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OIL AND GAS INDUSTRY INVESTMENTS IN ALTERNATIVE ENERGY, FRONTIER HYDROCARBONS AND ADVANCED END-USE TECHNOLOGIES
To help meet projected U.S. energy demand growth of 34% in the next two decades and to diversify the U.S. energy portfolio, U.S. oil and gas companies invested $98 billion from 2000 through 2005 on emerging energy technologies in the North American market. This expenditure is 73% of the estimated total of $135 billion spent by U.S. companies and the Federal government. Of the industry investments, $86 billion (or 88% of the $98 billion total) were directed toward frontier hydrocarbons. The ability of major oil companies to upgrade inferior grades of oil (tar and oil sands, heavy oil) into refinery feedstock, and to turn waste and residue hydrocarbons (gasification including hydrogen production) into high-value products, is a natural extension of the industry’s expertise.
Yet, U.S. oil and gas industry investments go beyond frontier hydrocarbons. In addition, the industry invested $11 billion (or 11% of the $98 billion total) for advanced end-use technologies, mostly for efficiency improvements through combined heat and power (cogeneration) and for advanced-technology vehicles using fuel-cell technology. Significantly, this $11 billion investment in end-use technologies represents 35% of the estimated total amount ($31 billion) spent by U.S. companies and the Federal government in this area
Publicly announced nonhydrocarbon investment by the U.S. oil and gas industry is estimated at $1.2 billion, representing 8% of the total industry and Federal investment of approximately $15 billion. The industry’s top investment is in wind; expenditures were also made in solar, geothermal, and landfill digester gas.
Publicly announced nonhydrocarbon investment by the U.S. oil and gas industry is estimated at $1.2 billion, representing 8% of the total industry and Federal investment of approximately $15 billion. The industry’s top investment is in wind; expenditures were also made in solar, geothermal, and landfill digester gas.
See here for complete information on U.S. oil and gas investments in emerging energy technologies
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