Texas Shale Could Boost U.S. Oil Production 25%
Over a dozen oil companies are reportedly set to reawaken the Texas oil economy, drilling up to 3,000 wells in the next year at Eagle for and other abandoned well sites. The sites once considered worthless are now being explored for possible shale reserves. By utilizing hydraulic fracturing technology, oil companies may revitalize the Texas oil boom, resulting in a 25 percent boost in domestic U.S. production.
Currently, shale oil reserves produce roughly half a million barrels of oil per day. However, by 2020, that number is expected to jump to 3 million. This year alone, oil companies are investing upward of $25 billion in approximately 5,000 new shale oil fields reports specialist Raoul LeBlanc, senior director with PFC Energy.
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“This is very big and it’s coming on very fast,” said Daniel Yergin, the chairman of IHS CERA. “This is like adding another Venezuela or Kuwait by 2020, except these tight oil fields are in the United States.”
While the hydraulic fracturing process that allows oil and gas exploration and production from shale fields has seen environmental controversy, the availability of such massive amounts of oil reserves could reduce foreign oil dependence and help control domestic prices.
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.