The power production capacity of the United States and Europe has increased in leaps and bounds. From 2009, the economies of these two have been uplifted by the non-conventional resources rather than the conventional sources like oil and coal. According to the news report declared, in the forthcoming years the world would produce more amount of electricity from the alternative energy resources and the conventional resources like fossil fuels and coal would be antiquated down the road. The studies made by the Renewable Energy Policy Network and the United Nations Environmental Program released that, more than 60 percent of the electrical capacity of Europe is produced through renewable energy and roughly 50 percent of the electrical potential of United States were produced from the newly constructed renewable energy projects. The renewable energy investments across the world have experienced several imbalances and many public and private energy investments companies in China have increased their rate of energy investments.
The renewable energy investments have made incredible transformation across the globe and more than 50 percent of the total energy produced across the world is manufactured through the alternative energy. The year 2009 was considered as golden age for the Chinese renewable energy sector since the energy investments produced during the year in China, has outmatched the energy investment of the United States. Indefinite number of polices was formed by most of the countries to advocate the clean energy investments which has been increased the energy investments twofold in the past five years. Twoco Petroleums Ltd, oil and natural gas drilling company recently reported that, the company has commenced a couple of gross horizontal oil wells in the War spite area of Alberta. Twoco Petroleums Ltd has embarked on a pilot production programme, which would continue for nine days and the primary oil well would averagely produce 65 barrels of oil per day at 5 percent water cut.
The secondary oil well would be producing more than 53 barrels of oil per day at 17 percent water cut and total cost for the project including the drilling expenses, cost of equipments for each well, would be nearing 800,000 US dollars. Twoco Petroleums conceptualizes that, cost of drilling on the Sparky heavy oil lands in the near future could reduce substantially, with the usage of multi-well drilling program. Twoco Petroleums Company will move forward with the production monitoring process for the two wells, aiming to optimize the production from these oil wells and plan to drill more oil wells in the Sparky heavy oil lands and other lands owned by the Twoco Petroleums.
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