New Pioneer CEO sees oil prices hitting $100 in 2023 (29 April 2023): Mitchell Ferman, Bloomberg - Oil demand will continue to increase, helping send crude prices to $80 to $100 per bbl later this year, according to the incoming Chief Executive Officer of Pioneer Natural Resources Co. As dealmaking starts to heat up in the industry, Pioneer, one of the dominant independent explorers in the prolific Permian Basin, will have a “high bar” to make acquisitions, Rich Dealy said in an interview with Bloomberg Television. Dealy, currently the company’s chief operating officer who will takeover as CEO for retiring boss Scott Sheffield, declined to comment on speculation that Exxon Mobil Corp. has been in early-stage talks to buy Pioneer. ... (Source: World Oil)
Next generation tank lining delivers next-level service lives (27 April 2023): Raising the standard on yank lining endurance for decades to come. Owners of refined products terminals, crude oil terminals, chemical plants and refineries can encounter several challenges when taking storage tanks out of service for inspection and repair per American Petroleum Institute (API) Recommended Practice 653 requirements. The out-of-service downtime can cost tens of thousands of dollars and sometimes upwards of $500,000 for a large-diameter crude oil tank. Yet the API 653 inspection process is a required industry standard practice that must be complied with. Corrosion is always a challenge, and it can happen in different ways. And so, asset owners have to consider several factors when choosing tank linings, especially if they want to reduce the need for recoating or rehabilitation following inspections. ... (Source: Gas Processing)
Organic Electrodes: A Promising Development For The Energy Transition (26 April 2023): By Brian Westenhaus - Huazhong University scientists have developed a recyclable organic material for rechargeable batteries with aqueous electrolytes. The electrode material is made from inexpensive and organic Azobenzene. This green technology offers a sustainable and less toxic alternative to traditional inorganic electrodes. A Chinese team has now introduced a new Organic Electrode Materials (OEM) for aqueous organic high-capacity batteries that can be easily and cheaply recycled. Right now our modern rechargeable batteries, such as lithium-ion batteries, are anything but sustainable. The team has introduced their results in the journal Angewandte Chemie. Modern rechargeable batteries, such as lithium-ion batteries, are anything but sustainable. One alternative is organic batteries with OEMs, which can be synthesized from natural ‘green’ materials. ... (Source: Oil price)
Big Oil, Renewables Team Up To Push Permitting Reform (25 April 2023): By Tsvetana Paraskova - U.S. renewable energy associations and the biggest oil and gas industry lobby are united by a common cause—getting permitting reforms done to unlock the full benefits of the Inflation Reduction Act and boost domestic energy production. In one of the most unusual ‘alliances’ in recent months, the American Petroleum Institute (API) and industry groups of clean energy producers and utilities have been urging Congress to amend the legislation on project permitting, including shortening the timelines for review under the National Environmental Policy Act (NEPA). As Congress is discussing a debt ceiling deal, associations in both the oil and gas industry and the renewable energy sector are meeting with lawmakers to offer their viewpoints and express concerns about how a slow permitting process is hindering pipeline and offshore wind construction, and grid upgrades and expansions. ... (Source: Oil Price)
Top 10 Countries With Largest Oil Reserves (24 April 2023): By Irina Slav - One of the most troubled countries in the world, Venezuela is also the country with the world’s largest oil reserves. Not all major oil producers have major proven oil reserves. Sources estimate the U.S. crude oil reserves differently, but the EIA estimates that the U.S. has some 36 billion barrels of producible crude and condensate. We all know who the biggest producers of crude oil in the world are and can list the top three without effort. But here’s the thing – the biggest producers are not necessarily the countries with the biggest reserves. There are various reasons for that, as we shall see below. For now, suffice it to say it is one thing to have a natural resource and quite another to develop it fully. ... (Source: Oil Price)
5 Key Challenges For African Leaders In Developing Clean Energy (22 April 2023): By Haley Zaremba - Africa is facing an energy trilemma: how to make sure that the energy supply is sufficient, affordable, and sustainable. The continent is trying to industrialize and develop at the same time that the world is trying to decarbonize – and the African population is set to boom. The good news is that the African continent has enormous renewable energy potential, but fully tapping into it will be as challenging as it is necessary. At present, 600 million people across the African continent still lack access to energy. While energy production is increasing, so too is the population, and therefore the demand. It is projected that by 2050, one in four people on the planet will be in sub-Saharan Africa. As the population grows and the region industrializes, African energy demand is expected to increase by a third over the next ten years. Meeting this projected energy demand will require a ten-fold increase in power generation capacity by 2065. ... (Source: Oil Price)
$35 Trillion Needed In Transitional Technologies To Limit Climate Change (20 April 2023): By Felicity Bradstock - The International Renewable Energy Agency (IRENA) has warned that the world is currently off track to meet its climate goals and prevent the worst impact of the climate emergency. IRENA said that significant work would need to be done to redirect the course of the existing track. Not only will this require more ambitious climate policies from countries worldwide, but a significant boost in investment will be needed as well as global support for a green transition in lower-income countries. IRENA published a report in March outlining the current climate situation, taking into account new climate policies and action being taken by the major world powers. The report found that an extra $35 trillion of funding will be needed in transitional technologies by the end of the decade to reduce global heating to 1.5 degrees Celsius, as stated in the Paris Agreement targets. The organisation acknowledged the progress of recent years, mainly in the power sector where renewables now account for 40 percent of installed power globally. However, the green energy pipeline is far below the amount required to stick to the 1.5oC limit. ... (Source: Oil Price)
MIT Study: Nuclear Power Shutdown Could Lead To Increased Deaths (19 April 2023): By Brian Westenhaus - A Massachusetts Institute of Technology new study shows that if U.S. nuclear power plants are retired, the burning of coal, oil, and natural gas to fill the energy gap could cause more than 5,000 premature deaths. The MIT team took on the questions in the text following in a new study appearing in Nature Energy. Nearly 20 percent of today’s electricity in the United States comes from nuclear power. The U.S. has the largest nuclear fleet in the world, with 92 reactors scattered around the country. Many of these power plants have run for more than half a century and are approaching the end of their expected lifetimes. Policymakers are debating whether to retire the aging reactors or reinforce their structures to continue producing nuclear energy, which many consider a low-carbon alternative to climate-warming coal, oil, and natural gas. ... (Source: Oil price)
Spain's Tecnicas Reunidas, FCC to build large LNG terminal in Germany (18 April 2023): Spanish companies Tecnicas Reunidas and FCC, as well as Turkey's ENKA, have won a contract to build a liquefied natural gas regasification terminal in Germany worth about $1.09 B, Tecnicas Reunidas said. The terminal will be in the river port of Stade in the region of Hamburg and will have a capacity of 13.3 bcm of gas a year, Tecnicas Reunidas said in its statement on Tuesday. The terminal, which would be ready in 2027, will include infrastructure to handle other green gasses such as hydrogen, the statement said. Germany has scrambled to diversify its gas sources since the invasion of Ukraine and the disruptions to the supply of natural gas from Russia. Liquefied natural gas shipped on big tankers from providers such as the United States and Qatar is the main alternative, though it requires new infrastructure. ... (Source: Gas Processing)
A Beginners Guide To Living Off The Grid (17 April 2023): By Irina Slav - Energy security and the energy transition has been catapulted into the limelight over the last year, and the idea of living off the grid has grown to become quite fashionable. People like to talk about it, but few actually go ahead and do it. Why? Because it's a challenge. Actually, it's a series of challenges, and while a challenge or two adds spice to life, not everyone is ready to tackle the multiple challenges of off-grid living. Be that as it may, off-grid living is a great way to put the principles of sustainable living into practice. If you care about sustainability, off the grid is where you need to go. Especially since the challenges off-grid living presents are also a major opportunity to regain your independence. ... (Source: Oil Price)
Possible Cuts In Government Funding Could Affect Renewables (14 April 2023): By Ag Metal Miner - The Renewables MMI (Monthly Metals Index) dropped by 3.65% between March and April. This represents the index’s most significant drop since November 2022. Despite this, the index still has yet to break out of its sideways trend. However, the falling economy continues to keep both renewable energy companies and investors on edge. The Inflation Reduction Act currently supports the index, particularly electric vehicles. However, renewable resources could start feeling the strain with the economy slowing down and spending decreasing. For now, no massive fluctuations have occurred in the index due to the state of the economy. However, that could change soon. The steel plate parts of the index held strong, with most actually increasing in price. However, steel prices could soon hit their peak, so the continuation of this trend remain uncertain. Meanwhile, two main components caused the index to drop: silicon and neodymium. The silicon market still finds itself oversupplied, and prices are not finding much upward support. And after hitting historically high levels in early 2022 (like numerous metals did), neodymium continues its downward trend. ... (Source: Oil Price)
Forgotten Equation Could Be Key In Recycling CO2 (13 April 2023): By Brian Westenhaus - Cornell University scientists have dusted off an archaic – now 120 year old – electrochemical equation. The goal is to manage atmospheric carbon dioxide and convert the gas into a useful products. The team’s work has been published in the journal ACS Catalysis. The calculation – named the Cottrell equation for chemist Frederick Gardner Cottrell, who developed it in 1903 – can help today’s researchers understand the several reactions that carbon dioxide can take when electrochemistry is applied and pulsed on a lab bench. The electrochemical reduction of carbon dioxide presents an opportunity to transform the gas from an environmental liability to a feedstock for chemical products or as a medium to store renewable electricity in the form of chemical bonds, as nature does. ... (Source: Oil Price)
Clean Energy Sources Produced 39% Of Global Electricity In 2022 (12 April 2023): By City A.M - The world is on course for the first annual drop in the use of coal, oil and gas to generate electricity outside of a global recession or pandemic, according to a new climate change report. Renewables are now due to meet all growth in demand this year, a new study titled the Global Electricity Review 2023, claimed today. The report says “2022 will be remembered as a turning point in the world’s transition to clean power”, with non-fossil fuel-based energy sources now accounting for almost 40 percent. “Russia’s invasion of Ukraine made many governments rethink their plans amid spiking fossil fuel prices and security concerns about relying on fossil fuel imports. ... (Source: Oil Price)
Scientists Find New Way To Turn Plant Waste Into Biofuels (11 April 2023): By Brian Westenhaus - University of California – Santa Barbara researchers have proven that tough, woody lignin can be broken down in an anaerobic environment. It’s a tough material, lignin is the structural biopolymer that gives stems, bark and branches their signature woodiness. Its one of the most abundant terrestrial polymers on Earth, lignin surrounds valuable plant fibers and other molecules that could be converted into biofuels and other commodity chemicals – if we could only get past that rigid lignin plant cell wall. In a paper published in the journal Nature Microbiology, researchers in UC Santa Barbara chemical engineering and biological engineering professor Michelle O’Malley’s lab proved that a group of anaerobic fungi – Neocallimastigomycetes – are up to the task. ... (Source: Oil Price)
The Pros And Cons of Modular Nuclear Reactors (10 April 2023): By Leonard Hyman & William Tilles - Today, we applaud the efforts to design nuclear power stations of smaller size, which will achieve economies of scale by constructing identical equipment in a manufacturing setting and shipping the modules to the construction site where they will be assembled. We have yet to establish whether the modular units will be substantially cheaper, and we have a good idea that most of the designs will not solve the nuclear waste problem. We are still determining whether the public will accept the new nukes more warmly than the old ones, too. But we are confident that builders will have less money at risk in any one piece of machinery, which is good. Here’s our worry. There are at least 21 announced small modular reactor technologies ( as we wrote in a previous report), some with big-name tech backers. It is almost as if some tech entrepreneurs that can no longer find app start-ups to fund have plunged into nuclear energy. Now, let’s do some rough numbers. There are 439 nuclear power plants in the world (92 in the USA, 56 in France, 54 in China and 37 in Russia, 33 in Japan, and 24 in South Korea). Over the coming 20 years, we believe most of these reactors will have to be retired, some in extreme old age. Figure that the new units might average one-tenth to one-quarter the size of the old ones. So maybe a requirement for 4000 units over 20 years. Or 200 units per year. Divide that by 20 different designs. If each producer got an equal share, that would mean ten units per year. We don’t know but have to ask whether that number would yield financing for a factory that could achieve economies of scale. Now add on the nationalism and security issues. Should we expect the USA, France, Russia and China to buy from foreign sources? If they require in-country sourcing, it is more difficult for any manufacturer to achieve real scale. The contestable market for manufacturers might be closer to 100 units per year, maybe less. That might not give room for manufacturing economies of scale. ... (Source: Oil Price)
Can Big Oil Scale Geothermal? (8 April 2023): By Tsvetana Paraskova - The oil and gas industry is exploring the potential of geothermal energy to provide more clean electricity and heating. While geothermal has the advantage of not being dependent on weather like other green energy sources, this form of energy has higher development costs and longer lead times than solar and wind power. Geothermal could, in theory, be a perfect fit for the oil and gas industry and drilling service providers—it involves subsurface resource mapping, exploration, and drilling. Several major firms and service providers have recently teamed up with start-ups and with technology and engineering firms to explore opportunities for geothermal development in the United States and elsewhere. But major hurdles remain. Expensive drilling and development, subsurface drilling risks, the availability of drilling services which often depends on the oil industry cycle, and weaker returns than in oil and gas have all played a role in holding back geothermal energy development despite the fact that there are many areas in the world with high potential. ... (Source: Oil Price)
Tokyo Scientists Unveil Solid-State Battery Breakthrough (6 April 2023): By Brian Westenhaus - Tokyo University of Science researchers demonstrated unprecedented control of response speed by over two orders of magnitude in a solid state battery. This is a major steppingstone towards realization of commercial all-solid-state batteries. Solid-state battery‘s high surface resistance causes these batteries to have low output, limiting their applications. The researchers have employed a novel technique to investigate and modulate electric double layer dynamics at the solid/solid electrolyte interface. The achievement is carrier modulation and improved switching response speed control in these batteries. ... (Source: Oil Price)
Oil Markets Are Misinterpreting The OPEC+ Cut (5 April 2023): By Osama Rizvi - The surprise announcement by OPEC+ of another production cut totaling 1.16 million barrels per day caused oil prices to rally 8%. I previously wrote about this in my weekly research for Primary Vision Network, stating that the likelihood of a cut remained low and that the cartel was aware of the oversupply in the markets and the lack of imminent demand resurgence. However, when viewed from a different perspective, the cut makes sense precisely for the same reason. For at least the past year, the prevailing narrative in oil markets has been a tug-of-war between two sentiments. Some have worried about a sudden resurgence in demand due to the post-COVID-19 recovery and the reopening of China, while others have been skeptical of these rosy outlooks. Those who are skeptical about a rebound in demand point out that China already filled its inventories when prices were low and that clouds of an impending recession, or at least a serious global economic slowdown, seem to be gathering on the horizon. The recent cuts by OPEC+ would suggest the demand skeptics are correct. ... (Source: Oil Price)
The Case For Nationalizing American Solar Energy Supply Chains (4 April 2023): By Haley Zaremba - Meeting global climate goals will require a massive increase and acceleration of green energy production capacity and infrastructure. The scale of this challenge is unprecedented, and we have a lot to lose by getting it wrong. Changing the basis of the global economy – carbon-based fossil fuels – is scary and will inevitably have hiccups. Finding the right balance between decarbonization and energy security will therefore be essential to a successful clean energy transition. Right now, the climate for energy security is particularly tricky. Years of volatility from the Covid-19 pandemic have been compounded by Russia’s illegal invasion of Ukraine. Europe’s dependence on Russia to keep the lights on has plunged the European Union into an energy crisis as the war in Ukraine rages on and the flow of energy from the Kremlin (or lack thereof) becomes a strategic bargaining chip. ... (Source: Oil Price)
Oil Prices Soar As OPEC+ Shocks The Market (3 April 2023): By Irina Slav - OPEC+ on Sunday surprised oil markets with an announcement that it will reduce its output further, by some 1.66 million barrels daily. Reuters noted in a report that with the new cut, the total output reduction amount from OPEC+ will come in at 3.66 million barrels daily, or 3.7% of global oil demand. The Financial Times reported that oil prices had gained 8% immediately after the announcement, noting Saudi Arabia’s share of the cuts would be almost half of the total, at 500,000 bpd. Russia, meanwhile, said it would extend the production cuts of 500,000 bpd it announced earlier this year until the end of 2023. The FT noted the unusual nature of the announcement as it was made outside the group’s regular monthly meetings, the next of which is taking place today. The U.S. administration expectedly criticized the move, saying it was not the time to cut production. “We don’t think cuts are advisable at this moment given market uncertainty — and we’ve made that clear,” a spokesperson for the National Security Council said, as quoted by The Hill. ... (Sourc: Oil Price)
How New Technology Will Disrupt The Oil And Gas Industry (1 April 2023): By Alex Kimani - At a certain point in its lifecycle, every industry faces its moment of reckoning with growing pressure to transform due to factors such as increasing competition, changing consumer preferences, government policy and other secular headwinds. The transformation usually takes the shape of improved supply chain discipline as well as streamlining business operations in order to achieve better operating margins. For the oil and natural gas industry, the moment of truth arrived a few years ago after years of weak benchmark prices, shrinking margins and massive capital flight forced the sector to seriously rethink the way it does business with energy companies increasingly turning toward tech heavyweights for help in cutting costs and streamlining operations. ... (Source: Oil Price)