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Toronto, Ontario (Newsfile Corp. - May 6, 2021) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ( Micromem ) ( the Company ) reports that Romgaz has advised the Company that they have engaged the Petroleum-Gas University of Ploiesti, Romania (Universitatea Petrol-Gaze Din Ploiesti) to be the research arm for the tracer technology (the Technology ). The Technology is being developed by the Company in conjunction with Romgaz for installation on their site. Prof. dr. ing. Lazar Avram, the Director of Well Drilling, Hydrocarbon Extraction and Transport Department and Prof. univ. habil. dr. ing. Florinel Dinu, Rector of the University will be leading the project and providing the required expertise to review and modify Micromem s current design for use in Romgaz s gas wells.
Micromem Technologies Inc.: Micromem Romgaz Update
Toronto, Ontario (Newsfile Corp. - May 6, 2021) - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF) ( Micromem ) ( the Company ) reports that Romgaz has advised the Company that they have engaged the Petroleum-Gas University of Ploiesti, Romania (Universitatea Petrol-Gaze Din Ploiesti) to be the research arm for the tracer technology (the Technology ). The Technology is being developed by the Company in conjunction with Romgaz for installation on their site. Prof. dr. ing. Lazar Avram, the Director of Well Drilling, Hydrocarbon Extraction and Transport Department and Prof. univ. habil. dr. ing. Florinel Dinu, Rector of the University will be leading the project and providing the required expertise to review and modify Micromem s current design for use in Romgaz s gas wells.
Nigeria and other African nations are becoming a major investment magnet as new discoveries position the continent as a guarantor of energy security to emerging Asian nations, a report by the Journal of Petroleum Technology (JPT) has indicated.
Quoting secondary sources, it stated that Africa accounted for 8.8 per cent of the worldâs oil production in 2019, while Nigeria was Africaâs top oil producer at 2.2 per cent; Algeria was next at 1.6 per cent; then Angola, 1.5 per cent while Libyaâs production was 1.3 per cent.
The report released recently, indicated that Africa contributed 6 per cent to the worldâs natural gas production in 2019, with Algeria ranking as the continentâs top gas producer at a global share of 2.2 per cent followed by Egypt, 1.6 per cent, and Nigeria, 1.2 per cent.
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The Permian Will Never Face A Pipeline Shortage Again By Irina Slav - Apr 14, 2021, 7:00 PM CDT
Just three years ago, the Permian shale oil boom was under threat: production was growing fast, but pipeline capacity wasn’t. At one point, over one two-week period, eight of the biggest oil producers with a presence in the play shed a collective $15.6 billion in market value or over $1 billion per day as the producers rushed to ditch their backed-up crude at basement prices.
Now, three years later, there are too many pipelines in the Permian.
Almost half of oil pipelines carrying crude oil from wells in the Permian are going to be empty by the end of the year for lack of enough oil to transport, Reuters’ Devika Krishna Kumar reported this week, citing analysts and industry executives.
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Analysis
Feb 3, 2020 @ 15:55
In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico.
“We think we are at or near peak Permian,” Waterous told Bloomberg. “The North American oil market has been grossly overcapitalized, which is not sustainable.”
Bloomberg reporter Simon Casey goes on to qualify that “[p]redicting peak Permian output for 2020 isn’t a mainstream view.” However, evidence is piling up that the U.S. shale industry may indeed be close to peaking as it runs out of the two things required to continue increasing oil production: money and what’s known as “tier one acreage.”