Showing posts with label Robin Dupre. Show all posts
Showing posts with label Robin Dupre. Show all posts

Thursday, July 25, 2013

EIA: By 2040 world energy consumption will rise by 56%

From Robin Dupre at Rigzone.com......

World energy consumption will rise 56 percent in the next three decades, driven by growth in the developing world, noted The Energy Information Administration (EIA) in its International Energy Outlook 2013 report Thursday. China and India’s rising prosperity is a major factor in the outlook for global energy demand, noted EIA Administrator Adam Sieminski in a press conference call.

“These two countries combined account for half the world’s total increase in energy use through 2040. This will have a profound effect on the development of world energy markets.” Energy demand will increase to 820 quadrillion British thermal units (Btu) in 2040, up from 524 quadrillion Btus. By 2040, China’s energy use will double the United States’, according to EIA estimates.

One quadrillion Btu is equal to 172 million barrels of crude oil.

Additionally, renewable energy and nuclear power are the fastest growing source of energy consumption with each increasing by 2.5 percent per year. But fossil fuels, including oil, natural gas and coal will continue to supply almost 80 percent of the world’s energy through 2040, noted Sieminski.

Natural gas is the fastest growing fossil fuel in EIA’s outlook, and will continue to dominate the landscape, increasing by 1.7 percent per year. Swelling supplies of tight gas, shale gas and coalbed methane support growth in projected worldwide gas use with non OECD Europe/Eurasia, Middle East and the United States accounting for the largest increases in natural gas production.

The explosion in supply from unconventional sources will underpin growth of natural gas demand, while high oil prices will encourage countries to focus on liquid fuels “when feasible”, the report stated.

The EIA’s July short term energy outlook projected benchmark Brent crude to average $105 a barrel in 2013 and $100 in 2014.The report projects that prices will increase long term with the world oil price reaching $106 a barrel in 2020 and $163 in 2040 in the Reference case.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

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Wednesday, July 10, 2013

Rigzone: Rail Delivery of Oil, Petroleum Products Continues to Increase

From Robin Dupre at Rigzone.....

With U.S. crude oil producing at record amounts and outstripping pipeline capacity, the country is relying heavily on railroads to move new crude oil to refineries and storage centers, reported the U.S. Energy Information Administration (EIA) Wednesday.

The total amount of crude oil and refined products being transported by rail is close to 356,000 carloads during the first half of 2013, up 48 percent from the same period last year, according to Association of American Railroads.

“U.S. weekly car loadings of crude oil and petroleum products averaged nearly 13,700 rail tankers during the January to June 2013 period. With one rail carload holding about 700 barrels, the amount of crude oil and petroleum products shipped by rail was equal to 1.37 million barrels per day during the first half of 2013, up from 927,000 barrels per day during the first six months of last year. Crude oil accounted for about half of the 2013 daily volumes," reported AAR.

"Increases in rail transportation multifactor productivity can be traced to technical progress, such as improved capital inputs and technological changes in the form of improved methods of service delivery. Improved technology for locomotives, freight cars, and track and structures have increased reliability and reduced maintenance needs," added the United States Department of Transportation.

A large portion of the produced crude oil is from North Dakota where there is not enough pipeline capacity to move supplies, therefore dependency on delivery of oil by rail is substantial. North Dakota currently ranks as the second largest oil producing state after Texas, reported EIA.

"The roughly 700,000 barrels per day of crude oil, which includes both imported and domestic crude oil, moved by rail compares with the 7.2 million barrels of crude oil the United States produces daily," added EIA.

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