Both the World Energy Council and Royal Dutch Shell Plc, believe that the global demand for oil will peak before the supply of oil runs out. As reported by Bloomberg in November, the estimates forecast the remaining market life of oil between 5 and 15 years. Shell, has, in fact moved toward natural gas as opposed to continued investment in oil in anticipation of this expectation and is now the world's largest independent producer of LNG (liquid natural gas).
At present, natural gas has a market advantage over other types of fossil fuels – global environmental standards are less rigorous for this fuel. Due to this advantage, the market is seeing big oil companies turn their focus to natural gas.
In May, the EPA announced new methane emissions rules. These rules finalize standards to reduce methane, volatile organic compounds (VOCs) and toxic air emissions and specifically address methane emissions from new and existing sources of oil and gas, including hydraulically fractured oil wells.
The February 18, 2016 issue of Nature featured an article on the human and environmental costs of shipping. A litany of facts about the pollution inherent in global shipping is included: low-grade marine fuel has 3,500 times more sulfur than road diesel, one-third of the airborne pollutants in Hong Kong are derived from large ships when in port, and scrapping obsolete ships pollutes both the sea and the soil.
Congress placed a moratorium on exporting domestically produced crude oil 40 years ago. On Oct. 9, 2015, the U.S. House of Representatives approved H.R. 702, a bill that would repeal what many supporters claim to be an outdated law. As typical with these bills, balloting toed the party lines. Since then, the lifting of the ban has become a key component of a broader tax and spending bill.
Happy New Year from Oceaneering's PortVision!
2015 was a great year here at PortVision. We received more blog views and new subscribers than ever before. Thank you to all of our readers for your support and we look forward to the new year!
Here are the top 10 Blogs of 2015:
According to Bloomberg Business, the United States exported an average of 475,000 barrels a day of natural gas liquids (NGLs) in 2013. That’s nearly a 200% increase in exports from 2010.
Concerns over the high amount of fuel and carbon emissions by cruise ships have become more prominent in recent years, causing many of the world’s leading cruise lines to look for ways to cut their emissions levels. This has led to the introduction of solar-diesel hybrids, pure-solar cargo ships, and even several oversized sailing ships. One of the most successful emissions-limiting ships in the cruise world, however, is an LNG cruise ship.