Sea Technology

APR 2017

The industry's recognized authority for design, engineering and application of equipment and services in the global ocean community

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Page 55 of 72 April 2017 / st 55 and passive acoustics manuals, as well as an update of several existing manu- als. Outreach and implementation of specific data quality control projects are also discussed. The U.S. IOOS QARTOD Project Plan Update brings together nation- al and international efforts to share knowledge about data quality. SPE Aberdeen Awards £20,000 to Students The Society of Petroleum Engineers (SPE) Aberdeen Section has awarded a total of £20,000 to the winning stu- dents in its 2017 student bursaries pro- gram. Almost 100 students applied for awards, with 20 winners selected to receive grants. Five bursaries of £2,500 and 15 bursaries of £500 were award- ed to students from the University of Aberdeen, Robert Gordon University, University of Dundee and Heriot-Watt University. The bursaries were awarded to students currently undertaking oil and gas-related degrees, from under- graduate to Ph.D. Each applicant was judged on the quality of academic work, intent to embark upon a career in the oil and gas industry and active involvement with SPE. Possible Global Oil Undersupply after 2020 Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, un- less new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency (IEA). The Oil 2017 report shows the demand and supply trends point to a tight global oil mar- ket, with spare production capacity in 2022 falling to a 14-year low. In the next few years, oil supply is growing in the U.S., Canada and Brazil, but this growth could stall by 2020 if the record two-year investment slump of 2015 and 2016 is not reversed. Oil demand will rise in the next five years, passing the symbolic 100 mb/d thresh- old in 2019 and reaching about 104 mb/d by 2022. Developing countries account for all of the growth, and Asia dominates, with about seven out of ev- ery 10 extra barrels consumed global- ly. India's oil demand growth will out- pace China by then. The IEA estimates electric vehicles will displace only limited amounts of transportation fuel by 2022. The largest contribution to new supplies will come from the U.S. LNG Key to Fulfilling Japan Energy Demand One of Japan's largest companies, Mitsui & Co., has underlined the im- portance of a stable LNG supply to fulfil future energy demand in Japan. LNG and gas will continue to play an important role long term in a low-car- bon global economy. Renewable ener- gy may grow at a steady 2 percent per year, but fossil fuels, especially LNG, will continue to be a significant source for meeting energy demand even in 2040. As the world's largest importer of LNG, importing nearly one-third of all global supplies, Japan relies on sta- ble and trustworthy supplies of LNG. Following liberalization of its elec- tricity market, which has led to new competition among electric utili- ties, Japan's retail gas market is also planned to be liberalized in 2017, which makes this year one of the most pivotal in the country's energy mar- ket. ST & LINEAR For mor building amplifiers to drive reactive loads. Model S16-20 A A 20% duty 35 x 31.5 x 35.5 inches; 985 lbs. isit our 7263 Engineer Rd., San Diego, CA 92111-1493 (858) 571-1111 FAX (858) 571-0188 Copyright 2017

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