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What’s past is prologue: more oil, more natural gas. No kidding. These two essential fuels supply nearly 65% of the energy used in the U.S. and global economies.
Given that economic and population expansion are the primary indicators of more energy demand, global energy demand is set to boom 45% by 2050.
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Source: Forbes.com
Executives from the largest oil and gas companies in the world offered their takes on climate change. They also had a fair sharing why they need natural gas. Want to know their Oil and Gas climate initiative response?
One of the opening events of Climate Week in New York offered a rare sight. Nine bosses of some of the world’s largest oil and gas companies in one room.
An industry-supported organization whose members set targets to reduce methane emissions and gas flaring. Present Monday were the chief executive officers of companies including BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA. They took questions from reporters and activists.
Here are some highlights:
“Ultimately, (the) Paris (agreement on climate) is going to be met..In the end it is the responsibility of industry, companies like us, to make sure that the transition is going to be as orderly as possible and not going to be disruptive.”
“Natural gas could be a part of the solution.”
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Source: industryweek.com
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Large independent exploration and production companies against oil majors. West Texas shale play economic, a factor that has large independents and oil majors jockeying for dominance by filing ever-larger batches of drilling down permits.
Exxon Mobil is preparing 25 horizontal wells spread out in Glasscock, Loving, Pecos, Reeves, and Winkler counties. The oil major has filed for 470 drilling permits in the Permian so far this year.
Not be outdone, Endeavor Energy Resources, an independent oil company owned by wildcatter billionaire Autry Stephens, filed for permits to drill 25 horizontal wells in Howard, Midland, and Reagan counties. The Midland company has filed for 203 permits so this year.
Over the past week, Chevron has filed for permits to drill three horizontal wells in Martin County. The oil major has filed for 145 drilling permits so far this year.
Diamondback Energy, an independent oil company headquartered in Midland, filed for permits to drill 10 horizontal wells in Howard County. The company has filed for 275 drilling permits so far this year.
Permian Basin
Dallas oil company Triple Crown Resources is preparing to drill six horizontal wells on its Halcomb A lease in Irion County. The wells target the Lin field of the Wolfcomp geological layer down to a total depth of 9,000 feet.
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Source: Chron.com
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Q4 gasoline demand is only about 4-6% lower than the three summer months .
Come winter, domestic demand will be ramping up 50%, with overall needs this year rising even more because of more LNG exports.
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Source: Forbes.com
Traders have scrambled to calculate what the limit move in oil would be, after Saturday’s drone attack on the ‘’world’s most important oil processing plant’’. Let’s talk more about this oil price explosion.
And moments ago, Brent crude reopened for trading, exploding almost 20% higher, its biggest jump in 28 years time.
Bloomberg notes that this attack has resulted in the single-worst disruption in oil markets ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Iraq invaded its southern neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department of Energy.”
Furthermore, in light of news that the Saudi outage could last for months, this could be just the start. As a reminder, according to Morningstar research director, Sandy Fielden, “Brent could go to $80 tomorrow, while WTI could go to $75… But that would depend on Aramco’s 48-hour update. The supply problem won’t be clear right away since the Saudis can still deliver from inventory.”
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Source: OilPrice.com
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Oil prices gain and traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week.
Brent crude futures rose 51 cents, or 0.6 percent, to $62.89 a barrel by 0405 GMT, while West Texas Intermediate (WTI) futures were up 54 cents, or 0.9 percent, to $57.94 a barrel.
Prices had ended lower on Tuesday, squeezed by speculation of sanctions-hit Iranian crude returning to the market following U.S. President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk.
But they rebounded after American Petroleum Institute (API) data late on Tuesday showed U.S. crude oil and gasoline stocks fell last week, while distillate stocks built.
“Oil should remain supported in Asian trading, mostly supported by the overnight API crude inventory data,” said Jeffrey Halley, senior market analyst at OANDA.
The API numbers had U.S. crude inventories down by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts’ expectations in a Reuters poll of a decrease of 2.7 million barrels.
Iran’s oil exports were slashed by more than 80 percent due to re-imposed sanctions by the United States.
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Source: foxbusiness.com
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While fracking has been going on in the U.S. since the late 1940s, it wasn’t until just after the turn of the century that it began to be increasingly used in conjunction with horizontal drilling. That marriage of technologies ushered in the fracking boom and resulted in a renaissance of oil and gas production.
The resurgence of natural gas production followed years of decline and corresponding natural gas price spikes. But as production rose, natural gas prices collapsed. This price collapse was a major factor for utilities switching from coal to natural gas, which in turn resulted in U.S. carbon dioxide emissions declining by more than any other nation. The U.S. became the top natural gas producer in the world, and began to export liquefied natural gas (LNG).
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Source: Forbes.com
YOUNGSTOWN, Ohio – Oil and natural gas production in Ohio’s Utica-Point Pleasant shale play rose in the second quarter. This is as 614.22 billion cubic feet of gas and 5.81 million barrels of oil were produced. Most are by wells in the state.
Those numbers are up from 609.45 billion cubic feet of gas and 5.07 million barrels of oil. This is the data in the first quarter. This is according to data from the Ohio Department of Natural Resources’ quarterly report.
In comparison, Mahoning County produced just 340.21 million cubic feet of gas. Moreover is 2,139 barrels of oil and Trumbull County accounted for 127.83 million cubic feet of gas and 1,774 barrels.
The top-performing natural gas well in Columbiana County. It was EAP Ohio LLC’s Sevek 18-12-3 210H well in Washington Township. The well produced 1.96 billion cubic feet of gas. Leading the county in oil production was Chesapeake Exploration LLC. Ayrview Acres 27-16-5 5H well with 971 barrels of oil.
In Mahoning County, the Hilcorp Energy Co.CLL-2 6H well in Poland was top in natural gas production. They are at at 67.78 million cubic feet of gas. Meanwhile, Northwood Energy Corp.’s Hendricks MAHN2AHSU well in Ellsworth Township led oil production in the county with 839 barrels.
And for Trumbull County, Pin Oak Energy Partners had both the top-performing natural gas and oil wells. The Buckeye 1H well produces 33.46 million cubic feet of natural gas. Lastly, the Brugler 1H well produces 327 barrels of oil. Both wells are in Hartford Township.
Activity in the Utica-Point Pleasant shale play continues to be concentrated in southeastern Ohio, as the ODNR report was made up mostly of entries for Belmont, Carroll, Guernsey, Harrison, Jefferson and Monroe counties.
Leading the state in gas production was the Ascent Resources Utica LLC Gordon N CRC JF 3H well in Jefferson County’s Cross Creek Township, just outside of Stebuenville. The well produced 3.57 billion cubic feet of gas.
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Source: businessjournaldaily.com
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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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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
