OPEC’s top official warned against abandoning fossil fuels, reacting once again to statements from the world energy watchdog. The elimination of hydrocarbons “would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people worldwide,” Secretary-General Haitham Al-Ghais said in a statement on Thursday. On Wednesday, the International Energy Agency said oil demand could plateau this decade as consumers shift more to renewables to avoid catastrophic climate change. “We may be witnessing the beginning of the end of the fossil fuel era,” said IEA Executive Director Fatih Birol. The clash marks another war…
Author: Automotivedealernews.com
Tullow Oil has seen its profit after tax come in at $70m in the first half of 2023, well below the $264m figure it posted for the first six months of 2022. First-half production averaged 53.5 kbopd, and the company decided to lower its full-year oil production guidance to 58-60 kbopd from the previous guidance of 58-64 kbopd . The reduction was driven by Jubilee’s first-half performance being slightly below expectations and the timing of Jubilee South East’s launch in the second half of the year, Tullow noted. Year-round gas production in Ghana is expected to average 7 kboepd. “We…
The U.S. Department of Energy (DOE) said Tuesday it has awarded $39 million in grants to national labs for projects exploring solutions to protect so-called distributed energy resources (DERs) from cyberattacks. The funding covers, according to a DOE press release, “utility-scale solar, wind, storage and other clean technologies; behind-the-meter renewables and storage systems; electric vehicle chargers; and other proprietary devices of the client”. Awarded to nine projects, the funding “will support targeted research, development and demonstration related to different elements of the DER landscape, underscoring the Biden-Harris Administration’s commitment to strengthening the energy and national security of the nation,” the…
Wind has accounted for the largest share of the UK’s electricity capacity mix for the first time, after more than a century of fossil fuel dominance. That’s according to Drax Group plc’s latest second-quarter Electric Insights report, which said the country’s wind farm fleet reached 29.7 gigawatts (GW) of capacity in June, surpassing for the first time the combined cycle gas power plants and making the The United Kingdom is the fifth country in the world to have wind energy as the main generator of electricity, joining Denmark, Spain, Ireland and Finland. Gas had been the UK’s biggest source of…
Since the advent of the shale boom, American oil producers have drilled both down and laterally beneath the earth’s surface. But now that the easiest-to-get crude has been extracted, these companies are testing the limits of their technology even further by boring more than 3 miles horizontally, increasing both operational risk and potential rewards. One in five new wells in the Permian Basin of West Texas and New Mexico will rely on horizontal wells 3 miles or more underground by 2024, double the share this year and up from virtually zero just two years ago. according to research firm Rystad…
BP revealed this week that its chief financial officer, Murray Auchincloss, will act as the company’s chief executive on an interim basis after Bernard Looney resigned with immediate effect amid an ongoing investigation into personal relationships with colleagues at the company But who is Auchincloss? Well, according to BP’s website, his “financial expertise, experience and knowledge make him a trusted advisor and group leader.” “His extensive experience working across the group has provided him with a deep insight into BP’s assets and businesses,” the BP site states, noting that the new interim CEO holds a degree in commerce from the…
DNV AS has signed a contract for the certification of two wind farms on the Polish side of the Baltic Sea, owned by Equinor ASA and the local cooperative Polenergia SA. The MFW Baltyk II and MFW Baltyk III projects, intended to be connected to the Polish grid, have a planned capacity of 720 megawatts (MW) each, which together would be enough to power more than two million homes, according to information from the site Equinor website. “DNV’s scope of work includes the delivery of certificates for wind farms related to design, manufacture/installation/commissioning and operation in accordance with relevant laws,…
Global oil demand remains on track to grow by 2.2 million barrels per day in 2023 to 101.8 million barrels per day, led by rising Chinese consumption, jet fuel and petrochemical feedstocks. This is what the International Energy Agency (IEA) noted in its latest report on the oil market, which was published on Wednesday, adding that by 2024, naphtha and LPG/ethane, especially in China, they will “dominate an overall increase of a more modest 990,000”. barrels per day, to 102.8 million barrels per day, reflecting below-trend GDP growth and a structural decline in road fuel consumption in major markets”. In…
Chevron USA Inc., through its Chevron New Energies division, has completed the acquisition of a 100% stake in Magnum Development LLC from Haddington Ventures, resulting in a majority stake in ACES Delta LLC, which is developing the Advanced Clean Energy Storage project in Delta. , Utah. The Advanced Clean Energy Storage project plans to use electrolysis to convert renewable energy into hydrogen and will use salt caverns mined with solutions for seasonal and dispatchable energy storage, according to a Chevron news release Tuesday. ACES Delta is a joint venture between Mitsubishi Power Americas Inc. and Magnum Development. The project is…
The M&A boom in the Permian and Eagle Ford continues unabated. Recently, a multitude of E&Ps have increased scale and profitability by acquiring other producers that control acreage and produce crude oil, natural gas, and NGL. But it is also possible for an E&P to increase its holdings by acquiring incremental working interests in its operated assets or by having an affiliate acquire royalties and mineral interests in the acreage the producer plans to develop. In today’s RBN blog, we discuss the latest M&A activity in two of the top U.S. producing areas, including the planned $1 billion purchase of…