May 17, 2020

US Oil Production to Surpass Imports, a First Since '95

energy digital
Oil
oil production
US oil production
Admin
1 min
US oil production to top 8 million bbl/d by 2014
US oil production is expected to exceed its oil imports later this year for the first time in nearly two decades, according to a recent report from th...

 

US oil production is expected to exceed its oil imports later this year for the first time in nearly two decades, according to a recent report from the US Energy Information Administration.

By that time, the gap between monthly US crude oil production and imports is expected to be nearly 2 million barrels per day, states the EIA's March 2013 Short-Term Energy Outlook.

The projected change is mostly attributed to the rising domestic crude oil production the country is experiencing from shale and other tight rock formations in North Dakota and Texas. The estimate, however, is subject to change depending on supply conditions by next year.

As an example, the report warns “supply would decrease if a strong 2013 hurricane season disrupts US offshore oil production (and thus delays or prevents a crossover), or increase if there are higher-than-expected increases in tight oil production (meaning production might exceed imports sooner than forecast).”

As far as the future looks now, the EIA states that by 2014, monthly crude oil production will top 8 million bbl/d, the highest level since 1988, while crude oil imports will fall below 7 million bbl/d for the first time since 1995.

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

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.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

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. 

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