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Fuel from the air technology provides a path to new business for OPEC countries
http://www.lut.fi/web/en/news/-/asset_publisher/lGh4SAywhcPu/content/fuel-from-the-air-technology-provides-a-path-to-new-business-for-opec-countries[font face=Serif][font size=5]Fuel from the air technology provides a path to new business for OPEC countries[/font]
[font size=4]Pioneering technology makes OPEC countries prime regions to produce synthetic fuels. This could be a key asset in phasing out fossil fuels after the Paris Agreement, while also keeping some of the existing oil industry value chain intact.[/font]
[font size=3]The Organization of the Petroleum Exporting Countries (OPEC) holds its 172nd meeting in Vienna on Thursday, May 25th. OPEC's current fossil business will become obsolete in upcoming decades, but oil and gas related products are still needed in a climate neutral world. The Paris Agreement requires a transition to a net zero emission world within a few decades. This means a full phase out of all fossil fuels. Yet, hydrocarbons are still necessary for sectors such as marine and aviation, as well as the chemical industry.
As OPEC countries face having to leave their oil and gas in the ground, in order to ensure their economic success in the future, OPEC needs to look for new ways of producing fuels. Investing in Power-to-Liquid technology could be the answer, say Christian Breyer, professor for solar economy at LUT and Pasi Vainikka, Principal Scientist from VTT.
Neo-Carbon Energy: Synthetic fuels from the air
…
The cost estimates for producing liquid fuels with the solution are around $140/bbl (0.80 €/l) between 2030 and 2040, if produced in the Maghreb region. Such prices were reached for crude oil in 2008. The cost could be even less in the future, due to declining solar PV and battery costs. The potential production volumes are practically unlimited, since the Earth receives more than 1000 times more energy from the sun than it is used globally for all energy needs today. It is likely that Power-to-Fuels and Chemicals technology will gain increasing importance between 2030 to 2040.
…[/font][/font]
[font size=4]Pioneering technology makes OPEC countries prime regions to produce synthetic fuels. This could be a key asset in phasing out fossil fuels after the Paris Agreement, while also keeping some of the existing oil industry value chain intact.[/font]
[font size=3]The Organization of the Petroleum Exporting Countries (OPEC) holds its 172nd meeting in Vienna on Thursday, May 25th. OPEC's current fossil business will become obsolete in upcoming decades, but oil and gas related products are still needed in a climate neutral world. The Paris Agreement requires a transition to a net zero emission world within a few decades. This means a full phase out of all fossil fuels. Yet, hydrocarbons are still necessary for sectors such as marine and aviation, as well as the chemical industry.
As OPEC countries face having to leave their oil and gas in the ground, in order to ensure their economic success in the future, OPEC needs to look for new ways of producing fuels. Investing in Power-to-Liquid technology could be the answer, say Christian Breyer, professor for solar economy at LUT and Pasi Vainikka, Principal Scientist from VTT.
Neo-Carbon Energy: Synthetic fuels from the air
…
The cost estimates for producing liquid fuels with the solution are around $140/bbl (0.80 €/l) between 2030 and 2040, if produced in the Maghreb region. Such prices were reached for crude oil in 2008. The cost could be even less in the future, due to declining solar PV and battery costs. The potential production volumes are practically unlimited, since the Earth receives more than 1000 times more energy from the sun than it is used globally for all energy needs today. It is likely that Power-to-Fuels and Chemicals technology will gain increasing importance between 2030 to 2040.
…[/font][/font]
