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Upstream oil investment continues to rebound, Google has become the world’s largest buyer of renewable energy

Upstream oil investment continues to rebound, Google has become the world’s largest buyer of renewable energy

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Today's oil price


Worries about the trade war between China and the US eased, and the US stocks closed higher to boost the market sentiment, and international oil prices rebounded slightly. WTI63.54 rose 0.17 Brent 68.33 rose 0.31 US dollars / barrel; due to the Ching Ming holiday China SC crude oil futures closed.


Today’s headlines


Oil industry analysts and senior executives often lament that the upstream investment in the oil industry has fallen sharply. Many people predict that there will be a shortage of oil supply in the early 1920s, when large-scale investment in the oil and gas industry will drop sharply. However, energy consulting firm Wood Mackenzie said that recent increases in oil prices and lower production costs (very low deep-water mining costs) have led to cautious optimism. The company predicts that global oil investment will increase this year. (Oil Price)


Google has now signed a 3 GW renewable electricity purchase contract. It also said it will continue to sign contracts to purchase more renewable energy. No corporate buyer currently purchases more renewable energy than Google. Google’s renewable energy purchase contract has already resulted in global new capital investment exceeding US$3 billion. In addition, the amount of renewable energy energy it allegedly purchased in 2017 has been higher than that used in its global operations. However, Google is just one of many technology companies that want to achieve green operations through large, ambitious projects. (CNBC)


International Energy Information


In late March, a good news came from the production site. The Chinese reservoirs evaluated that the continuous 6 well test oils were all obtained with a high-yield industrial oil flow of more than 20 tons, which enabled the reservoir evaluation test oil fracturing “opening”. The Oil and Gas Technology Research Institute promoted a good start of oil fracturing for evaluation of reservoirs by strengthening drilling program planning, optimizing individual wells, actively developing new processes, and increasing on-site technical support.


Sinopec officially launched the "Green Enterprise Action Plan" on the 2nd and announced that by October this year, Sinopec's vehicle-used gasoline and diesel will reach the national VI standard. By 2020, the sulfur content of marine fuel oil will be reduced from 3.50% to 0.50% ( Quality ratio) This measure is expected to reduce sulfur dioxide emissions by 1.3 million tons/year. It is reported that the “Green Enterprise Action Plan” initiated by Sinopec today also includes that China’s petrochemical clean energy production will account for more than 50% of the total, and geothermal heating area will exceed 120 million square meters in 6 years, accounting for 40% of the national market.


PetroChina said on the 3rd that it had sold gasoline to the Americas for the first time, and that a batch of 35,000 tons of gasoline cargo had sailed to the Bahamas on March 30th. This is the first time that PetroChina, a refinery company of PetroChina's refinery, Qinzhou Refinery Co., Ltd. produced gasoline that was sold to the American market across cities, becoming another major breakthrough for China Petroleum in its effort to expand overseas high-end and high-efficiency markets. In fact, from 2015 to the present, CNPC's refined oil team has sold 840,000 tons of diesel produced by refineries such as Dalian Petrochemical, Liaoyang Petrochemical, and Guangxi Petrochemical to cross-market sales to Brazil, Uruguay, Peru, and other countries. 12 Countries and regions. At present, China's petroleum diesel brand has a high reputation in Latin America. (Reference News)


Recently, it has been learned that China's self-developed aftereffect perforating technology has been applied to 2,600 wells in 22 oilfields across the country. Among them, oil and gas wells with a yield increase of 5 to 10 times account for 10% to 15%; those with an increase in output of more than 300% account for 15% to 20%, and oil and gas wells with a production increase of more than 30% account for 60% to 70%, especially For low-porosity and low-permeability oil and gas reservoirs, the effect of increasing production is very obvious. Previously, after the Bohai Sea exploration wells were drilled using “aftereffect technology”, comparative analysis revealed that the oil production index increased by 22%. This technology has outstanding safety performance, green environmental protection, can effectively increase the output of single wells, and is of great significance for improving the productivity of low-permeability and ultra-low porosity and permeability reservoirs. After being developed and improved, it can be used and promoted in Chinese oil and gas wells. (Economic Information Daily)


After 17 years of meticulous preparations, the "Chinese version" of crude oil futures was officially listed on the Shanghai International Energy Trading Center (INE) on March 26. As of April 3, China's crude oil futures have been officially listed for more than a week. As a whole, China's crude oil futures caused widespread concern in the first week of listing. According to data from the Shanghai International Energy Trading Center, the turnover of Chinese crude oil futures was nearly 280,000 lots in the first week, and the turnover was nearly 116 billion yuan. Nearly 8200 hands. (China Energy Network)


Vietnam’s State Oil Company (HANOI) and Ho Chi Minh City (Bloomberg), the state-owned oil company in Vietnam, stated that the tension in the South China Sea will undermine oil and gas exploration and attract foreign investment into offshore oilfields. Vietnam Petroleum and Natural Gas Group, also known as the Vietnam Petroleum Company, pointed out in a BBC report that Vietnam required the Spanish energy company Repsol SA to suspend the project for the second time under pressure from China. Chief Financial Officer Miguel Martinez said in a earnings call on July 27 last year that Repsol stopped exploration on the southeast coast of Vietnam last year. (worldoil)


The Obama administration finalized 2022-2025 emissions standards for cars and light trucks a week before Trump took office. The United States Environmental Protection Agency Scott Pruitt (Scott Pruitt) recently issued a statement confirming that the Trump administration really needs to “float” the new car fuel efficiency standards set by the US Obama administration. According to data released by the US Environmental Protection Agency, in the United States, the greenhouse gas emissions of the transportation sector account for about one quarter of the country's total greenhouse gas emissions. Both Trump and Pruitt have questioned very strongly that climate scientists believe that the carbon emissions from human activities are the main cause of global warming. (CNBC)


In a statement on Wednesday, the Gamesa Renewable Energy Corporation (SGRE), a subsidiary of Siemens, said it will build a 39 MW wind farm in Vietnam. According to the plan, this wind farm in Ningbo, a southern province of Vietnam, will be divided into two stages of development. During the first phase of completion last year, SGRE has begun to install and begin to operate three turbine units. The second phase of the project has just been signed and the construction of 12 turbine units will be completed by October of this year. The company will also be responsible for the maintenance of the next 10 years. (CNBC)


A new study published in the United States "Climate Journal" pointed out that in the past century, the area of the Sahara has increased by about 10%. The researchers believe that the expansion of the Sahara desert area is mainly caused by human-induced climate change and natural climate cycles. According to reports, the formation of the Sahara desert was affected by the Hadley circulation. Climate change may expand the Hadley circulation, causing the subtropical Sahara to expand northwards. In addition, the Sahara Desert is slowly expanding southwards, indicating that there are other mechanisms in place. (澎湃 News)