estimated to produce 180,000 barrels of oil per day at its peak. Earlier post.)
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.
Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources. The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry.
The ability to produce aviation-grade fuel from oil derived from wood waste—which up until now has been difficult due to the high viscosity of the oil—could help international aviation companies comply with new emissions regulations scheduled to go into effect in 2027. cP was achieved after 240 min. —Kim et al.
GlobalData research shows that lower oil prices as a result of the COVID-19 crisis could reduce electric vehicle demand and impair EU efforts to significantly reduce average new vehicle CO 2 emissions in the European car market. —Mike Vousden, Automotive Analyst at GlobalData.
Together with its partner Nordic Marine Oil, Neste is piloting a new Neste Marine 0.1 The sustainability characteristics of the co-processed marine fuel are certified with International Sustainability and Carbon Certification (ISCC PLUS) with a mass balance approach.
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. —Bjørn Einar Brath.
At the IAA 2018 exhibition in Hannover, FPT Industrial launched its new e-Powertrain organization. The core of the new FPT Industrial electromobility offering is the E-Powertrain Concept with new E-Axle. The other powertrain elements are the FPT Industrial 2835.6 manual transmission, the transfer box and the NDA rear axles.
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.
Testing of the latest Nexcel active engine oil management system ( earlier post ) across three different engine types has a{demonstrated} the system’s potential to reduce CO 2 emissions by 2 g/km. Nexcel’s active engine oil management system is an easy to change unit containing engine oil, a filter and an electronic control unit.
The Diamond Green Diesel facility converts inedible oils and other waste fats into a high-quality renewable diesel fuel. The Diamond Green Diesel facility converts inedible oils and other waste feedstocks into Honeywell Green Diesel, a high-quality fuel that is chemically identical to petroleum-based diesel. Ecofining unit.
Ltd has signed a Memorandum of Understanding for the joint development of a solid oxide fuel cell (SOFC) system for marine propulsion and power generation with Navig8, a Singapore-based major shipping company which operates 140 chemical and oil tankers globally. Doosan Fuel Cell Co.,
The results of a new analysis by the International Council on Clean Transportation (ICCT) show that, when combined with a trend toward higher methane leakage and combustion slip, there is no climate benefit from using liquefied natural gas (LNG) as a marine fuel—regardless of the engine technology. First, it contains very little sulfur.
One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize—and a big boost for both supermajors and smaller players making big waves in the heart of new discovery areas. Earlier post.].
Each vessel was supplied with bp Marine B30 biofuel, consisting of 30% fatty acid methyl esters (FAME) blended with very low sulfur fuel oil (VLSFO). FAME is a renewable alternative fuel (biodiesel) largely produced from recycled cooking oils and renewable oil sources.
The agreement combines Topsoe’s technologies in renewable fuels and hydrogen production as well as decades of experience in engineering with Steeper’s proprietary Hydrofaction technology and industry know-how. The process conditions are carefully chosen to promote reaction pathways that favor high yields of high-quality renewable oil.
In its April Oil Market Report , the International Energy Agency (IEA) forecasts that world oil demand will climb by 2 mb/d in 2023 to a record 101.9 OECD demand, dragged down by weak industrial activity and warm weather, contracted by 390 kb/d y-o-y in 1Q23, its second consecutive quarter of decline. mb/d versus 4.6
The International Energy Agency (IEA) estimates that global refining capacity decreased by 730,000 barrels per day (b/d) in 2021—the first decline in global refining capacity in 30 years. In its June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 million b/d in 2022 and by an additional 1.6
In a three-year Business Finland BioFlex project, VTT—the Finnish state-owned research agency—and partners are exploring how suitable fuel oils made from biomass and waste plastics are for power plants and ship diesel engines. We are also conducting experiments to examine the suitability of the oils for applications.
However, the resulting low gas prices, as well as clean air and climate policies, will promote further switching to gas from other more polluting energy sources, such as oil and coal. The development of an international hydrogen market could also accelerate adoption. —Jon Moore, CEO of BNEF. MMbtu in Russia, $8.7/MMbtu
The engine block is derived from a Cursor 11 commercial vehicle engine manufactured by FPT Industrial and has already served us for five years in various research projects. In cooperation with a major European supplier, a new oil-lubricated common-rail pump had therefore been developed. Image: Empa. —project leader Patrik Soltic.
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