Their budgets just don’t add up anymore. That’s why natural gas offers the lifeline of distressed gulf oil giants.  Oil-rich Arab nations are in the throes of a deep economic crisis and facing gaping holes in their finances. Saudi Arabia needs the price of Brent crude to rise to $76 dollars a barrel while UAE needs it to hit $69, Bahrain $96, and Oman $87 to balance their books. Save for tiny Qatar, no Arab oil producer can balance its books at the current price of $40/barrel. GCC nations are now facing huge fiscal deficits, with Kuwait’s deficit of ~40% of GDP the highest in the world.

To make matters worse, once free-flowing credit lines have started to shut down for some. A good case in point is Oman, which is struggling to borrow after credit-rating agencies listed its debt as junk. Jordan had to plead to receive a $2.5bn aid package from the Gulf, only half of what it got eight years ago. Meanwhile, no one from the Gulf appears willing to bail out cash-strapped Egypt or Lebanon.

In short, the countries are being forced to take pretty drastic steps.

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Source: Oil Price

Jennifer Starck was all set to head to medical school after finishing her degrees in chemistry and chemical engineering. Then she encountered a BP recruiter at a job fair who is in the Alaska oil and gas industry. Before she knew it, she had a job offer and a choice to make.

“They said ‘Houston or Alaska?’ and I said ‘Alaska,’” Starck recalled. “And they said ‘No, seriously — Houston or Alaska?’”

She insisted, and she never looked back. After 21 years, Alaska — and the petroleum industry — has become her home.

Starck is just one of the many women who help keep Alaska’s oil and gas flowing. And just like Starck, many other women in the petroleum industry made their way there on unexpected paths. Jacki Rose planned to work in mining; she now handles regulatory permitting and compliance for Bluecrest Energy. Laura Green started her career in fire protection systems; she is now the regional safety manager for Hilcorp Alaska.

None of these women imagined they’d end up in the oil and gas industry — or that they’d love it as much as they do.

‘You aspire to be what you see’

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Source: ADN.com

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Market sentiment has been generally bullish over the last week supported by (i) supply disruption caused by Hurricane Sally in the Gulf of Mexico (ii) a draw in commercial crude oil inventories by 4.4 million barrels w/w and (iii) strong language coming from OPEC+ during the JMMC meeting last Thursday, during which Saudi Arabia pressured members to boost compliance to output cuts.

The supply disruption in the Gulf of Mexico reached around 497 thousand bbl/d. Yet, it is reported that supply will soon return as the hurricane has passed the oil production area while being downgraded from category 2 to a tropical storm. Next to the production outages, fuel demand in the affected areas is likely to have been disrupted, at least for a couple of days. Gulf of Mexico drillers, however, are already preparing for a new storm as Beta is approaching fast, potentially leading to another supply outage in the Gulf.

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Source: Oil Price

Colombia’s state-held oil firm Ecopetrol has a strategic alliance with Occidental Petroleum. It is to develop acreage in the Permian. There are plans to have drilled as many as 100 wells in the most prolific U.S. shale basin. It is by the end of 2021. Ecopetrol’s CEO Felipe Bayon told a conference on Monday. Continue reading about Colombia oil production below.

“By the end of next year, we should have over a hundred wells,” Bayon said at a virtual conference, as carried by Reuters.

Last year, Ecopetrol and Occidental Petroleum Corp agreed to set up a strategic joint venture to develop unconventional reservoirs in approximately 97,000 acres of the Permian Basin in West Texas.

This deal was part of Ecopetrol’s strategic priorities to develop more unconventional resources and have more operations outside Colombia, the company said in November 2019.

Between November last year and June this year, Ecopetrol drilled 22 wells. However, oil production has slowed because of the oil demand and price crash in the pandemic, according to Bayon.

Despite the current low oil prices, Ecopetrol expects to have 100 wells drilled in the Permian by the end of next year, said the company’s executive.

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Source: Oil Price

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IBM wants to dig more deeply into oil and gas. They want to explore more about the oil industry.

In partnership with oilfield services giant Schlumberger (SLB), IBM will create a digital platform. A platform where oil and gas companies can access real-time data and software give them a competitive advantage.

The platform will layer Schlumberger’s suite of apps, called DELFI, onto IBM technology to provide digital tools to oil and gas companies — which rely heavily on computing-heavy processes like surveying a drilling site. The software could, for example, help determine if the soil and landscape in a certain area are good for drilling, or which angle is the best to drill to access the most oil over time.

“Digital has become an imperative for our industry,” Schlumberger CEO Olivier Le Peuch told CNN Business. “The whole industry recognizes that this is what can unlock the next level of efficiency, productivity and performance.”

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Source: CNN

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