Fossil-Fueled Wind Power – What?!

Good morning, this is the Oil Patch. We're a fine snifter of all things oil and gas. Enjoy.

Here's what the Oilman has for you today:

• Bulgaria's Dependence on Russian Oil

• American Oil: Surging Despite Roadblocks

• Diesel-Powered Wind Power

• Tweet of the Day

Bulgaria's Dependence on Russian Oil

As Bulgaria heads towards another round of general elections on April 2, the country's political instability will continue to impact its critical energy security decisions and maintain its status as Russia’s best client in Europe.

Currently, Bulgaria is the third-largest buyer of Russian oil in the world, after China and India, and is a major supplier of gasoline and motor oil to most of the Balkans.

But the largest refinery in the Balkans is owned by Russia

After the European Union phased out 90 percent of oil imports from Russia, Bulgaria became the third-largest buyer of Russian crude, overtaking Turkey.

The Port of Burgas is the only one in Europe where Russian oil can embark, thanks to an exemption from the ban on seaborne Russian oil obtained by Sofia.

Russian-owned Lukoil refines the oil transported via the Black Sea by tankers from Novorossiysk.

The Bulgarian government has voted to take over operation of the refinery, but the decision has yet to be taken by the economic minister.

That Complicates Things for Bulgaria

The continued dependence on Russian oil makes Bulgaria particularly vulnerable to the Kremlin’s propaganda, especially during the upcoming elections.

The country has not made sufficient attempts to secure alternative crude supplies for its only refinery, and its political instability hampers decision-making and implementation.

The export of petroleum products from Russian oil to Ukraine will continue, but the recent EU embargo on petroleum products produced from Russian oil will limit Bulgaria's ability to export petroleum products, except to Ukraine.

The current political scenario and the Bulgarian government's inability to take control of the Russian oil refinery make the country's energy security a major concern.

American Oil: Surging Despite Roadblocks

Despite the Biden administration's efforts to hinder the American oil and gas industry, the industry continues to flourish and is on track to set records in 2022 and 2023.

The U.S. Energy Information Administration (EIA) released figures showing an increase in oil and natural gas production in November 2022, with Texas leading the charge as the leading producer of both.

Additionally, proved reserves of crude oil and natural gas grew in 2022, with EIA expecting demand for these products to continue to increase this year.

How much increase are we talking about?

Oil production in November 2022 increased by 5% from November 2021, reaching 12,375 million barrels of oil per day, according to the EIA.

Texas led the way, producing 5,210 million barrels of oil per day.

Natural gas production increased by 3.7% in November 2022 over the same period last year, reaching 122,574 million cubic feet per day.

Proved reserves of crude oil and lease condensate increased by 16% in 2021, with proved reserves of natural gas reaching a new record of 625.4 trillion cubic feet in 2021, a 32% increase from 2020.

All this despite U.S. political machinations

The Biden administration has gone out of its way to make producing petroleum products more difficult.

And yet, the world's thirst for oil, natural gas, and other petroleum products continues to drive demand higher.

The American oil and gas industry, the largest producers in the world, plans to spend more capital this year to meet the demands of consumers around the world.

The International Energy Agency believes global demand for petroleum products will increase in 2023. OPEC expects a 2.2 million b/d increase in global oil demand.

If you ask the Oilman, fossil fuels have a bright future ahead.

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Diesel-Powered Wind Power

Wind turbines have long been touted as the future of renewable energy and a solution to the world's increasing energy demand.

However, the recent revelation that dozens of giant turbines on Scottish windfarms have been powered by diesel generators calls into question the reliability and efficiency of these sources of clean energy.

How many windmills are we talking here?

Scottish Power, a subsidiary of Spanish-based Iberdrola, has admitted that 71 of its windmills were powered by diesel generators after a fault developed on the grid.

The company claims that this was done to keep the turbines warm during extremely cold weather in December.

However, a whistleblower has revealed that this is just one of several environmental and health and safety issues with the company's wind farms.

The true cost and environmental impact of renewable energy

While wind turbines may produce "clean energy," the use of diesel to keep them operational seems to negate their efficiency and sustainability.

Additionally, the lack of transparency and safety standards has led to concerns about the impact on the environment and the health of employees and contractors.

It is imperative that companies ensure that their wind farms operate efficiently and transparently.

The Oilman thinks we need an honest conversation that weighs the  true cost of so-called "clean energy" windfarms. What do you think?

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