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Big Oil

Big Oil Might Bet $50B On Potentially Non-Viable Projects: Report

Big Oil companies are betting $50 billion on oil and gas projects. Noting that the approval of these projects suggests the industry is still firmly on a path. The path that diverges from the Paris Agreement goals.

In a report “Breaking the Habit – Why none of the large oil companies are ‘Paris-Align’. What they need to do to get there”.

The climate change think-tank lists several oil and gas projects. This is an example of Big Oil’s divergent investment strategy for the future. These include the $13-billion LNG Canada project, the $3.6-billion expansion of the Gorgon LNG project, Exxon’s Aspen oil sands project, which will cost $2.6 billion, and the $1.3-billion Zinia 2 deep-water project led by BP, Exxon, Total, and Equinor.

Carbon Tracker says a Paris-compliant world would need a lot less oil and gas, which would make a lot of these projects unviable in such a world. Under a scenario where global warming is arrested at 1.6 degrees Celsius, the energy industry would need an 83-percent lower CAPEX, the think-tank says. Under a 1.7-1.8 degrees scenario, oil and gas CAPEX would be 60 percent lower.

Yet, according to the report, it is not preparing for a Paris-compliant world, judging by the recent project approvals. While Carbon Tracker is critical of this fact, it seems to be the realistic scenario as some begin to question the chances of the Paris Agreement goals.

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Source: OilPrice.com

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US wants energy dominance regardless of what happens to oil prices, deputy energy secretary says

The U.S. deputy energy secretary told CNBC Monday that America wants to achieve energy dominance regardless of what happens to oil prices.

OPEC has struggled to shore up crude futures this year.

It has once again raised questions about whether the Middle East-dominated group really wields that much influence over world crude markets.

 

 

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Source: CNBC.com

Permian Basin roads gain $2 billion in additional funding

ODESSA, Tx. (KOSA) The Texas Transportation Commission voted unanimously on Thursday to provide an additional $2 billion in funding to improve Permian Basin roads.

With the Texas Transportation Commission approving $2 billion for transportation infrastructure, more than $5 billion total will be funneled into Permian Basin roads over the next 10 years.

 

 

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Source: cbs7.com

 

American Petroleum Institute Oil

American Petroleum Institute Oil Report: We can meet demand as well as cut carbon dioxide emissions

World energy demand is growing, and America’s oil and natural gas companies are investing to meet it — sustainably. That’s critical because International Energy Agency projections show that fossil fuels will supply 78% of global energy needs by 2040, even as renewable sources expand. Read more below about the American Petroleum Institute Oil report.

U.S. supply has kept pace — sustaining world-leading production, contributing virtually all international supply growth and helping offset OPEC supply cuts — despite less drilling activity. This technological prowess makes old-school assumptions obsolete. With companies becoming more efficient and cost-effective, production could grow even if investments were to fall.

More important, the statistic is one more indication of our success reducing our environmental footprint. Growing energy demand doesn’t mean we can’t cut greenhouse gas emissions. The United States happens to lead the world in reduction of carbon dioxide since 2000. Thanks to growing use of natural gas in power generation, U.S. carbon emissions are at their lowest levels in a generation. That’s success we can replicate globally through growing exports of liquefied natural gas.

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Source: usatoday.com

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The US is about to send a lot more oil into an already oversupplied world market

The U.S. is about to boost its status as a major oil exporter.

New pipelines are coming online to transport oil from a bottleneck in the Permian Basin to the Gulf Coast where it can be shipped to the world.

The U.S. is turning the Gulf Coast into a major export hub, and that could one day make U.S. crude an international benchmark, according to Citigroup’s Ed Morse.

 

 

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Source: CNBC.COM

 

OPEC+ Boasts 159% Compliance With Oil Production Cuts

The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent.

According to OPEC, the production cuts, combined with “ongoing healthy oil demand so far”, have “arrested global oil inventories growth and should lead to significant draws in the second half of the year.”

 

 

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Source: OILPRICE.COM

US leads the world in oil, gas productiond

EIA at the Department of Energy said on Tuesday petroleum production increased by 16 percent and natural gas rose 12 percent.

The increase in production has created a need for more pipelines and infrastructure throughout Texas.

EPIC Midstream Holdings Inc began shipping crude oil on its 400,000 b/d pipeline from the Permian Basin to the U.S. Gulf Coast.

 

 

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Source: timesrecordnews.com

Falling Oil Prices

Falling Oil Prices May Find Some Support From IMO 2020

“Watch for much higher global crude runs in the final months of the year as refineries pump out supplies to meet [marine fuel specification] changes for January 1. Let’s talk more about the current falling oil prices.

Overwhelmingly bearish economic sentiment has sent oil prices spiraling down. Moreover, persistent cuts in demand growth forecasts are indicative of further downside risk.

The oil markets, however, could find some support in the near future to medium term from a demand spike by tighter marine fuel speculations. It is by the International Maritime Organization (IMO) that are set to kick in on 1 January 2020.

Front-month ICE Brent futures fall to 22%. It is from their 2019 high of $74.50/barrel seen in late April to $58/barrel in mid August. According to S&P Global Platts Analytics, Brent prices are some $10/parrel below where fundamentals indicate they should be.

Expected to shift global diesel/gas oil demand higher by around 1.5 million b/d in the fourth quarter of 2019 and first half of 2020, Platts Analytics estimates.

Supply, on the other hand, looks strong despite OPEC’s large production cuts and continued losses from Venezuela and Iran.

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Source: Energy World

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Global Oil and Gas Analytics

Global Oil and Gas Analytics Market Will Reach USD 122.60 Billion By 2025: Zion Market Research

According to the report, the global oil and gas analytics market was USD 14.55 billion in 2018 and is expected to reach around USD 122.60 billion by 2025.

Analytical solutions for the oil and gas sector will help the related industries in having an aggregate view of their operations.

 

 

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Source: globenewswire.com

 

Natural Gas Prices to Rise on Higher Global Demand

Natural gas prices to rise and have continued to witness selling pressure despite higher demand for cleaner gas.

Precious metal prices continued their buying spree for the third straight week with Comex Gold.

Record high production and rising inventory made the natural gas prices test the lows of 2016.

But cyclically, rising natural gas prices are required to keep the current pace of higher supply to fulfill the rising global demand in 2020.

We expect MCX Natural gas prices to remain supported at Rs 150 per MMBtu and extend the rally towards Rs 175 per MMbtu in the very short term.

Global natural gas prices tumbled in the second half of 2022, from the heights reached in August. Unseasonably warm weather, improved energy efficiency, and behavioral changes in gas consumption contributed to the decline. A reduction in Russian natural gas production and exports to Europe took place and shifting LNG trade helped fill the gap in European supply. Lower demand and strong LNG inflows resulted in European natural gas inventories being at a record high for this time of the year. The outlook for 2023 will depend on the speed of China’s reopening as well as the LNG market dynamics.

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Source: moneycontrol.com

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