When the CEO of Occidental Petroleum described the company’s future this week, it was clear the company will not be moving away from hydrocarbons.
By 2050, Occidental expects to still be a big oil company, but producing oil and natural gas is not likely to be its biggest source of revenue. Nor will solar or wind.
Several decades from now, Vicki Hollub, the president and chief executive officer of Occidental, predicted that income from carbon capture and storage “will be bigger than oil production revenue.”
During the plenary session for the Unconventional Resources Technology Conference (URTeC) she described how Occidental is scaling up its carbon-capture business, beginning with a facility in the Permian Basin with the capacity to capture 1 million tons of CO
Source: Eric van Oort.
As industry buzzwords go, “automation” has spent its time in oilfield vernacular climbing the ranks of widely used terms. It now resides as one of the go-to designations for signs of advancement in any number of disciplines. Its use has been tied most frequently with drilling operations as contractors look to keep employees out of harm’s way via a robotic takeover of most motion-intensive jobs on the rig’s drill floor basically anything that grips, clamps, or spins. More recently, the term has moved away from the drill floor and into other well construction operations allowing for things such as remote, real-time measurements without the need for boots on the ground.
AAPG and SPE exploring merger to create new, future-focused organization 5/25/2021
TULSA - The American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Engineers (SPE) announce an exploration of the benefits and opportunities of a merger creating the energy professionals organization for the future. With unanimous consent from the AAPG Executive Committee and the SPE Board of Directors, a steering committee was created to explore opportunities to form a new combined organization in response to an evolving energy sector and challenging COVID-impacted market environment.
âOur two organizations have worked together side by side for many years on numerous initiatives and global events, notably the Offshore Technology Conference, International Petroleum Technology Conference, Unconventional Resources Technology Conference, and the Petroleum Resources Management System. Joining forces would bring the best of both organizatio
May 25, 2021 Credit: Goodvibes Photo/AdobeStock
The American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Engineers (SPE) on Tuesday announced the two associations were in the process of exploring a potential merger.
AAPG and SPE said they were studying the benefits and opportunities of a potential merger creating the energy professionals organization for the future. With unanimous consent from the AAPG Executive Committee and the SPE Board of Directors, a steering committee was created to explore opportunities to form a new combined organization in response to an evolving energy sector and challenging COVID-impacted market environment, the two organizations said.
Founded in 2017, Fervo Energy is aiming to leverage multistage hydraulic fracturing technology to create more-efficient geothermal wells that will power the Internet company's data infrastructure by 2022.