Media
Sinopec of China Discovers Shale Oil in the Shengli Field
An initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves have been discovered at the Shengli field by a subsidiary of state-run oil and gas company Sinopec Corp, according to a report from the official Xinhua news agency on Tuesday.
Shengli, in the province of Shandong, is one of China’s major conventional oil and gas fields, although Sinopec has been looking for unconventional resources in the Jiyang trough at the deposit to increase production.
In 2019, the company, which operates China’s biggest shale gas project in Chongqing, agreed to study shale oil potential in the Dongying trough at Shengli with Royal Dutch Shell.
Norway hikes tax on oil and gas industry for 2023
According to the Norwegian government, it will partially reverse an incentive package introduced during the Coronavirus pandemic in 2023 by raising taxes on the oil and gas industry by 2 billion Norwegian crowns ($191 million).
The adjustment to the temporary rules follows a surge in oil and gas prices, the government said.
“When aggregated over the years in which the temporary rules will apply, central government revenues are estimated to increase by 11 billion crowns,” Finance Minister Trygve Slagsvold Vedum said in a statement.
Leveraging Digital Innovation for Offshore Energy through Digitalization
Oil and gas companies are under more pressure than ever to prove their worth and effectiveness by using data-centric procedures, controlling costs, and responding more swiftly to shifting market conditions.
Although the industry has historically been sluggish to accept digital technologies, today’s offshore energy markets are dynamic and undergoing rapid change, so continuing with “business as usual” may not be the best strategy going forward.
Most of the Oil Industry is Exempt from Methane Fees Under US Climate Bill
According to a review of the legislation and conversations with lawmakers who negotiated it, the fee on oil and gas industry methane emissions included in the U.S. Senate climate bill will only cover less than half of the sector’s emissions of the potent greenhouse gas. This is because compromises were made to appease party holdout Joe Manchin.
The hard-won Inflation Reduction Act, which is being hailed as the largest climate package in American history but falls short of President Joe Biden’s initial vision for legislative action on global warming, has undergone numerous changes, including the reduction of the fee’s scope. These changes were made by Senate Democratic leadership in order to secure a deal.
Launch of the C4 Wave Energy Converter by CorPower Ocean
Together with its brand-new “CorPack Concept,” CorPower Ocean will introduce its next-generation C4 wave energy converter, which will serve as the foundation for future wave energy farms.
On June 15, the unveiling will take place in Stockholm, Sweden.
One of the first wave farms to be grid-connected in the world, the new full-scale CorPower C4 device will be created to be a component of a four-system wave energy array off the coast of Aguçadoura.
“We are excited to introduce the CorPower C4 and the CorPack, our first commercial scale products, after a decade of development work, “said Patrik Möller, CEO of CorPower Ocean. “This public and media-accessible event will usher in a new age for wave energy. You will learn more about the potential applications of wave energy from the online event.