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Showing posts with label What Is Crude Oil. Show all posts
Showing posts with label What Is Crude Oil. Show all posts

Wednesday, 21 May 2014

Alberta considers emissions rules to win support for oil sector

Alberta will likely implement energy efficiency measures and public transit when it revamps its climate-change policy to win support for its oil sector, the fastest-growing source of global warming in the country.


The Canadian province plans to have new regulations on emissions “in the near future” and may include a higher carbon price and strategies for cities and consumers to increase energy efficiency and deploy more renewable energy, Robin Campbell, Alberta’s environment minister, said in a phone interview.


“It’s important that as we look at our strategy going forward that we’re able to show real results,” the minister said from Edmonton. “The world is on us and they’re watching very closely what we’re doing.”


The struggle by Alberta’s oil producers for access to new markets, as reflected in President Barack Obama’s delays in approving TransCanada Corp.’s Keystone XL pipeline, is being made amid opposition to oil sands bitumen because of its higher carbon intensity and concerns around air and water pollution. Campbell’s comments counter former Premier Alison Redford’s stand that Alberta wouldn’t enact new greenhouse gas rules until the U.S. does the same for its oil and gas industry.


The province in 2008 targeted a reduction of greenhouse gas emissions by 50 million metric tons by 2020, which Campbell said he’s “comfortable” that Alberta will reach.


“Considerable improvement” is required by the province to help it reach its own, as well as Canada’s, emission targets, according to a study last year by the Calgary-based Pembina Institute, an environmental consultancy. Alberta’s electricity production is dominated by coal and natural gas and makes up half of the country’s emissions from power generation.


Meanwhile, the federal government has committed to reducing emissions by 17% by 2020 from 2005 levels, a target that will require stricter regulations for the oil and gas sector, the Pembina study said. Those rules have been delayed for several years under Prime Minister Stephen Harper.


Alberta, Canada’s wealthiest province per capita, may enact stricter regulations before the federal government imposes rules on the sector, Campbell said. “Politics can always throw a screw into things.”


“In Alberta, market access is important to us,” the minister said. “We want tidewater prices, so we have to get to the coast.” Alberta is one of two land-locked Canadian provinces.


Western Canada Select, the nation’s benchmark heavy crude, traded at a $19.10 discount to West Texas Intermediate at the close on Tuesday. The gap has been as wide as $42.50 in recent years and costs the Canadian economy C$50 million ($45.5 million) a day, according to the Canadian Chamber of Commerce.


As part of Alberta’s existing climate change mitigation efforts, the provincially-funded Change and Emissions Management Corporation yesterday announced the winners of a competition to find uses for carbon.


Alberta currently requires companies that emit more than 100,000 metric tons of greenhouse gases a year to cut emissions per barrel by 12% or pay a penalty of C$15 per ton. The proceeds from the levy are paid into a fund that companies can use to develop technology to cut carbon output. It has collected about C$400 million as of Jan. 2, according to the government.


The Alberta price for carbon compares to about 5 euros ($6.91) a ton for emissions permits on London’s ICE Futures exchange.


The new Alberta regulations need to result in “real reductions” of carbon dioxide, said Campbell. “Of course we’re not seeing the real reductions in the oil sands because demand for energy is growing.”


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Tolfem Investments Limited, online.

Tuesday, 6 May 2014

Total launches Kaombo ultra-deep project offshore Angola

Total and its JV partners have made the final investment decision to develop the ultra-deep offshore Kaombo project in Angola. With a production capacity of 230,000 bpd, Kaombo will develop estimated reserves of 650 MMbbl. Following an intensive optimization exercise, the project’s capital expenditure to reach full capacity was reduced by $4 bn to $16 bn, with an expected start-up in 2017.


“With the launch of Kaombo, the upcoming start-up of CLOV and three exploration wells planned in the Kwanza basin this year, Angola remains a priority country for Total,” outlined Yves-Louis Darricarrere, President Total Upstream. “While continuing our commitment to develop the Angolan oil industry, Total has significantly optimized the project’s design and contracting strategy in recent months. Kaombo illustrates both the Group’s capital discipline and objective to reduce capex.”


Located approximately 260 km offshore Luanda in water depths ranging from 1,400 to 1,900 m, the Kaombo project will develop six of the 12 discoveries already made on Block 32. The six fields (Gengibre, Gindungo, Caril, Canela, Mostarda and Louro) cover an area of 800 sq km in the central and southeast part of the block.


The Kaombo development scheme includes 59 subsea wells connected through around 300 km of subsea lines to two FPSOs, each with a production capacity of 115,000 bpd. The two FPSOs will be based on conversions of very large crude carriers (VLCCs) into production units. Associated gas will be exported to the onshore Angola LNG plant.


The Kaombo development includes a substantial level of local content. Over 14 mn man-hours of fabrication and construction works will be performed locally in Angolan yards which will be used for equipment fabrication and assembly.


Total is the operator of Block 32, with a 30% stake, alongside Sonangol P&P (30%), Sonangol Sinopec International (20%), Esso Exploration and Production Angola (Overseas) (15%) and Galp Energia (5%).


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Tolfem Investments Limited, online.

Sunday, 27 April 2014

Aker Solutions to supply subsea manifolds for Petrobras pre-salt fields

Aker Solutions won a contract worth more than $300 mn from Petrobras to supply eight manifolds that alternately inject water and gas to increase oil recovery from Brazil' s deepwater offshore fields.


The subsea manifolds, designed for water depths of 2,500 m, will be installed by Petrobras and its partners in deepwater pre-salt field developments.The units have a design life of 30 years and the first is scheduled to be delivered in 2016.
 
"We are pleased to work with Petrobras on its important and technically challenging pre-salt developments," said Oyvind Eriksen, executive chairman of Aker Solutions. "Brazil is a key market for our subsea technology and one of the fastest growing areas in the oil and gas industry."


The order will be executed by Aker Solutions' Brazilian subsea division. The unit last year began work to double its subsea equipment manufacturing capacity at a plant in Curitiba by 2015. About 70% of the contract with Petrobras will be procured and manufactured in Brazil.
 
"Aker Solutions is committed to delivering high local content in Brazil, where demand for complex subsea production equipment is growing," said Luis Araujo, president for Aker Solutions in Brazil.
 
The manifolds will play a key part in the crucial injection process that helps improve recovery from the fields.


Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Tolfem Investments Limited, online.

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