The 2019 trend that led to record sales of plug-in vehicles is most certainly not going away any time soon: Denmark is jumping on the electric wagon, for real this time
The recent success has been driven by a couple of factors. Precision Measurement Engineering, or PME, launched the most budget friendly sensor on the market for measuring dissolved oxygen in water …
The app for Canadian weather adds more accurate radar to better predict incoming weather.
The probable crude recovery in 2019 could ramp up drilling and fracking activities in the Permian Basin by … be able to carry significantly higher volumes of Permian oil to the Gulf Coast and export …
The cost of carbon in Europe has soared to its highest levels for almost a decade but it has not been enough to slow the pace of global warming, according to Schroders’ latest Climate Progress Dashboard update, which remains on track for 4°
Tesla’s vehicle prices are aimed straight at the heart of luxury vehicles built and sold by the big German auto manufacturers. Porsche, Mercedes, BMW, and Audi have all been taken on very directly with Tesla’s vehicles. Surprisingly, they have yet to really respond with any vehicles that can fight back against the onslaught
The Permian Basin in West Texas is on track to produce more oil within five years than any OPEC nation except Saudi Arabia, positioning the Texas Gulf Coast to rival the Persian Gulf when it comes to oil and gas activity.
Crude volumes from the Permian will more than double by 2023, making the region the world’s third-largest producer after Russia and Saudi Arabia, according to the research and consulting firm IHS Markit. Most of that oil is headed to refineries and ports near Houston and Corpus Christi, as U.S. crude exports are expected to surge to nearly 5 million barrels a day by 2023, up from more than 2 million today.
“In the past 24 months, production from just this one region — the Permian — has grown far more than any other entire country in world,” said Daniel Yergin, IHS Markit vice chairman.
The comeback of the Permian, which today accounts for more than half the nation’s active oil drilling rigs, is among the the most remarkable stories in the industry’s history. At the beginning of the decade, the aging oil field was struggling with declining production. But advances in hydraulic fracturing, or fracking, and horizontal drilling pioneered by Houston companies such as EOG Resources, have tapped massive reserves of previously inaccessible oil and gas.
By 2023, the shortage of pipelines to move oil, gas and natural gas liquids to Gulf Coast markets and beyond is expected to be alleviated by multibillion-dollar projects now underway or planned. Oil, petrochemical and liquefied natural gas companies are investing billions of dollars to process and export petroleum from the Permian and other shale plays, which, according to the International Energy Agency, has made the Gulf Coast a global trading center as vital to world’s energy needs as the Straits of Hormuz, through which tankers filled with Middle Eastern crude travel to the world’s markets.
Near Corpus Christi, for example, the Houston exploration and production company Occidental Petroleum, is continuing to expand its crude export terminal at Ingleside. In 2017, Texas accounted for three-fourths of U.S. crude exports, which recently hit a weekly record in May of 2.6 million barrels a day.
IHS Markit estimates that $308 billion in new spending is required to drill more than 40,000 new wells in the Permian needed to meet its projections. That’s more than double the $150 billion invested there from 2012 to 2017. The report also assumes that oil prices will continue to average at least $60 a barrel.
Oil settled in New York Thursday at $66.89 per barrel.
Fully Charged, the popular YouTube channel hosted by British actor and electric cars’ advocate Robert Llewellyn, reached the next level last weekend as it turned into a live exhibition at Silverstone, UK’s famous F1 track. Thousands – including me – flocked to the brand new EV and renewable energy show, to witness the launch edition of what promises to be a very successful franchise in the years to come
Powerful New Satellite Will Track Extreme Weather Over the Eastern Pacific
A powerful new weather satellite launched March 1 from Cape Canaveral Air Force Station in Florida, heading toward a perch above the eastern Pacific Ocean to monitor extreme weather as it develops. The satellite, called GOES-S (Geostationary …
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