Selection for 2022/2023
Please Vote no later than January 10th for the SPE Distinguished Lecturers which you would like to have to give a presentation to the LA Basin Section in 2022-2023.
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WTI Oil Prices High, OPEC Keeps Production Down, Gas Technology, Hydrogen, Solar, Geothermal Energy and Golf!
Firstly, I hope everyone had a great and relaxing holiday season and that you were able to visit family that you may not have seen during the last several months. As we start a new calendar year, let us hope that this year is an improvement over 2021 for everyone, both personally and professionally.
WTI oil prices remain fairly high but have dipped to about $75/bbl, which is in the target range of $65/bbl to $80/bbl set by OPEC+. OPEC+ recently rejected calls by the US to increase oil production and in the same statement OPEC+ revealed they do not plan to change strategies after the release from the US Strategic Petroleum Reserve. Unconventional gas technology continues to provide low-carbon fuel solutions and natural gas is increasingly being converted to LNG for export where it can be utilized to displace the use of coal for electrical energy production. Unconventional gas technology also continues to drive innovation with the developing CCUS industry in the push for net-zero carbon. In a high-level article, JPT discussed several emerging technologies being studied, but the use of hydrogen will increase and the best ways to generate, store, and transport hydrogen continues to be studied. The same JPT article covers a number of other technologies which energy companies are developing or adapting to reduce GHG emissions. This includes electrification of production operations, the reduction of flaring, and the use of solar energy for in-field heating or steam generation – which happens to be the subject of this month’s SPE LA Basin Technology webinar. Finally, there have been a number of articles regarding Canadian oil sands in the last couple of months.
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