Keeping Middle East Oil Safe Amid Tensions
By Adam Groff
No matter which way you look at it, oil has become an absolute necessity when it comes to daily life.
Because of this, it's important that oil reserves in the Middle East and the companies that run them are safe from outside threats. And, with tensions in the Middle East rising by the minute due to political strife, territorial wars, and religious conflicts, protecting oil reserves is of the utmost importance.
So, what are some ways the United States and other countries are keeping oil safe in the Middle East amid the constant tensions?
The Middle East's Biggest Suppliers
In order to better understand the issue of oil safety in the Middle East, it's important to first understand how much oil the region has. Although there are a number of foreign companies that control Middle Eastern reserves, the majority of the oil is controlled by domestic entities.
Of the largest oil producers in the Middle East, Saudi Arabia is at the top of the list with 265 billion barrels of oil in reserves and almost 8 billion barrels of oil produced a day. Iran is second with roughly 140 billion barrels and Iraq is third with 115 billion barrels.
Companies like Shell, BP, and Exxon all have a stake in the region's oil production and, with barrels by the billions, it's no wonder oil safety in the Middle East is a growing concern for oil-dependent countries across the world.
Keeping Oil Reserves Safe
Companies with a vested interest in oil production in the Middle East are taking whatever means necessary to protect their oil reserves. And, as tensions in the region rise, oil reserves are relatively safe from continuing threats.
Here's part of the reason why:
* Military Presence - As turmoil and domestic war breaks out between certain oil-producing regions in the Middle East, oil-dependent countries like the U.S. and others increase their military presence in the region. With an increase in military comes an added protection to oil production and transport in and around the most problematic areas.
* Border Security - Many regions in the Middle East are battling over oil-rich lands that border multiple territories. Because of this, wars are breaking out over oil-producing regions. As a result, many oil companies secure not only their reserves, but the land surrounding the reserves via armed border security.
* Controlled Spending - Much of the money that goes to the Middle East for its oil directly fuels further conflicts in the area by leading to the purchasing of military-grade weaponry. Because of this, many oil companies are increasing their efforts to better control where the money goes by limiting their domestic partnerships to reputable oil producing entities only.
* Alternative Energy Resources - Many oil companies in the Middle East believe that a lack of presence in the area is the only safe bet to take. Because of this, companies are not only diversifying their oil interests to other countries, they're also leaning towards alternative and renewable energy technology.
Although tensions in the Middle East are increasing on a regular basis, oil companies in the region are doing all they can to play it safe.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including world markets, the benefits of a wireless credit card machine, and personal health.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.