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

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Neste studying transitioning Porvoo refinery to a renewable & circular site; ending crude oil refining in mid-2030s

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Building on its capability of proactive transformation, Neste has initiated a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site. The refining capacity of crude oil is approximately 10.5

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EIA forecasts crude oil prices will decline through 2023

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Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices. Crude oil production remained restrained as a result of curtailments by OPEC+ members, investment restraint from US oil producers, and other supply disruptions. Forecasts Market Background Oil

bp sells its Sunrise oil sands interest to Cenovus, picks up interest in Bay du Nord project

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bp has agreed to sell its 50% interest in the Sunrise oil sands project in Alberta, Canada, to Calgary-based Cenovus Energy, the other owner of the Sunrise project. In Canada, bp will no longer have interests in oil sands production and will shift its focus to future potential offshore growth.

OPEC+ to cut oil output by 2 mb/d from November; Saudi Arabia and Russia account for half

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At the 45 th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33 rd OPEC and non-OPEC Ministerial Meeting (OPEC+) in Vienna, the organizations decided to cut crude oil production by 2 million barrels per day (mb/d), starting in November 2022.

EIA: Crude oil demand returns faster than supply, increasing prices and reducing inventories

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The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3

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EIA: China processed record amounts of crude oil in 2021 but exported less gasoline and diesel

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China processed record amounts of crude oil in 2021 to meet rising domestic consumption of petroleum products, according to analysis by the US Energy Information Administration (EIA). Despite more refinery capacity, crude oil processing decreased by 0.4

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

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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 production of oil and gas for energy use will be completely stopped by 2050.

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EIA estimates decrease in global surplus crude oil production capacity in 2022

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As of May 2022, surplus crude oil production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the US Energy Information Administration’s (EIA) new report Global Surplus Crude Oil Production Capacity. Forecasts Market Background Oil

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Study finds carbon emissions benefits of reduction in oil demand depend on size of drop and global oil market structure

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New research led by Mohammad Masnadi, assistant professor of chemical and petroleum engineering at the University of Pittsburgh Swanson School of Engineering, offers a closer look at the relationship between decreasing demand for oil and a resilient, varied oil market—and the carbon footprint associated with both. There’s an assumption that as demand decreases, oil producers who are on the margins will be pushed out of business, but we’ve found that’s not always the case.

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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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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). Market Background Oil

Oil 344

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.

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.

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Production of crude oil as a percentage of proved reserves: Recent worldwide and US trends

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In this analysis, I examined the relation between crude-oil production and crude-oil reserves in the world overall and in the United States alone. The variable of interest was the amount of crude oil produced as a percentage of proved reserves of crude oil. The raw data for this study were proved reserves of crude oil (obtained from Oak Ridge National Laboratory ) and annual crude-oil production (calculated from the information in the same source).

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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 344

U Delaware team develops chemocatalytic process to convert waste polypropylene to lube oils

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Quantification of critical properties, including pour point, kinematic viscosity, and viscosity index, indicates that the products are promising alternatives to currently used base or synthetic oils. Catalysts Lubricating Oils Plastics Recycling

bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

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This fall was driven mainly by oil, which accounted for almost three quarters of the net decline. World oil production fell for the first time since 2009 by 6.6 Oil consumption also dropped for the first time since 2009 by a massive 9.1

2020 329

ETH Zurich catalyst can convert polypropylene directly into motor oil with high selectivity

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With tuning, the catalyst can achieve a selectivity of 80% toward motor oil (C 21 –C 45 ). Following this strategy, the selectivity of 80% toward motor oil (C 21 –C 45 ) can be achieved. Catalysts Lubricating Oils Plastics Recycling

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DOE to award up to $32M to reduce methane emissions from oil and gas sector

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The US Department of Energy (DOE) announced up to $32 million in funding ( DE-FOA-0002616 ) toward the research and development of new monitoring, measurement, and mitigation technologies to help detect, quantify, and reduce methane emissions across oil and natural gas producing regions of the United States. Climate Change Emissions Market Background Natural Gas Oil

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Polymer-based membranes offer alternative to thermal processes for separating hydrocarbon and crude oil mixtures

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Their stability and selectivity can be tuned by thermal crosslinking to separate simple hydrocarbon mixtures and complex crude oil fractions. These membranes preferentially separate paraffin over aromatic components, making them suitable for integration in hybrid distillation systems for crude oil fractionation. The key to obtaining membranes that could resist harsh environments such as crude oil is the presence of the hydroxyl groups, she says.

EIA forecasts rising global oil production will limit price increases

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EIA forecasts production will increase more rapidly than consumption, ending the large global stock draws seen in the first two quarters of 2021 and limiting upward crude oil price movement. EIA expects US crude oil production will average 11.8 Forecasts Market Background Oil

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US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

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US crude oil production averaged 11.3 The production decline resulted from reduced drilling activity related to low oil prices in 2020. In January 2020, US crude oil production reached a peak of 12.8 Crude oil production in Texas averaged 4.87

Oil 344

IEA issues 10-point plan to cut oil use

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In the face of the emerging global energy crisis triggered by Russia’s invasion of Ukraine and the countervailing barrage of economic sanctions, the International Energy Agency (IEA) is proposing a 10-Point Plan to Cut Oil Use. IEA claims that its plan would lower oil demand by 2.7

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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 227

Novvi LLC begins production of 100% renewable base oils & process oils

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Novvi LLC announced the successful start-up of its Deer Park, TX plant, where it is manufacturing and marketing 100% renewable base oils ( NovaSpec Base Oils ) for the lubricants industry, and 100% renewable process oils for polymer, adhesives, and personal care industries. Cosan, American Refining Group, Chevron, and H&R created to develop, produce, market, and distribute high-performance oils and lubricants from renewable sources.

2020 215

ExxonMobil announces significant oil discovery at Whiptail, offshore Guyana

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The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high-quality oil-bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high-quality oil-bearing sandstone reservoirs.

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Goodyear offering second tire with soybean oil; Endurance WHA

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The Goodyear Tire & Rubber Company announced a new formulation of its popular Endurance WHA waste haul tire made with a renewable soybean oil compound. The Endurance WHA is now made with soybean oil, which replaces a portion of the petroleum-based materials used in its production.

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Study finds global oil demand likely to grow despite pandemic, climate policies

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The COVID-19 pandemic has significantly affected both consumer and commercial transportation, but global oil demand will probably continue to grow through 2030, according to a new study. In three of the four scenarios, global oil demand continued to grow through 2030.

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.

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IEA: key oil trends 2018

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Total OECD annual production of crude oil, natural gas liquids (NGL), and refinery feedstocks increased by 10.3% Canadian production also increased on an annual basis (+8.1%), due to robust production of crude oil, while Mexico’s production continued to fall (-6.3%). The OECD Americas was responsible for 85% of total OECD production of crude oil, NGL and refinery feedstocks in 2018, with 56% of this being produced in the United States. Market Background Oil

2019 197

KAUST team develops process for tunable membranes for energy-efficient crude oil fractionation

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The membranes, with their ultrathin tunable selective layers, offer an innovative membrane development solution for energy-efficient crude oil fractionation. While most commercially available membranes are built for water environments and room temperature, there's a unique challenge in developing stable membranes for harsher conditions characterized by elevated temperatures and a wide range of organic solvents and pH, such as the case for oil fractionation.

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Department of Interior awards initial $560M to 24 states to plug, cap and reclaim orphaned oil and gas wells

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The Department of the Interior awarded an initial $560 million from the Bipartisan Infrastructure Law to 24 states to begin work to plug, cap and reclaim orphaned oil and gas wells. Infrastructure Market Background Natural Gas OilEligible states have indicated that there are more than 10,000 high-priority well sites across the country ready for immediate remediation efforts, with more lined up for future action.

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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. Market Background Oil Ports and Marine

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines. Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. Higher oil prices and a weaker economic outlook continue to temper IEA’s oil demand growth expectations.

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EIA expects annual US crude oil production to surpass pre-pandemic levels in 2023

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The US Energy Information Administration (EIA) forecasts that US oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. In its January Short-Term Energy Outlook (STEO), EIA forecasts US crude oil production will increase for nine consecutive quarters, from the fourth quarter of 2021 through 2023. EIA also expects OPEC to increase its crude oil production to 28.9

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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.

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

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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. Emissions Market Background Natural Gas Oil Regulations

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ExxonMobil begins oil production in offshore Guyana; estimated ~6B barrels oil equivalent recoverable in Stabroek Block

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ExxonMobil has started oil production from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments. Market Background Oil

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ExxonMobil reports oil discovery at Pinktail, offshore Guyana

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In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality hydrocarbon bearing sandstone reservoir separate from the 75 feet (23 meters) of high quality, oil bearing sandstone reservoir pay encountered in the original Turbot-1 discovery well. The Liza Destiny FPSO vessel is currently producing approximately 120,000 barrels of oil per day. Market Background Oil

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TUAT team develops more efficient method to recover heavy oil using novel chemical flooding

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By making use of a previously undesired side effect in oil recovery, researchers at Tokyo University of Agriculture and Technology (TUAT) have developed a method that yields up to 20% more heavy oil than traditional methods. Market Background Oil

2020 227

T&E: Europe burns 19 million bottles of sunflower and rapeseed oil every day in cars

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A new analysis by European environmental NGO Transport & Environment finds that Europe burns more than 17,000 tonnes of rapeseed and sunflower oil every day—the equivalent of 19 million 1-liter bottles. Supermarkets have had to ration vegetable oils and prices are soaring. At the same time, we are burning thousands of tonnes of sunflower and rapeseed oil in our cars every day. This is exacerbated by the use of vegetable oil in biofuels, T&E says.

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DOE awards $8.4M for accessing geothermal potential from abandoned oil and gas wells

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million to establish new geothermal energy and heat production from abandoned oil and gas wells. This work also supports the creation of new clean energy jobs, helping transition some of the oil and gas workforce to the production of renewable energy. The selected projects include: Geothermix, LLC (Austin, TX) Geothermix will harvest waste heat from existing oil and gas wells in Texas to generate commercial quantities of geothermal electricity.

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Oil sands company Suncor Energy strengthens its focus on hydrogen and renewable fuels, divesting wind and solar

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Suncor Energy, a Canadian integrated energy company that is one of the top oil sands producers in the country, will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050. Canada Hydrogen Hydrogen Production Market Background Oil sands