Latest news with #EOR
Yahoo
5 days ago
- Business
- Yahoo
Senate bill would raise value of tax credit to use captured CO2 to produce more oil
By Valerie Volcovici WASHINGTON (Reuters) -A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers. The finance committee proposed the change to the so-called 45Q tax credit, which was part of the 2022 Inflation Reduction Act, in its draft bill that forms a central part of the sprawling Republican budget package. The House of Representatives version of the bill that passed by one vote last month in that chamber left the credit for enhanced oil recovery projects at $60/metric ton. The change reflects a proposal made by Wyoming Senator John Barrasso, a Republican, to put EOR projects at parity with carbon sequestration that got support from senators from other oil-producing states like North Dakota and Louisiana. Under the IRA, former President Joe Biden's signature climate law, tax credits for permanent removal had a higher value than for EOR because of concerns that carbon capture and direct air capture technologies would encourage oil companies to keep drilling for oil, undermining the fight to limit emissions linked to global warming. Occidental, which has two direct air capture projects in Texas, is planning to permanently remove carbon and store it underground and use CO2 to recover oil, which it says makes the barrels more environmentally friendly. Occidental declined to comment on the Senate change. The Carbon Utilization Research Council, which Occidental chairs, welcomed the decision to put EOR at parity with sequestration. "As production matures with current recovery methods, there is critical need for large-scale injection in formations which will need billions of tons of CO2 captured from industrial sources to sustain oil and gas production with EOR," said Shannon Angielski, executive director of CURC, adding that the barrels of oil produced would be lower carbon intensity. Carbon removal advocacy group Carbon180 said it could risk pulling investment more toward fossil fuel production. "Federal policy should prioritize durable carbon removal projects that can create prosperity for communities across the country — not expanded oil production," said Carbon180 director Erin Burns. Other oil companies involved in carbon capture and DAC include Exxon and Chevron. Sasha Mackler, global policy & advocacy for ExxonMobil Low Carbon Solutions, told Reuters that the company did not lobby for bringing the EOR tax credit to parity with carbon sequestration.
Arabian Post
12-06-2025
- Business
- Arabian Post
AI Drives Revamp of Ageing Oilfields in Africa
Africa's ageing oilfields are undergoing a transformation as artificial intelligence technologies unlock new opportunities for enhanced oil recovery. Operators across the continent are leveraging data-driven systems, machine‑learning and regional policy incentives to revive mature reservoirs, boost output and improve efficiency. Major energy firms have spearheaded this push. SLB opened a 3,200 sq ft Africa Performance Centre in Luanda, Angola on 28 January 2025, designed to offer a collaborative platform for digital tools, AI, new‑energy technology and capacity development for local talent. The centre marks a strategic investment as Angola aims to maintain production above one million barrels per day through to 2030. Meanwhile, global oilfield service providers—including Baker Hughes and Halliburton—have established bases across Africa. Repsol, operating in Libya, Algeria and Morocco, is also integrating AI methods to support EOR efforts. ADVERTISEMENT AI implementation in EOR extends well beyond digital monitoring. It enables predictive modelling, reservoir characterisation and operational optimisation. By analysing geological and production data, AI tools generate more accurate forecasts for reservoir performance and help engineers deploy targeted interventions. Machine‑learning algorithms detect patterns across extensive datasets, revealing insights that traditional models might miss. Policy frameworks have emerged as critical enablers. Angola's 2024 Incremental Production Initiative introduced tax incentives for reinvestment in legacy fields. The initiative already yielded new discovery results, including ExxonMobil's Likembe‑01 well in Block 15. It underscores how fiscal measures can stimulate investment and catalyse technological adoption in older asset bases. At a continental level, the African Union Commission, in May 2025, identified AI as a strategic development priority. This decision is anticipated to open pathways for technology providers and oil operators to strengthen digital infrastructure and EOR capabilities. High‑level platforms such as African Energy Week: Invest in African Energies 2025, scheduled for 29 September to 3 October in Cape Town, underscore this trajectory. Sessions will specifically explore digital transformation, EOR and AI's role in exploration and production. ExxonMobil will enhance the debate through representation by Katrina Fisher, its Angola managing director. Her participation highlights offshore discoveries like Likembe‑01 and Bavuca Sul‑1, exploration activities on Blocks 17/06 and 32/21 alongside TotalEnergies and Angola's national oil agency, and the impact of fiscal frameworks on production. The renewed focus on EOR comes amid changing production profiles. Africa's mature assets supply more than 60 percent of global output, a share projected to grow to nearly 80 percent by 2030. As drilling declines or remains flat, enhanced recovery from existing fields becomes vital to sustaining supply. SLB's Luanda centre is emblematic of that shift. It joins earlier local capacity‑building efforts such as Angola's Integrated Performance Excellence centre, launched in late 2024, devoted to optimising life‑cycle field performance with digital workflows and AI intelligence. SLB is also leveraging its Delfi™ cloud platform and Ora™ deep‑testing solutions to support autonomous drilling and digital reservoir evaluation. Such technology is already delivering results. Rystad Energy reports that 10 percent year‑on‑year decline rates in mature fields can be mitigated through proactive AI‑driven interventions, while real‑time analytics shorten decision cycles and cut operating expenses. Geopolitical contexts further support this transition. Angola's licensing round in early 2024 opened 12 blocks and announced nine offshore and four onshore prospects for 2025—steps that complement policy efforts to inject capital and technology into ageing assets. Challenges remain. Balancing emissions and ageing infrastructure demands that AI deployment aligns with sustainability goals and just energy transition imperatives. African policymakers are under pressure to ensure that AI‑enabled production does not compromise climate targets or deepen energy inequities. At African Energy Week, debate is expected to centre on reconciling EOR with carbon management, capacity development and economic inclusion. Industry leaders aim to forge integrated strategies that couple technological modernisation with environmental stewardship and local benefits.
Zawya
11-06-2025
- Business
- Zawya
Artificial Intelligence (AI) to Bolster Oil Recovery as Africa Maximizes Production at Ageing Fields
Africa's mature oilfields are experiencing a renaissance and artificial intelligence (AI) is at the heart of this transformation. In an era defined by innovation and sustainability, enhanced oil recovery (EOR) technologies - powered by AI - are breathing new life into declining reservoirs. From predictive analytics to machine learning algorithms, AI is not just a tool; it is a catalyst for maximizing output, extending field life and improving operational efficiency. At the forefront of this conversation is the upcoming African Energy Week (AEW): Invest in African Energies 2025 – taking place September 29 to October 3 in Cape Town. During the event, energy leaders will converge to explore the role of digital transformation in advancing EOR across Africa. From Data to Big Barrels In 2025, the global market for AI in the oil and gas industry is estimated at $3.54 billion, set to rise to $6.4 billion by 2030. This is largely due to a rise in AI adoption by major operators. Examples include Baker Hughes and Repsol pooling resources to bring AI processes and workflows into oil and gas projects. Repsol has several developments underway in Libya, Algeria and Morocco and strives to bolster production across these markets. SLB inaugurated its Africa Performance Center in Luanda in 2025, which will support oil operations by offering access to digital solutions such as AI. SLB has supported several billion-dollar oil projects in Angola, with investments in almost every other region in Africa. The power of AI in EOR comes down to predictive modeling. Traditional EOR relies heavily on limited data, with simplified reservoir models often impacting results. However, through AI, companies are able to analyze large datasets to deliver more accurate predictions of oil recovery. Another key benefit of AI in EOR is reservoir management. By analyzing geological and production data, companies can better-understand reservoir features, therefore supporting recovery techniques. Machine-learning also offers significant opportunities for EOR, specifically through its ability to recognize patterns, handle datasets and make accurate predictions. The application of machine-learning also enables reservoir performance forecasting, supporting decision-making by allowing companies to predict future production. Policy Creates In-Roads for AI Deployment As Africa advances toward digital transformation, policy reform has become a vital enabler of AI adoption across the oil industry. By integrating digital solutions and targets into regulatory frameworks, countries can support investments in AI and machine learning while accelerating research and development. Various countries are streamlining policy to support EOR at legacy assets. Angola, for example, implemented its Incremental Production Initiative in 2024 which offers tax incentives to encourage reinvestments in mature oilfields. Energy major ExxonMobil made the first discovery – the Likembe-01 well - as part of the initiative in 2024, demonstrating the role policy plays in unlocking incremental resources. The African Union Commission also declared AI as a strategic priority for the continent in May 2025, citing the role machine-learning plays in transforming the continent's development trajectory. The declaration is expected to create in-roads for technology companies, introducing new opportunities for oil operators to maximize recovery and efficiency. AEW 2025: Where Innovation Meets Investment AEW: Invest in African Energies 2025 – the continent's premier event for the energy sector – will host dedicated sessions on digital transformation, EOR and AI in exploration. A series of panel discussions and technical workshops will explore the new chapter of AI-driven oil production in Africa. AEW: Invest in African Energies 2025 will be the space where policy, capital and technology converge to define this next chapter. 'Africa's oil and gas assets hold immense value and AI is the key to unlocking resources efficiently and sustainably. In addition to support exploration efforts, AI will breathe new life into Africa's ageing oilfields, extending field life, maximizing value and driving smarter, low-carbon production,' states NJ Ayuk, Executive Chairman, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Time of India
30-05-2025
- Automotive
- Time of India
Flexi-staffing, EV, e-commerce to drive 2.8% Indian workforce growth in April-Sep: Report
New Delhi: The growing trend of flexible workforce models, and increased opportunities in the Electric Vehicles (EVs) and e-commerce sectors is set to boost the workforce in India, according to a report on Thursday. The Employment Outlook Report (EOR) for the period between April and September by TeamLease Services, a staffing firm, highlighted measured optimism amid economic complexity. With 47 per cent of employers indicating plans for workforce expansion, 28 per cent opting for stability, and 25 per cent predicting reductions, the report forecasts a 2.8 per cent Net Employment Change (NEC). It showed that the growing trend of flexi-staffing is taking centre stage, with 69 per cent of employers embracing flexible workforce models to manage cyclical demand and seasonal peaks. Similarly, the gig economy remains a cornerstone of hiring strategies, with 64 per cent of employers expanding sales and customer service roles through gig models. "India's workforce stands at a defining moment, where traditional models of hiring are giving way to more dynamic and adaptive strategies. As industries embrace emerging technologies, organisations must recognise that agility and innovation are the true engines of success," said Kartik Narayan, CEO-Staffing, TeamLease Services. "The future lies not in simply expanding headcount, but in shaping highly specialised, flexible teams that can scale, evolve, and thrive amid continuous market shifts. By fostering such talent ecosystems, companies will not only adapt but will lead India's workforce into a new era of growth and opportunity," Narayan added. Further, employers are now prioritising core competencies like digital literacy (76 per cent), customer experience management (68 per cent), and communication (63 per cent), indicating a clear focus on tech-readiness, service orientation, and effective collaboration, the report said. It also highlighted that the automotive sector projecting a 6.9 per cent NEC and EVs and allied infrastructure sector poised for strong growth at 7.1 per cent, are leading the charge. Similarly, e-commerce and tech startups are set to grow by 6.9 per cent, the report said. The rise of AI and automation is another factor accelerating the evolution of workforce requirements. The shift to generative AI, cloud technologies, and low-code platforms is driving demand for specialised, tech-savvy talent across all sectors, said the report that leveraged extensive primary and secondary research, drawing insights from over 1,263 employers across 23 industries and 20 cities.
Time of India
29-05-2025
- Automotive
- Time of India
India's Workforce Set to Grow 2.8% Driven by Flexi-Staffing and EVs: TeamLease Report, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App New Delhi: The growing trend of flexible workforce models, and increased opportunities in the Electric Vehicles (EVs) and e-commerce sectors is set to boost the workforce in India, according to a report on Employment Outlook Report (EOR) for the period between April and September by TeamLease Services, a staffing firm, highlighted measured optimism amid economic 47 per cent of employers indicating plans for workforce expansion, 28 per cent opting for stability, and 25 per cent predicting reductions, the report forecasts a 2.8 per cent Net Employment Change (NEC).It showed that the growing trend of flexi-staffing is taking centre stage, with 69 per cent of employers embracing flexible workforce models to manage cyclical demand and seasonal the gig economy remains a cornerstone of hiring strategies, with 64 per cent of employers expanding sales and customer service roles through gig models."India's workforce stands at a defining moment, where traditional models of hiring are giving way to more dynamic and adaptive strategies. As industries embrace emerging technologies, organisations must recognise that agility and innovation are the true engines of success," said Kartik Narayan, CEO-Staffing, TeamLease Services."The future lies not in simply expanding headcount, but in shaping highly specialised, flexible teams that can scale, evolve, and thrive amid continuous market shifts. By fostering such talent ecosystems, companies will not only adapt but will lead India's workforce into a new era of growth and opportunity," Narayan employers are now prioritising core competencies like digital literacy (76 per cent), customer experience management (68 per cent), and communication (63 per cent), indicating a clear focus on tech-readiness, service orientation, and effective collaboration, the report also highlighted that the automotive sector projecting a 6.9 per cent NEC and EVs and allied infrastructure sector poised for strong growth at 7.1 per cent, are leading the charge. Similarly, e-commerce and tech startups are set to grow by 6.9 per cent, the report rise of AI and automation is another factor accelerating the evolution of workforce shift to generative AI, cloud technologies, and low-code platforms is driving demand for specialised, tech-savvy talent across all sectors, said the report that leveraged extensive primary and secondary research, drawing insights from over 1,263 employers across 23 industries and 20 cities.
