Chevron Breakthrough Could Cause Surge In Oil Supply
Chevron has developed a new oil drilling process that was difficult until recently. This could mean a sharp rise in crude oil availability from the big fossil fuel corporations and cheap energy that produces greenhouse gases.
Nigel Hearne, executive vice president of Chevron Oil, Products & Gas, referring to its Anchor project, said, “Application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar deepwater high-pressure developments for the industry.” Some experts believe the world has too much oil.
The technology will allow it to add 75,000 gross barrels a day. Chevron will also Be able to extract more oil from deepwater installations in the Gulf of Mexico and perhaps elsewhere. The company also said that the installation would be able to limit its pollution, “To reduce carbon emissions, the Anchor FPU was designed as an all-electric facility with electric motors and electronic controls.” Of course, it takes energy to run those motors. Dropping oil prices can increase pollution.
The new technology allows for inexpensive production of fossil fuels, which tends to make them more efficient for fueling electricity plants. This, in turn, makes greenhouse gas alternatives less financially attractive.
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