Sustainable Change Is Coming To Lundin Petroleum

Sustainable Change Is Coming To Lundin Petroleum

Sustainability is an increasingly important concept. It’s making waves in government, manufacturing, and now it’s come to the world of energy. Sweden’s Lundin Petroleum recently announced a potential name change. If shareholders approve the move in March, the company will be known as Lundin Energy going forward. They’ve also announced that they plan to be carbon neutral by the year 2030. This company has implemented measures designed to cut emissions, create carbon capture devices, and improve energy efficiency overall. This change is indicative of evolution throughout the energy industry. Companies like Lundin Petroleum made their fortunes thanks mostly to fossil fuels. However, as governments and populations become more aware of the role of carbon in climate change, there are plenty of incentives to evolve. For one thing, executives in the energy industry know that self-regulation may well prevent government interference. Secondly, they know that if carbon emissions are truly responsible for climate change, it behooves them to develop other, more carbon-neutral technologies. In addition to Lundin Petroleum, companies like Repsol, Shell, BP, and Total have announced plans to limit carbon emissions. In recent months, companies like BP have also announced new recycling initiatives. They’ve created a consortium with industrial giants like Unilever, Danone, and Alpla Group. BP Infinia is a new technology with great promise to recycle plastics that have been hard to process in prior years. In addition to handling plastic bottles and other containers, the goal is to find new ways to recycle fabrics like polyester. PET plastics are another form of petroleum product that the consortium is hoping to recycle. In focusing on closing the loop,...
What To Know About Oil & Gas So Far In 2020

What To Know About Oil & Gas So Far In 2020

As the new decade begins, the gas and oil industries are looking towards the future. Shifting economic, political, and environmental concerns are having a big impact on these fields. Knowing what to expect can help much better prepare for the upcoming months. Here are some of the biggest trends to look out for in 2020. Stabilized Prices Overall, pricing is looking very rewarding. The huge dip from 2014 seems to be in the past. The industry is beginning to recover, and there is no longer an expectation that it will decline. Though no huge spikes in pricing are expected, a slow yet positive increase is expected. Thanks to some new treaties and a lack of competition, companies are able to offer consumer-friendly rates while still making a solid profit. Natural gas is not having as favorable profits as oil lately, but it seems to be coming back slowly from the downturn. Increased Infrastructure There is a big focus on the infrastructure for the oil industry lately. Due to being in the public eye, companies are beginning to realize that their infrastructure greatly impacts people’s perception of them. The big trends seem to be underground pipelines and the production of larger processing and storage facilities. With all sorts of new technology being developed, companies are looking to install more advanced equipment in many areas. More Career Opportunities For those working in the oil and gas fields, the outlook is very promising. There have been a lot of business investments that are leading to new companies and more potential positions. Thanks to the economic boost, there are more opportunities for people...
Gas and Oil Industry Update: August 2019

Gas and Oil Industry Update: August 2019

Oil prices have been volatile within a fairly tight range in 2019. In many ways, the year has been a recovery from the previous year in which the price plunged in November. Several news events have caused the price to be shaky throughout the year, such as Trump’s tariffs and trade wars, Iran sanctions, and the United States stepping up production on domestic shale oil. Here are some important points to know about gas and oil in August 2019. State of Oil Production A recent Deloitte survey found that executives of oil, gas, and chemical companies were confident about industry growth in 2019. Although the overall market has been volatile during the summer of 2019, investors should take note of the trading opportunities in the $55 to $65 price range of crude oil. The Dow has fallen from its record high this summer mainly as a response to President Trump threatening additional tariffs. These tariffs drive up business expenses even for U.S. oil companies. The oil and gas industries are vulnerable because of the need for specialized steel for refineries. One of the main energy issues in 2019 is sustainability. Several reports are starting to show that renewable energy is beating fossil fuels in cost efficiency. Investors are becoming increasingly interested in sustainability, which affects a corporation’s image and balance sheet. Cutting energy costs is now a top priority among many large corporations. The oil industry now faces tough challenges for competing with solar and wind energy in the future. Keeping up with oil and gas industry news is essential for oil investors. Oil Companies Diversify Several oil and...
Sustainability Challenges For The Gas And Oil Industry

Sustainability Challenges For The Gas And Oil Industry

The oil and gas industry is such a crucial sector of the global economy and the sustainability of human life. As of 2017, the global dependency on oil and gas sources of energy topped to about 4 trillion cubic meters of the energy resources. With the increased demand comes additional sustainability challenges that threaten to impact the highly demanded production severely. High Risk Of Accidents One thing that clearly defines the oil and gas production sector is the increased threshold of risk to accidents. Oil production companies operate in otherwise risky grounds such as offshore drilling areas in the high seas. The risk of accident in such environments is quite high. Some of the dominant kinds of accidents that have plagued the sector in the past include leakage of toxic oil and gas, leading to severe environmental pollution. Whereas oil mining companies have been on the forefront as far as risk mitigation is concerned, human error has been a major predominant issue which has led to some of the worst oil and gas accidents in the history of the industry. The threshold of such accidents and the potential impacts they have on the environment is so potent that it threatens the sustainability of the entire sector even as environmentalists move on high gear, calling for resourceful utilization of the environment. Straining Of The Existing Resources  The existing resources in terms of deposits of oil and gas, are facing a major constraint in our time. All companies have to increase their production to meet the expanded demand for commodities. In response, the companies have invested in more oil and gas...
What Are The Most Common Uses Of Oil And Gas?

What Are The Most Common Uses Of Oil And Gas?

Most people have heard about the gas and oil industry and how it continues to have a heavy influence on our nation’s economy. What many people may not know though, is how exactly oil and gas are used in our everyday lives currently. Having a strong understanding of the oil and gas industry, and how it is used can give you a better understanding of our economy and how major industries can cause fluctuations. Oil Uses To begin, let’s examine how the United States uses oil, before examining how our continued use is affecting the greater industry altogether. According to the U.S. Energy Information Administration, the top areas that petroleum, which is created from crude oil, is used include transportation, followed by industrial uses. 71% of the petroleum that is used each day in the United States is for transportation purposes. In 2017, approximately 47% of the total petroleum use was for gasoline that is used in people’s cars. While oil is used in a variety of other ways, transportation accounts for a significant portion of the country’s oil consumption. Gas Uses On the other end of the industry is natural gas. Like oil, gas continues to have a significant influence on today’s society. One of the most common and well-known uses of gas is to power homes. Not only does gas provide electricity to homes across the nation, but is also commonly used for daily necessities like kitchen appliances, including the stove and oven. Additionally, gas can be used to heat homes and commercial buildings as needed. Gas has also been used for things like heating water. Outside...