Oil Consumption News

(Credit: Esvagt)

Metis and Esvagt Team Up to Enhance SOV Data Analytics

Metis Cyberspace Technology.Metis has developed a way of visualizing SOV operations which correlates the full range of vessel activities to fuel efficiency and emissions in the context of a five-day forecast for weather conditions, added Theodossopoulos.Features include a new depiction of total fuel oil consumption by activity across multiple scenarios, including transit, personnel transfer, time-in-port, etc., which takes account of different weather conditions.The enhanced software functionality also introduces a heightened level of transparency to dynamic positioning (DP) operations taking into consideration

BW Group, Miros Enter JV Aimed at Fuel-Saving, Emission Reduction

and combined with fuel flow and main engine power meters we can quantify fuel savings of up to 10% on a single voyage. It has also helped to change the legal contracts to actual performance instead of warranties, setting the standard for the future of this industry.”Miros Mocean combines fuel oil consumption and main engine power measurements with real-time accurate environmental conditions at the vessel’s actual location. This is designed to allow vessel owners and operators to:Make real-time decisions about the operation of vessels with the objective of saving fuel and reducing greenhouse

The Northern Lights template on the seabed (Photo: Equinor)

Equinor-led Group Approves Northern Lights CCS Project

needed to help avoid the most devastating effects of climate change and prevent global temperatures from rising above 1.5 degrees Celsius from pre-industrial levels by the end of the century.Oil and gas companies face one of the biggest downturns in the sector's history following a sharp drop in oil consumption due to the novel coronavirus.The approval of the project comes after Equinor, Shell and Total all set out in recent months ambitions to sharply reduce carbon emissions by 2050 in order to meet the 2015 Paris climate agreement.It is also a sign that a major industrial project should go ahead

Photo: Kongsberg

Kongsberg to Equip New Heavy Lift Crane Vessel

, navigation, thruster control and automation systems, all enhanced by inbuilt measures to improve functionality and safety. The delivery will be augmented by an electrical package including battery hybrid power and energy management systems, which will perpetrate a sharp reduction in fuel oil consumption, thereby driving down the vessel’s CO2 and NOx emissions

Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

, the IEA sees world oil demand in 2040 growing to 104 mb/d, an increase of 10 mb/d over current consumption. The EIA predicts global oil/liquid fuel consumption will grow to 119 mb/d by 2040, a 30% increaseover the present. OPEC expects oil demand to grow to 111 mb/d in 2040, up 18% from global oil consumption in 2015. Among the oil majors, ExxonMobil expects an average growth of 1.2% in oil demand through 2025, followed by a 0.5% growth between 2025 and 2040. BP calls for world oil demand to grow at an average rate of 0.8% annually through 2035. Ultimately new oil sources will be needed to accommodate

Ulstein Launches Discovery Series

windows on parts of the bridge, accumulation and storage of renewable energy, and alternative materials.”    The efficient hull with its slender lines, the propulsion set-up, low friction bottom paint and reduced weight from alternative hull material all contribute to reducing fuel oil consumption. The X-BOW has a major impact on seakeeping and comfort. X-BOW vessels are capable of either maintaining speed in harsh sea, or reducing their impact on the environment by reducing speed and, consequently, saving significant amounts of fuel.    A patrol vessel has to be tough to

Calvin Ling BEng (Hons), MSc, Douglas-Westwood, Singapore is involved with the day to day execution of strategic consulting & transaction support services for a range of corporate and financial clients within the energy and oil & gas industry.

Increase in Demand for the Hot Subsea Vessel Market

and Indicators Global energy demand has grown significantly over the past 50 years and is forecast to continue, driven by developing economies. Oil is a fuel of huge importance mainly due to its role in transportation, where it cannot be readily substituted by alternative energy sources. Oil consumption is forecast to grow from today’s 90 million barrels per day to 107mbpd by 2035. Production will increasingly have to come from unconventional sources and also deeper water. This will cause all sectors of the subsea market to increase in tandem. With the anticipated growth in offshore developmen

Eni Presents World Oil and Gas Review

World oil reserves increased in 2012 (+2% vs 2011), gas reserves remained almost flat (+0.4% vs 2011) World production of oil and gas is rising (+2.9% and +1.8% vs 2011) World oil consumption is growing (+1% vs 2011), but not in Europe World gas consumption is also rising (+2.3% vs 2011)  LNG trade dropped for the first time in 40 years Eni presented the twelfth edition of World Oil and Gas Review, the annual statistical review of the world oil and gas market and the refining system.   Oil and gas reserves continue to rise, confirming that operators

Gulf of Mexico Lease Sale Yields $102.4 Million in High Bids

each year the President has been in office, with domestic oil production currently higher than any time in two decades; natural gas production at its highest level ever; and renewable electricity generation from wind, solar, and geothermal sources having doubled. Combined with recent declines in oil consumption, foreign oil imports now account for less than 40% of the oil consumed in America – the lowest level since 1988. Today’s highest bid on a single tract was $30,583,560 submitted by ConocoPhillips Company for Alaminos Canyon Block 475. ConocoPhilips Company also submitted the highest

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