What is the ‘essensity’ oil developer?
Oil and gas developers are increasingly turning to synthetic oil as an alternative to conventional oil, with some expecting the process to become increasingly common.
Key points:Synthetic and conventional oil are the main types of oil that have been developed since the Industrial RevolutionIn 2013, Australia had more than 1.5 billion barrels of conventional oil production, according to the Bureau of Resources and Energy EconomicsThe synthetic oil industry is worth $3.5bn a year, or $17bn per annum, according the Australian Council for Industrial RelationsThere is currently a $3bn per year “oil boom” in Australia, but that figure is expected to double in the next decade, according a study by consultancy firm Baker Hughes.
While there has been an increase in the amount of crude oil being pumped out of the ground in Australia’s vast oilfields, this boom has been driven largely by demand from China.
Synthetics are also more expensive than conventional oil because they are more expensive to develop.
The process involves extracting a synthetic oil from the ground, using a mix of chemicals to separate the oil from its parent oil.
Syngas is used as a fuel in electric cars and aircraft, as well as as as an additive in fertilisers.
It has also been used to make plastics.
In Australia, there are around 1.2 billion barrels in storage, with around 100,000 of those held offshore.
That is equivalent to 1.4 billion barrels per day, according for the Bureau’s Petroleum Market Analysis Unit (PMIAU).
The PMIAU’s latest oil price data shows the value of oil in storage in Australia fell from $US1.6 billion to $US2.2bn last year, after the introduction of new storage requirements.
Syndicated columnist Sarah Rainsford from The Age said: “There’s a new type of oil developer that’s trying to be more cost-effective than traditional oil developers.
It’s using a more environmentally friendly process, and using cheaper natural gas to make their products.
They’re also going to be extracting oil from shale oil and gas deposits.”
In 2013 and 2014, Australia has seen the introduction and expansion of synthetic oil production.
However, this growth has not been as rapid as the growth of conventional, or “essentially natural”, oil.
According to the latest figures from the Australian Bureau of Statistics (ABS), the total amount of new oil and natural gas extraction capacity in Australia in 2015 was $US10.7 billion, down from $11.7bn in 2014.
In 2015, the Australian Energy Market Operator (AEMO) said that while there had been a slight increase in new oil extraction capacity, this had been driven by demand in China and other developing countries, and not as a result of the production boom in Australia.
The decline in the number of oil and related production capacity in the last year has led to an increase of oil production capacity, but not as rapid or as large as the increase in conventional production.
This is also the case in the United States, where natural gas has been used as an energy source for decades.
The difference is that in the US, there is a growing demand for natural gas, as a replacement for coal and oil.
There are more than 30 billion cubic metres of natural gas storage capacity worldwide, according AEMO, with Australia currently the largest gas producer in the world.
Australia is expected by the end of the decade to have more than 100 billion cubic meters of natural resource storage capacity, which is a 20 per cent increase on the amount currently under storage in the country.
Australia has also had more production of oil than it did in 2013, with the nation’s oil output coming in at about 5.5 million barrels per year in 2015.
That number is expected in the 2020s, and is projected to reach over 7 million barrels a year by 2040.
As for the US market, it is also expected to continue to grow, with an estimated 5.8 million barrels of oil output per day in 2020, a 10 per cent rise from 2014.
But, for the time being, Australia’s oil production is expected only to continue growing as demand from the US increases, due to the large amount of shale oil in the region.