The US Energy Information Administration noted last week that, for the first time, the sum of non-OECD country demand contributed more than half of the total liquid fuels consumed in the world.
Canadian crude oil prices are forecast to fall compared with world benchmarks because production from the oil sands is estimated to more than double to 3.8 million barrels a day by 2022.
Last week Russian oil company Rosneft signed a 25 year agreement to deliver 365 million tons of crude oil to China worth $270 billion. Russia is already sending 300,000 b/d of crude to China and the new deal will increase this to 600,000 b/d in the second half of this decade.
Some 17% or 750,000 b/d of Russia’s total exports of 4.4 million b/d is already going to Asia.
Norwegian state-owned oil company Statoil said it made a big discovery of light oil off Newfoundland, the latest find in Canada’s Atlantic coast region — a big and fast-growing petroleum play.
Israeli Prime Minister Netanyahu is seeking cabinet approval to export 40% of Israel’s offshore natural gas production, keeping the rest for domestic use.
ExxonMobil is seeking permission to export 30 million metric tons of liquefied natural gas (LNG) annually from British Columbia in what is considered the biggest export scheme ever proposed for Canada’s West Coast. The LNG would be sold to Asian countries.
China and Iceland are meeting with the Icelandic government to discuss crude oil exploration off that country’s northeast coast.
China National Petroleum Corp said it has started building the country’s first dedicated shale gas pipeline in central Sichuan province.
When petroleum companies abandon a crude oil well, more than half the reservoir’s oil is usually left behind as too difficult to recover. Now, however, much of the residual oil can be recovered with the help of nanoparticles, according to Norwegian and Chinese researchers. The Norwegian partner has succeeded in recovering up to 50 per cent of the oil remaining in North Sea rock samples.
Saudi Arabia, although having less than a third of Germany’s population, recently surpassed it in terms of crude oil consumption. It will add several new oil-fired power stations, which will contribute to an anticipated continued growth in Saudi domestic demand of 5.1% a year.
Indonesia is raising fuel prices for the first time since 2008 amid nationwide protests against the measure. The government’s budget contains extra financial assistance for the poor to shield them from the impact of the expected 44% rise in the price of gasoline and 22% increase for diesel.
Mexico’s President Nieto is attempting to open the state-run oil-and-gas industry to private investment and competition, a move the government hopes will attract billions of dollars in new investment.
In Nigeria, a joint venture led by Royal Dutch Shell said it will invest $1.5 billion on a new pipeline in a bid to reduce oil theft that has caused serious environmental damage in the country and disrupted crude production.
This week US President Obama will announce his intentions to take action on climate change using his executive authorities. The package will include the limitation of carbon emissions from existing power plants, increased appliance efficiency standards and promotion of renewable energy development on public lands. The US currently has 1,142 coal-fired and 3,967 gas-fired power plants which will be subject to the new limitations. Last year they accounted for 68 percent of all US electricity generation. Speculation is rife that the new regulations are partly intended to take to sting out of the President’s approval of the Keystone Pipeline from Canada later this year. The pipeline would run 2,000-mile (3,200-kilometer) to Texas Gulf Coast refineries from the oil fields in Alberta.
By the end of this decade it is expected some 60 million metric tons of wood pellets a year will be exported from North America to Europe to assist that continent in meeting the European Union’s greenhouse gas emissions mandate. Most of the pellets will be used in place of coal to generate electricity and thereby lower CO2 emissions.
Chargepoint America, an installer of electric car charging stations, says it has reached a total of 4600 home, public and commercial charging points for electric vehicles in the US. To assist in this venture the US and California governments provided a combined $18 million in grants to the company.
with h/t Tom Whipple