Russia recently announced that its crude oil production was now 11.21 million barrels per day and that this will serve as the basis for its 300,000 b/d production cut. This is the highest Russian oil production has been in 30 years and is 370,000 b/d higher than in July when Moscow first started talking about cutting its production. Thus the “cut” will actually leave Russia producing 70,000 b/d more than when all the fuss about a production cut started.
In the North Sea, the Valhall and Hod field complex has passed a production milestone of 1 billion barrels of petroleum product, far more than was expected. The production level is more than three times greater than antipated when it opened in 1982.
The global energy mix will not look that much different for crude oil and natural gas in 2040, according to Exxon Mobil’s recently released 2017 Outlook for Energy: A View to 2040. The company forecasts that crude oil is expected to remain the world’s primary energy source, driven by demand for transportation fuel and feedstock for the chemical industry. Natural gas is projected to grow the most of any energy type, followed by nuclear and renewable energy, in that order. Some major conclusions from the study:
- In 2040, oil use will be slightly lower and natural gas slightly higher with a total of 58% of the global energy mix.
- Natural Gas demand rises the most, largely to help meet increasing needs for electricity and to support rising industrial demand.
- North America is about to become an important energy player in this new energy paradigm.
For the year 2016, bituminous US coal exports totaled 11.73 million tons, down 36.5% compared with 2015, while metallurgical coal exports totaled 32.9 million tons, down 15.3% compared the previous year.
The Netherlands now runs all of its trains on wind energy. All Dutch trains are electric, and the construction of several new wind farms helped meet the country’s goal to power all of their locomotives with the renewable energy on earlier this month.
KPMG’s annual automotive executive survey revealed that 90% of UK auto executives expect battery electric vehicles to dominate the marketplace by 2025. 74% of executives thought more than half of car owners today would not want to own a vehicle. John Leech, of KPMG, said: “Improvements in the cost and range of battery technology, coupled with growing concern over the emission of both carbon dioxide and nitrogen oxides from diesel engines, means that almost the whole UK automotive industry believes that the mass adoption of electric cars will happen during the next decade.” Senior executives working for vehicle manufacturers, suppliers, dealers, financial and mobility service providers took part in the survey.
Samsung SDI Co., a battery maker of Samsung Group, has unveiled an electric car battery with a range of up to 600 kilometers on a single full charge. The “high-energy battery cell” can fast charge electric vehicles in 20 minutes to give a driving range of up to 500 kilometers which is 80% of the capacity. Samsung SDI plans to begin mass production of the new battery pack in 2021.
BMW Group announced that a fleet of approximately 40 autonomous BMW vehicles will be on the roads by the second half of 2017, demonstrating the advancements being made towards fully autonomous driving. The global trials will start in the US and Europe.
As of April, only electric vehicles will be exempt from the road tax in the UK.
with h/t Tom Whipple