Bp Case Competition

I view petroleum engineering as an exciting and challenging career. With the recent drop in oil prices and a growing push for clean energy, one is tempted to ask “How long will the oil price remain low?”, “What does the future hold for crude oil and petroleum engineers?” Although the reserves of readily available crude oil in the world today are declining, these reservoirs are still over half full with untapped resources since the maximum expected oil recovery rate is between 40% – 60% of the reservoir’s original oil .

On the same note, the energy revolution spoken of above brings forth another advance in the ongoing global climate situation. The nature of the Kyoto Protocol calls for nations to increase research and eventually semi-convert their energy usage to accommodate for cleaner energy. Products such as solar power, wind power, biomass, geothermal power, and hydropower are now widely being studying to create processes that use less coal, oil, and natural gas in production. Altogether the results have

These sources of energy have a great upside, but right now are incredibly inefficient compared with fossil fuels because of the lack of funding and worldly push (2009). If there isn’t a bigger investment in these alternative energies, fossil fuels are going to maintain their stranglehold on all the economies of the world (Lomborg, 2009).

The switch to clean energy in the United States and around the world is a difficult necessity that must be met within the subsequent five to six decades. The prolonged use of damaging fossil fuels and other unsustainable forms of energy are greatly damaging the planet. These sources of non-renewable energy are bound to run out in the following century. Millions of square kilometers of Arctic ice has melted so far, the sea level is rising, and the CO2 levels present in the atmosphere are drastically increasing (Chang). The transition to renewable energy must be met; however, this is not a process possible to achieve overnight. This change will require an extensive amount of resources and time but will reap many benefits to the users of this growing technology.

Prior to today’s mechanisms, Native Americans and European settlers retrieved minor amounts of crude oil from holes in the ground. It was not until the mid-nineteenth century when Colonel Edwin Drake discovered the how to retrieve even larger quantities of oil. He realized that, by drilling a hole deep enough, greater quantities of oil could be obtained. Colonel Edwin Drake established the very first oil well in Titusville, Pennsylvania. After Colonel Edwin Drake’s discovery, the search for oil followed. Through this quest, many oil reserves were located all over North America, with the richest reserves found in Texas.

Here in the US alone we consume nearly 6.844 Quadrillion Btu’s of energy, however most alarmingly less than 7% of our toll energy usage comes from Alternative energy resources. This leads to the edge of a dangerous presuppose as our current resources continue to dwindle and our future grows darker each day. It is estimated that there is less than 200 years of oil left in the reserves we currently have and with the population and the demand for oil increasing each year it could be here faster then we know it. As we continue to pour pollutants back into our skies, waters and lands each year our planet feels the effect each day.

Petroleum engineers have a future full of challenges and opportunities. They must develop and apply new technology to recover hydrocarbons from oil shale, tar sands, and offshore oil and gas fields. They must also devise new techniques to recover oil left in the ground after application of conventional producing techniques.

Crude oil- plays an important role in the production of energy and united states consume more energy from petroleum than from any other sources. In 2014, 19 million barrels of petroleum was consumed by total U.S. i.e., 35% of all the energy consumed in the United States. Increase in population, industrialization and demand for energy, oil is diminishing at a faster rate each year. Therefore, it would cause a fossil fuel supply limitation with large economic impact, and the environment problems are both driving forces for actions towards a more sustainable energy system. In addition, scientists at the Energy Department’s National Labs are developing technologies to reduce

First, Exxon wants to become more efficient. The feel that several factors will contribute to this success. These include higher energy costs, government orders and regulations, technology improvements and expected CO2 emissions costs in OECD countries ("Outlook for Energy," 2009). From an internal prospective, the company created a Global Energy Management System that aid in their efficiency at the refinery level. Next, the firm see the reduction of poverty and living standards around the globe as a goal for all. In order to contribute to this, the firm wants to meet the world’s energy needs safely, reliably, and affordably, even as population

The extraction of petroleum takes place on land with drilling rigs and offshore via drill ships and semi-submersibles for deep

The company’s alternative energy investments including wind, solar, biofuels, carbon sequestration and storage, and other energy-saving measures. While BP has made significant developments in all of the sectors, BP should focus on solar and biofuels in the future. The company’s large investments in solar and biofuels are positioned to revolutionize alternative energy. The company’s decision to create two of the world’s largest solar plants in Spain illustrate BP’s commitment to providing solar energy to homes. BP has focused on decreasing greenhouse gas emissions through projects across the world, specifically in the United

Accordingly, the government decided to address this issue by creating a plan to tackle it locally and, eventually, globally. The implementation of new principles and strategies to proceed towards sustainability in documents like Meeting the Energy Challenge: A White Paper on Energy (2007), Securing the Future (2005) and alike, that attempt to drive the industry towards sustainable products, are an evidence of the government’s active agenda to address the problem. In addition, schemes as CRC Energy

BP also known as British Petroleum is one of Britain’s largest multinational oil and gas company. This company was founded in the early 1900s and now serves a worldwide service as the sixth-largest energy company in the world in 2012, measured by revenue. Therefore, it is no secret that BP has integrated many aspects of the energy sector into it company such as; trading, refining, production, distribution and marketing etc. In this report, I will analysis BP’s environmental report of 2013 and write an investment assessment report. The main body will discuss BP as a company and advise shareholders on the aspects where investment could be beneficial or unprofitable.

The International Energy Agency estimates that by the year 2003 forty percent of the world's energy production will be from sources other than fossil fuels or nuclear power. Nevertheless, the need for

Currently, the conventional approach is to aggressively explore and develop new fields. This has led to a growth in drilling deeper wells and looking to ‘off-shore’ sites for new production of ‘light’ crude. However, as recent events in the Gulf of Mexico demonstrate with the British Petroleum incident and the resulting clean-up costs and loss of credibility, this approach has risks. It