Equatorial Guinea’s Ministry of Mines and Hydrocarbons and the Democratic Republic of the Congo’s (DRC’s) Ministry of Hydrocarbons signed a Memorandum of Understanding (MoU) at the Angola Oil & Gas (AOG) 2022 Conference & Exhibition to develop existing synergies across their respective upstream, downstream, energy infrastructure and logistics sectors. The... Read more →

## US Treasury allows Chevron to resume oil production in Venezuela, delivery to US only

##### 27 November 2022

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Venezuela General License (GL) 41, authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela. GL 41 authorizes: Production and lifting of petroleum or petroleum products produced by the Chevron JVs, and any related... Read more →

At the 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd 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. The adjustment will reduce OPEC+ production from 43,856 million... Read more →

In the first half of 2022 (January–June), US exports of petroleum products averaged nearly 6 million barrels per day (b/d), the most first-half-of-year exports in Petroleum Supply Monthly data, going back to 1973, according to the US Energy Information Administration (EIA). US petroleum product exports increased in the first half... Read more →

## Chevron and MOECO to collaborate on Advanced Closed Loop geothermal technology

##### 26 September 2022

Chevron New Energies, and Mitsui Oil Exploration (MOECO) signed a Joint Collaboration Agreement to explore the technical and commercial feasibility of advanced geothermal power generation in Japan. Building on Chevron and MOECO’s long-standing relationship, the new collaboration will study geothermal resource potential across Japan and will evaluate the effectiveness of... Read more →

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. Porvoo refinery Through co-processing and retrofitting of units, and benefiting from available refining assets, experience and... Read more →

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

##### 02 September 2022

Polymer-based membranes developed at KAUST could enable greener and cheaper industrial separation approaches. Their stability and selectivity can be tuned by thermal crosslinking to separate simple hydrocarbon mixtures and complex crude oil fractions. A paper on the work is published in Science. We report a versatile strategy to fabricate polytriazole... Read more →

Schlumberger, Aker Solutions and Subsea 7 will form a joint venture to drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time. The agreement will bring together a portfolio of innovative technologies such as subsea gas compression, all-electric subsea production systems and other electrification... Read more →

## Department of Interior awards initial $560M to 24 states to plug, cap and reclaim orphaned oil and gas wells ##### 28 August 2022 The Department of the Interiorawarded 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. Eligible states have indicated that there are more than 10,000 high-priority well sites across the country ready for immediate remediation... Read more →

Asia is expected to register the highest refinery Fluid Catalytic Cracking Units (FCCU) capacity additions globally between 2022 and 2026, accounting for approximately 48% of the total capacity additions by 2026, according to GlobalData, a data and analytics company. Fluid catalytic cracking, a type of secondary unit operation in a... Read more →

## DOE to award up to $32M to reduce methane emissions from oil and gas sector ##### 08 August 2022 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. The United States has more... Read more →

In Asia and the Middle East, at least nine refinery projects are beginning operations or are scheduled to come online before the end of 2023, according to the US Energy Information Administration (EIA). At their current planned capacities, they will add 2.9 million barrels per day (MMb/d) of global refinery... Read more →

## ExxonMobil makes two more discoveries offshore Guyana

##### 27 July 2022

ExxonMobil has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block. The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of discoveries in Guyana at more than 25. (Earlier post.)... Read more →

Shell and Dow have started up an experimental unit to heat ethylene steam cracker furnaces electrically at the Energy Transition Campus Amsterdam, The Netherlands. This represents a key milestone in the companies’ joint technology program to electrify steam cracking furnaces, bringing the companies one step closer to decarbonizing one of... Read more →

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. In 2021, 1.4 million barrels per day (b/d) of surplus production capacity was available in non-OPEC... Read more →

Imperial Oil Limited—Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer—and E3 Lithium are collaborating to advance a direct-lithium-extraction pilot in Alberta, exploring the redevelopment of an historic oil field into a potential new leading source of lithium for Canada’s... Read more →

President Biden called on Congress to suspend the federal gas tax for the next 90 days, through the busy summer driving season—18 cents per gallon for gasoline and 24 cents per gallon for diesel. He also called on states to suspend their state gas taxes as well or to find... Read more →

Researchers at Texas A&M University and ExxonMobil are developing a method to reprocess petroleum coke—a byproduct of refining crude oil—into graphene, using a chemical process called electrochemical exfoliation. This open-access study was published in NPJ 2D Materials and Applications. Simplified schematic of refinery operations and products: there is a need... Read more →

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

##### 19 June 2022

Researchers at King Abdullah University of Science and Technology (KAUST) have developed a process for fabricating polytriazole membranes with 10-nanometer-thin selective layers containing subnanometer channels. The membranes, with their ultrathin tunable selective layers, offer an innovative membrane development solution for energy-efficient crude oil fractionation. The membranes are also advantageous for... Read more →

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

##### 18 June 2022

The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 mb/d in 2023, surpassing pre-pandemic levels. While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to... Read more →

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. As part of the deal, bp is acquiring Cenovus’s interest in the Bay du Nord project in Eastern Canada, adding to its... Read more →

## Pitt engineers using membrane distillation to recycle water used in fracking and drilling

##### 08 June 2022

As demand for new energy sources grows, the wastewater co-produced alongside oil and gas (produced water) shows no signs of slowing down: The current volume of wastewater—the result of water forced underground to fracture rock and release the deposits—is estimated at 250 million barrels per day, compared to 80 million... Read more →

##### 13 January 2022

The US Department of Energy (DOE) selected four new projects to receive up to \$8.4 million to establish new geothermal energy and heat production from abandoned oil and gas wells. With this funding, DOE is partnering with existing well owners and operators to use their idle or unproductive wells to... Read more →

## EIA forecasts crude oil prices will decline through 2023

##### 13 January 2022

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... Read more →

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

##### 12 January 2022

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... Read more →

## ExxonMobil makes two more discoveries offshore Guyana

##### 06 January 2022

ExxonMobil made two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. These discoveries will add to the previously announced recoverable resource estimate for the block, of 10 billion oil-equivalent barrels. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The... Read more →

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. The report underlines concerns about the... Read more →

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). Because of the economic effects, government and business responses, and personal... Read more →

## Phillips 66 to convert Alliance Refinery to terminal facility

##### 09 November 2021

Phillips 66 plans to convert its Alliance Refinery in Belle Chasse, La., to a terminal facility. The refinery suffered significant damage from flooding from Hurricane Ida in August. The conversion is expected to take place in 2022. We made this decision after exploring several options and considering the investment needed... Read more →

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

##### 04 November 2021

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. An open-access paper on... Read more →

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. Source: EPA Methane is a potent greenhouse gas that traps about 30 times as much heat as carbon dioxide... Read more →