Industry Trends ///
Oil fell below $50/bbl for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis.
Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self sufficiency.
In an industry that faces continuous scrutiny of its environmental policies, the need to be seen as a proactive leader in carbon reduction is as important, if not more so, than achieving climate-change targets.
As operators worldwide set ambitious net-zero-emissions goals, oilfield service companies have an opportunity to both play a key role in meeting these targets, and take a leadership position in shaping the path of the coming energy transition.
In this interview, Jason sheds a little light on Avitas, how it operates as the first venture for Baker Hughes and as a technology accelerator.
Parts and processes that once took months or years now take days or weeks, they can be customized without additional costs and there are previously unimaginable innovations. That’s just a hint of how additive is transforming industries.
Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil and Chevron are taking increasingly diverging approaches as they try to weather the storm. The problem is, neither strategy is working right now.
Exxon Mobil and Chevron posted the weakest results in years because of disappointing results in almost all of their business lines.
In its Annual Energy Outlook 2020 report, the EIA sees production growth outpacing growth in domestic consumption of crude oil, petroleum products, and natural gas, causing U.S. net exports of these fuels to increase.
Total is being sued by 14 local governments and a handful of non-governmental organizations in France for not doing enough to reduce its carbon emissions and fight global warming.
BP’s outgoing CEO Bob Dudley warned Big Oil of moving too fast on investing in new technologies to counter climate change, because their failure could lead to financial ruin.
EIA forecasts production will continue to grow as rig efficiency and well-level productivity rise, offsetting the decline in the number of rigs until drilling activity accelerates in 2021.
An election held in the U.S. in 2020 could do a lot to shape global climate outcomes in the immediate future. It won’t feature Joe Biden, Bernie Sanders, or Elizabeth Warren, and the winner won’t live in the White House.
The U.S. Energy Information Administration forecasts that U.S. natural gas exports will exceed natural gas imports by an average 7.3 Bcfd in 2020 (2.0 Bcfd higher than in 2019) and 8.9 Bcfd in 2021.
U.S. shale oil fracking has already peaked and is in a period of sustained contraction, according to two major providers of services to the industry.
The lowest seasonal price on record going back to 1990 has been driven by the continued absence of a cold U.S. winter and an oversupplied global market.
The U.S.-China trade agreement is set to intensify the battle for the world’s most prized oil market.
Prices briefly dipped below $2 /MMbtu on Friday for the first time since 2016, yet the industry is powerless to stop a wave of additional gas hitting the market as a byproduct of rising shale oil output.
David Blackmon, Contributing Editor
A stark reality faces the U.S. oil and gas industry in the 2020 elections
Under the terms of the agreement, U.S. energy exports to China will jump over the next two years, with the promise of an additional $18.5 billion worth of additional purchases in 2020 and $33.9 billion in 2021.