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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. by Alex Kimani for Oilprice.com.
renewable power, producing zero emissions. This will be powered by renewable energy generated by an Ørsted offshore ?wind wind farm in the North Sea and the hydrogen produced will be used in the refinery.?. When powered by renewable ?energy, Renewable hydrogen has to become cost ?competitive west Germany.
Both primary energy consumption and carbon emissions from energy use fell at their fastest rate seen since the Second World War, while renewable energy continued its trajectory of strong growth, with wind and solar power recording their largest ever annual increase. World oil production fell for the first time since 2009 by 6.6
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. Suncor also plans to divest its wind and solar assets.
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. On top of this, the OMV Group intends to take a leading position in the field of renewable and circular economy solutions.
Cepsa—the Spain-based multinational oil and gas company—will invest more than €3 billion to establish the Andalusian Green Hydrogen Valley, creating the largest green hydrogen hub in Europe in southern Spain. Due to the abundance of sun and wind in the Iberian Peninsula, the International.
US subsidies for fuels and renewable energy, 2002-2008. The study, “Estimating US Government Subsidies to Energy Sources: 2002-2008”, found that fossil fuels benefited from approximately $72 billion over the seven-year period, while subsidies for renewable fuels totaled $29 billion. More than half the subsidies for renewables—$16.8
The Front-Loading Net Zero report states that electricity production costs could be reduced by up to 50% by 2050 if countries and states adopt 100% renewable systems faster than currently planned. Utilities should keep repeating steps 1 - 3 until their systems run on 80 – 90% renewables.
Ørsted, the world’s leading offshore wind developer, together with the major industrial companies in the North Sea Port cluster, have launched the SeaH2Land vision for a gigawatt scale project to reduce carbon emissions in the Dutch-Flemish industrial cluster with renewable hydrogen.
Once built, the facility will be among the largest in Europe to produce sustainable aviation fuel (SAF) and renewable diesel made from waste. Hydrogen and high-pressure steam are then used in the production process to convert oils into fuels (hydroprocessing), helping to reduce the fuel’s carbon intensity.
Oil remains the world’s leading fuel, but its 33.1% Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% The fossil fuel mix continues to change with oil, the world’s leading fuel at 33.1%
Upon completion of the project, Kinder Morgan’s Harvey, Louisiana facility will serve as the primary hub where Neste will store a variety of raw materials including, for example, the used cooking oil it collects from more than 40,000 restaurants across the United States. —Jeremy Baines, President of Neste US.
Gold Hydrogen is a novel source of carbon neutral hydrogen produced from depleted oil reservoirs that are ready for plug and abandonment, extending the life of wells that would otherwise be a significant burden. Cemvita Factory’s mission is to reimagine heavy industries such as oil & gas and mining for the net-zero economy.
The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. While diesel and oil-based power is still uneconomic at $60/barrel, the pressure to switch is reduced.
Nefoundland, Canada) reached a binding agreement on commercial terms with Pattern Renewable Holdings Canada 2 ULC (Pattern Energy) for a planned renewable energy to green fuels project at Argentia. Key commercial terms include land lease rates at the Port, priority berthing charges, and a wind royalty on electricity sales.
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.
The DNV GL-led joint industry project, WIN WIN (WINd powered Water INjection), has completed its first phase and determined that wind power could be used to power offshore water injection. WIN WIN uses a floating wind turbine as a platform for an autonomous water injection system.
China is about to become the largest oil-importing country and India becomes the largest importer of coal by the early 2020s. The Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets. Oil use grows, but in a narrowing set of markets.
The US Department of Energy (DOE) issued a draft loan guarantee solicitation for renewable energy and energy efficiency projects located in the US that avoid, reduce, or sequester greenhouse gases. These types of projects would not be restricted by current ethanol/biodiesel blend levels and could drive a catalytic change in the fuels market.
Energy Vault, a company developing grid-scale gravity energy storage solutions, has entered into an energy storage system agreement with DG Fuels, a developer of renewable hydrogen and biogenic-based, synthetic sustainable aviation fuel (SAF) and diesel fuel. Under the terms of the agreement, Energy Vault agreed to provide 1.6
An article in the latest issue of IEA Energy: The Journal of the International Energy Agency reports that Estonia, which has the most developed oil shale industry in the world, is collaborating in pursuing wider use of oil shale in a cleaner, more sustainable manner. Different that shale oil—i.e., million (US$12.8
Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 While domestic crude oil production is projected to level off and then slowly decline after 2020 in the Reference case, natural gas production grows steadily, with a 56% increase between 2012 and 2040, when production reaches 37.6
Meeting the goal of cutting US oil dependence depends largely on two things, Obama said: finding and producing more oil at home, and reducing dependence on oil with cleaner alternative fuels and greater efficiency. The Administration is pushing the oil industry to produce on leases already held.
Statoil has made the final investment decision to build the world’s first floating wind farm: The Hywind pilot park offshore Peterhead in Aberdeenshire, Scotland. The wind farm will power around 20,000 households. Statoil is proud to develop the world’s first floating wind farm. Production start is expected in late 2017.
As the world contends with a global energy crisis, nuclear power has the potential to play a significant role in helping countries to securely transition to energy systems dominated by renewables, according to a new special report by the IEA.
At the end of December 2013, Volvo Construction Equipment’s (CE) Braås facility, a 45,000 m 2 -site in southern Sweden, which specializes in the design and manufacture of articulated haulers, became powered entirely by renewable energy sources, including wind, biomass and hydropower. generated from renewable sources).
The New York City Department of Citywide Administrative Services (DCAS) will, for the first time, use renewable diesel, a low-emissions, 99% petroleum-free fuel, to power more than 1,000 City government vehicles, including in large vehicles such as sanitation trucks. from the intermediate renewable hydrocarbons.
The rapid contraction in coal usage, attributed to an amalgamation of economic slowdowns, surging renewable deployment, and increasingly cost-competitive. continued] The post India’s Coal & Gas Decline Signals Accelerating Renewable Energy Transition appeared first on CleanTechnica.
EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.
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 second volume, the World Gas and Renewables Review , focused on natural gas and renewables sources (solar, wind and biofuels), will be published in autumn.
A coalition of major oil & gas, power, automotive, fuel cell, and hydrogen companies have developed and released the full new report, a “ Road Map to a US Hydrogen Economy. ” Demand potential across sectors, base and ambitious cases. Road Map to a US Hydrogen Economy ”. million jobs by 2050.
Project Volt Gas Volt is based on a long-term financing plan and the use of existing technologies for the large-scale conversion of surplus renewable electricity to methane, with subsequent reuse. Project VGV uses surplus electricity generated by renewable and nuclear sources to produce hydrogen via electrolysis. Click to enlarge.
Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5% The Brent crude oil spot price averaged $112 per barrel in 2012, and EIA’s July 2013 Short-Term Energy Outlook projects averages of $105 per barrel in 2013 and $100 per barrel in 2014. Liquid fuels.
Deep declines in wind, solar and battery technology costs will result in a grid nearly half-powered by the two fast-growing renewable energy sources by 2050, according to the latest projections from BloombergNEF (BNEF). Wind and solar grow from 7% of generation today to 48% by 2050.
BP Wind Energy, through its wholly-owned subsidiary Rolling Thunder I Power Partners LLC, has signed a purchase agreement to install a high-storage battery at its Titan 1 Wind Farm in South Dakota. Situated on 7,500 acres in Hand County, Titan 1 Wind Farm is wholly owned and operated by BP Wind Energy.
While oil will remain the most widely used fuel, overall energy demand will be reshaped by a continued shift toward less-carbon-intensive energy source as well as steep improvements in energy efficiency in areas such as transportation, where the expanded use of advanced and hybrid vehicles will help push average new-car fuel economy to 48 mpg (4.9
Solid-oxide-fuel-cell manufacturer Bloom Energy is entering the commercial hydrogen market by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen. Bloom is capitalizing on this technology by taking terrestrial renewable power and producing hydrogen using solid oxide electrolyzers.
The technology could fundamentally transform the way electricity is stored on the grid, making power from renewable energy sources such as wind and sun far more economical and reliable. Solid-electrode batteries maintain discharge at peak power for far too short a time to fully regulate wind or solar power output.
The highly ambitious new-build electrolysis facility will be powered entirely by renewable energy, initially 3.4 gigawatts of solar and onshore wind. The most complete analysis will come from partners with expertise in hydrogen, renewable energy generation, and the complex interfaces between them that define projects like Base One.
By the end of this decade, it aims to have developed around 50 gigawatts of net renewable-generating capacity (a 20-fold increase), increased annual low carbon investment 10-fold to around $5 billion and cut its oil and gas production by 40%. In 2020, bp announced its net zero ambition and its new strategy.
The concept is based on proven floating production, storage and off-take technologies combined with an e-control system capable of balancing renewable electricity feedstock through a fully integrated PEM and Haber-Bosch system. The renewable source can be either hydro power, sun or wind- or a combination of these.
The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year—from fossil fuels to renewables and efficiency—the International Energy Agency said in a new report. —Dr Birol.
” also sees steady adoption of on-shore wind and electric vehicle technologies, but suggests that off-shore wind and carbon capture and sequestration look likely to fade or decline. For some alternative-energy industries—CCS and off shore wind, for example—real competitiveness is still a distant probability.
In contrast to arguments that peak conventional oil production is imminent due to physical resource scarcity, a team from Stanford University and UC Santa Cruz has examined the alternative possibility of reduced oil use due to improved efficiency and oil substitution. 2010, to above 140 $/bbl in constant 2010 dollars).
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