<a href="http://youngpetro.org/2013/03/06/how-is-it-possible-to-produce-oil-from-sand/"><b>How is it possible to produce oil from sand?</b></a> <a href="http://youngpetro.org/2011/10/09/people-engineers-and-spe-members/"><b>People, Engineers and SPE Members</b></a> <a href="http://youngpetro.org/2012/12/19/if-i-were-a-prime-minister/"><b>If I Were a Prime Minister…</b></a> <a href="http://youngpetro.org/2012/12/26/polish-shales-delayed/"><b>Polish shales delayed?</b></a> <a href="http://youngpetro.org/2013/01/11/russia-continues-the-policy-of-states-companies-monopoly/"><b>Russia continues the policy of state companies’ monopoly</b></a>
 

Statoil reveals its prospect till 2030

12 February, 2018 News No comments
Statoil reveals its prospect till 2030

This leading petroleum company, which energise the lives of 170 million people every day, briefly sums up 2017. Statoil presents us also a vision what will the future be like.

 

In 2017 Statoil discovered  new reservoirs: near Norne with oil and gas reserves up to 80 million barrels and 20-50 million barrel gas field by Valemon Field, Gina Krog oil and gas field started production (8% shares belongs to PGNiG Upstream Norway AS), awarded 29 production licenses, approved Njord and Bauge development and operations plans. The company has started evaluation of new CO2 storage project on Norwegian continental shelf, acquired 40% share in Brazilian solar asset, launched the world’s first floating wind farm. Some other activities taken at the end of the year nearly tripled Statoil’s production in Brazil.

This year, the unique Aasta Hansteen project will be launched. This gas-field is located 300 km from Norwegian shore and lies 1300 m of water. These challenging conditions determine the need of specific solutions and the answer is the world’s largest spar platform, floating vertically in the sea, anchored in 1,300 metres of water. The project will help to secure gas for Europe for many years.

Statoil aims to reduce each kind of negative impact on the environment, inter alia to reduce annual CO2 emission by 3 million tonnes by 2030.  Most of CO2 emission, associating offshore production of oil and gas comes from gas turbines providing electricity for platforms. In 2019, a new field in the North Sea will be electrified by the electricity from shore because the power from shore comes from renewable sources mostly. This replacement of power source is realized as a part of Johan Sverdrup project. It will be also the first field to employ a so-called ,,digital twin” which is a technology used by NASA, F1 Racing and many others. It acts as a virtual, real time version of the installation in the computer system, through constant updating the model of Johan Sverdrup by sensors in real time.

Statoil has set a goal to spend up to 25% research funds for new energy solutions and reducing emission by 2020. The company is focused mainly on geothermal and hydrogen energy, looking for solutions to make these energy sources commercially feasible.

According to the International Energy Agency (IEA), the world must capture and store six billion tonnes of CO2 per year in 2050 to achieve global climate targets. Statoil has met this challenge since 1996, and in 2021 Statoil will have been capturing and storing CO2 for 25 years and so far has managed to capture and store over 23 million tons of carbon dioxide. By 2030 Statoil will cut two million tonnes of CO2 emissions on the Norwegian Continental Shelf. That amount corresponds to one million cars. In 2022 the company will be celebrating 50 years of existence.

In 2026 there will be 30 years since the Troll Oilfield has started production. Gradually, more and more natural gas instead of oil will be produced. Troll A was the first platform on the NCS, with electricity powered from shore. The field is also considered as a most important single contributor to the Norwegian national budget, producing hydrocarbons worth NOK 1,300 billion what’s equivalent to more than seven times spending on education in Norway.

The New York City set a target to cover 50% of the energy demand from renewable sources before 2030. Statoil won the auction for a wind farm outside NYC in 2016. This unique project was named Empire Wind and it is the first seawater enterprise in the USA. This project gives to Statoil an opportunity to utilize its offshore and engineering experience.

Sources:
www.statoil.com
2030.statoil.com/en/start

 

A Brief Look at the Oil Market

20 December, 2017 News No comments
A Brief Look at the Oil Market

What the 2017 has brought us?

The 2017 started the year with the crude oil Brent price at 55.5$ per barrel. If any dramatic happening disrupting world oil supply takes place till the end of the year, the 2017 will end up with the Brent oil price over 62$ per barrel. In that case, the average price for the 2017 will be about 54$ which means the increase by 20% as compared to the 2016. It is worth to notice the massive bounce back of crude oil prices in the second half of the year. In the first quarter of the 2017 the barrel of oil costed average about 54.5$, while in the last quarter it may be even 62$. In the middle of the year a couple of factors affected an oil trading. Tropical cyclones in the USA, blocks of crude oil pipelines by Nigerian community due to oil spill, OPEC deal to curb oil output and recent closure of the Forties Pipeline in the North Sea have certainly contributed to the current prices.

What the 2018 can bring us?

In December, OPEC members decided to extend oil-production cuts through end of the 2018. However, in the opinion of  International Energy Agency (IEA), oil extraction in countries out of OPEC will increase in the 2018 by 1.6 million barrels per day. The most significant production increase is expected in the USA, where in September the largest production of oil since April 2015 was recorded.  In the first week of December the output  increased to 9.78 million barrels per day which is the highest level since the 1983. The grow of drilling activity in the USA suggests further output increase in the upcoming months. According to estimates of the American Department of Energy (DoE), the daily production of the crude oil in the USA in the next year may exceed 10.02 million barrels. On the other hand, IEA expects that the world demand for crude oil will drop to 1.3 from present 1.5 million barrels per day.

The oil market shows signs of recovery. The whole 2017, and especially the significant bounce back of the oil price in the 4th quarter let us to be optimistic about the future. Even with rising production, the global oil market should stay balanced.

Sources:
http://nafta.wnp.pl
http://www.energetyka24.com/ropa

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YoungPetro – 21st Issue – Winter 2017

YoungPetro – 21st Issue – Winter 2017

The wise man once said: Winter is coming! He was right, it is coming indeed and in some places, it is already there. Whether it is in your hometown yet or not, we bring you Winter Issue of the YoungPetro Magazine! It is packed with interesting articles, reports and much more! Enjoy reading and share with friends!

 

Annual Technical Conference and Exhibition in San Antonio 2017

Annual Technical Conference and Exhibition in San Antonio 2017

On 9–11 October, the Society of Petroleum Engineers (SPE) hosted global exploration and production professionals for the 2017 Annual Technical Conference and Exhibition (ATCE) at the Henry B. Gonzalez Convention Center in San Antonio, Texas, USA. During the 93rd annual event, 2018 SPE President Darcy Spady received the presidential gavel and officially commenced his presidency of the not-for-profit professional association.

SPE’s premier technical conference, ATCE presented best practices and emerging technologies to attending engineers, scientists, academia, managers and executives. The conference’s international exhibiting companies featured a broad range of technological innovations, new products and valuable industry services. ATCE 2017 featured nearly 400 technical papers in 46 technical sessions, plus panels and ePoster sessions.

“It was wonderful seeing SPE members from around the world this week, particularly our Gulf Coast members following the recent devastation of Hurricane Harvey,” said 2017 SPE President Janeen Judah. “From our session focused on learnings following the recent natural disaster to sessions on digital energy, ATCE once again delivered subject matter important to our members, industry professionals, the public, and the environment.”

Five panelists discussed “Sustainable Oil and Gas: Improving People’s Lives” in front of a packed ballroom at the Opening General Session. The panel was moderated by Eithne Treanor, ETreanor Media, and comprised Lorenzo Simonelli, chairman and CEO of Baker Hughes, a GE company; David Hager, president and CEO of Devon Energy; Khaled Al-Buraik, vice president for Saudi Aramco; Deborah Wince-Smith, president and CEO of the Council on Competitiveness; and Franklin Orr from Stanford University.

Tackling the challenges of sustainability, Hager said, requires creativity. “Creativity is at the heart of everything we do,” he said. He added later, “To do things tomorrow the way we do things currently is not going to provide the sustainability we need.”

Simonelli built on the idea of creativity by including the concept of disruption. “I think, as an industry, we’ve got to embrace disruption,” he said, adding, “How do we embrace that disruption and change much faster?”

Overall, more than 8,300 professionals from 60 countries attended this year’s event. Sessions focused on subjects such as creating databases of multiple data streams for analyzing how to improve performance and how R&D may be the key to companies’ survival. Speakers, including representatives from operating companies, governmental agencies and global leaders addressed commercializing digital controls and automation.

Also on Monday, Vicki Hollub, president and CEO of Occidental Petroleum Corporation, spoke at the Chairperson’s Luncheon. She cited three technologies that, although not new, have played a significant role in upstream development. Seismic imaging, horizontal drilling, and hydraulic fracturing all have succeeded in revolutionizing upstream practices. “The point is, you don’t to have to go too far for new ideas,” she said. “We are seeing the benefits of all three of these technologies at Occidental, most recently in our Permian Basin position.”

SPE’s Annual Reception and Banquet recognized individuals for their significant contributions to the oil and gas industry and SPE, while the President’s Luncheon offered the “State of the Society” address from Judah, who also passed the presidential gavel to Spady during the event.  An active SPE member since graduating from university, Spady most recently served on the SPE International Board as regional director for Canada and is the first Canadian elected as SPE president.

“While we’re confronted with a constantly changing industry landscape, SPE continues to fulfill its mission of collecting, disseminating, and exchanging technical knowledge as exhibited by ATCE 2017. It delivered one of the most innovative, forwarding thinking conferences in its nearly century long history,” said Spady.

“Though innovation and technology remain a core focus of this organization, the environment and community are also an essential part of our DNA for SPE members young and old — it is not a simple matter of choosing economy or environment, instead we choose both. As SPE’s new president, one of my main objectives will be to continue pushing these dialogues and actions across our society for the betterment of our industry and world.”

_______________________________________________________________________

In addition to this on 9th of October in San Antonio was held the PetroBowl competition. After a tough quarterfinal battle with Batangas State University from Philippines, team representing AGH UST ended their PetroBowl adventure at quarterfinals as the best team in Europe and one of the eight best in the World! After this great success, came time for another event connected with our section. President of our chapter had opportunity to accept the Outstanding Student Chapter Award from Darcy Spady for the whole effort that we have put in this year into our student chapter.

We would like to thank our sponsors GAZ-SYSTEM S.A. and United Oilfield Services, as well as CRUX Fine Selection – partner of our chapter, thanks to them we had the opportunity to participate in such a prestigious event as the ATCE Conference.

The 2018 ATCE conference will be held 24–26 September in Dallas, Texas, USA.
For more information, visit www.atce.org.

 

 

New Discoveries in North-Western Poland

New Discoveries in North-Western Poland

Polish Oil and Gas Mining Company in collaboration with LOTOS Petrobaltic have started drilling exploratory well on a concession Kamień Pomorski. According to the estimates in the area of work being prepared, in commune Golczewo (West Pomeranian voivodeship) may be 7.5 million boe.

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Q2 Results – Oil Companies Make Profit in Tough Times

Q2 Results – Oil Companies Make Profit in Tough Times

During last few days major Oil & Gas Companies revealed their second-quarter earnings and believe or not, almost all of them are higher than expected. Is it sign of the end of downturn and back to wealthy times? I wouldn’t say so, but reported results shows that Oil Companies adapted to the market conditions and now they can make profit from diverse sources like downstream or manufacturing and not only from Upstream. Furthermore, in many cases Upstream is now not the strongest branch. The price around $50 per barrel isn’t that bad for companies to prosper well. The biggest companies managed it by making redundancy and savings.

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Drilling Into A Volcano in Iceland

Drilling Into A Volcano in Iceland

Iceland is known for its ability to produce renewable energy which covers 100% of energy demand. The largest share is geothermal and hydropower energy whereas fossil fuels are still in use but this share is constantly declining. What stands behind such good statistics, it is definitely Iceland’s unique geology which makes it fairly cheap to produce energy from a variety of natural sources. Recently, a massive drill project, named “Thor” has been in the spotlight.

Actually, drilling into volcano is an incentive that brings one’s attention. A depth has reached 4,659 kilometers and is expected to generate up to 10 times more energy than conventional methods. The drilling had begun in August, 2016 and was completed on January 25 of this year.

At the very bottom of the wellbore the temperature reaches 427 Celsius degrees and the pressure outweighs 200 atmospheres. In such conditions occurs bizarre fluid that behaves both as gas and liquid but is neither of them. This well can provide a tremendous supply of energy. It has been estimated that the capital of Iceland, Reykjavik would require between 30 and 35 usual conventional wells to provide its inhabitants hot water whereas only three to five wells like Thor could do the same.

Projects like Thor put Iceland in a role model position of a renewable energy superior producer ahead of any other country in the world. It appeals to be stunningly interesting how this small country has been pioneering in energy field.

Sources:

iflscience.com

wikipedia.org

LNG from USA

LNG from USA

In June 2017 for the first time in history the LNG from USA will arrive to Poland. Short-time spot type transaction was contracted between PGNiG SA (Polish Oil and Gas Company) and Cheniere Energy – the American company which is the only one that has a permission to export gas. The cargo will ship out from Sabine Pass liquefying terminal in Louisiana and in the first half of June will arrive at the Polish LNG terminal in Świnoujście. This is first one-time supply of American gas to Central-East Europe. The volume of transported source probably won’t be huge – the type of LNG carrier used by Cheniere Energy (with capacity less than 200 000 cubic meters) shows that. The price of gas is classified because of a trade secret.

-This is a historical moment for PGNiG. We have gained a new partner in trade of LNG, and North America is becoming a next reign whence we import this source, after Middle East, and Norway. We constantly realize strategy of diversification supply to Poland. In that way we build a safe and competitive gas market for Polish economy – said Piotr Woźniak, the CEO of PGNiG

-This supply to Poland  testifies of existing demands for American LNG and need for complex business model of Cheniere Energy, which covers a supply of this source straight to the customers – said Jack Fusco, CEO of Cheniere. – We are happy that PGNiG is our partner with this transaction and we support Poland in access for LNG gas with pleasure.

Nowadays Polish government solicits long-term contracts for import of American gas. Recently Deputy Prime Minister Mateusz Morawiecki, and Minister Piotr Naimski have been in Washington. Polish companies are also active: Gaz System (natural gas transmission system operator) in fall have organized a LNG congress with American companies, and CEO of PGNiG SA, Piotr Woźniak, is currently visiting USA

Such moves shows that Warsaw is largely interested in American gas, which in the first time in history will be exported to this part of Europe. There are a few reasons explaining this conjuncture. Firstly PGNiG have paid for reservation of terminal in Świnoujście, and they want to use it effectively. Moreover Poland has to decide about the future of Jamal Contract (Polish-Russian trade agreement about exporting to Poland circa 10 bln m3 of natural gas per year, which covers about 70% of Polish annual demands) which ends in 2022. According to this info Polish government is searching for some alternative to Russia. Shipments of this source from USA could mostly increase diversification of Polish requests and improve position in renegotiation a new contract with Moscow. They could also change the role of Poland – from passive recipient to active trader and Poland could reexport gas to other countries in Central and East Europe which are (or have been) buying blue energy from east direction, for example to Ukraine which has totally cut the gas supplies from Russia.

References:

http://www.energetyka24.com/586773,pierwsza-dostawa-amerykanskiego-lng-do-polski-realny-sukces-analiza
http://www.pgnig.pl/aktualnosci/-/news-list/id/pierwsza-dostawa-lng-od-amerykanskiego-dostawcy-do-polski/newsGroupId/10184
http://www.reuters.com/article/energy-poland-lng-usa-idUSL5N0RB3J720140910
https://www.bloomberg.com/news/articles/2017-04-27/u-s-lng-expands-to-eastern-europe-as-poland-avoids-russian-gas

YoungPetro 20th Issue Summer 2017

YoungPetro  20th Issue  Summer 2017

The new semester has arrived, spring is also already here and ‘East Meets West’ – International Student Petroleum Congress & Career Expo starts in 3 days. All that signs encouraged YoungPetro Team to deliver fresh and full of content the 20th issue of YoungPetro Magazine. We hope that you will find joy in reading articles developed by our authors and ambassadors. Should you have any questions, do not hesitate to contact us.

Canada’s first exports of liquefied natural gas may soon be heading overseas

Canada’s first exports of liquefied natural gas may soon be heading overseas

In 2016 Cheniere Energy Inc. built an LNG export terminal along Louisiana’s coast and became the only company shipping U.S. shale gas by tanker. Now it’s looking for supplies to send abroad.

It’ll receive supplies from the Montney shale play, which straddles Alberta and British Columbia. “We recently entered into our first supply deal to receive Montney gas, on a Henry hub index, from a Canadian producer,” Chief Commercial Officer Anatol Feygin said on a conference call, referring to the Louisiana gas price benchmark.

“We’re able to build a portfolio of supply from domestic gas producers and take full advantage of the cost-competitive basins across the U.S. […] In fact, it doesn’t stop at the U.S., as we recently entered into our first supply deal to receive Montney gas.” – he also said.

Screen-Shot-2013-11-07-at-8.32.34-AM
The Montney Formation is a stratigraphical unit of Lower Triassic age in the Western Canadian Sedimentary Basin in British Columbia and Alberta

 

Canada’s gas explorers are having great lengths go to get their fuel to market as they face escalating competition from U.S. shale drillers at home. liquefied natural-gas export terminals have been proposed along Canada’s West Coast, but it’ll be years before any are up and running (as a result of environmentalists and native groups protests). According to Victoria Zaretskaya, an analyst with the Energy Information Administration, no Canadian gas has ever been exported as LNG.

Cheniere_Platform

Who knows, maybe one day tanker with Canadian LNG will arrive at Polish LNG Terminal in Swinoujscie.

sources: boereport.comcheniere.combloomberg.combreakingenergy.com