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Author Topic: Oil and Gas Issues  (Read 618455 times)

prokaryotes

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Re: Oil and Gas Issues
« Reply #3900 on: August 05, 2020, 07:13:22 PM »
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At abandoned oil and gas wells in the North Sea, considerable quantities of the potent greenhouse gas methane escape uncontrolled into the water.
https://www.sciencedaily.com/releases/2020/07/200730113055.htm
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #3901 on: August 08, 2020, 09:13:48 PM »
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Eric Holthaus (@EricHolthaus) 8/7/20, 11:24 PM
Mauritius has declared a state of environmental emergency as oil from a sinking ship has begun to spread.
https://twitter.com/ericholthaus/status/1291938347598974982
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Priya Hein (@PriyaHein) 8/7/20, 4:51 AM
Absolutely shattered by the ecological crisis faced by Mauritius. These pictures of the oil spill, wrecking our most beautiful lagoons, were taken by my friend Eric Villars on his flight to Rodrigues this morning. #mauritius #oilspill #wakashio #bluebay #coralreefs #marinepark 
https://twitter.com/priyahein/status/1291658086617407489
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vox_mundi

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Re: Oil and Gas Issues
« Reply #3902 on: August 09, 2020, 03:07:58 PM »
Saudi Aramco Profit Drops 50% for First Half of the Year as Pandemic Batters Oil Price
https://www.cnbc.com/amp/2020/08/09/saudi-aramco-profit-drops-50percent-for-first-half-of-the-year-as-pandemic-batters-oil-price.html

Saudi Aramco's net income plunged to $23.2 billion in the first six months of the year, down by half from $46.9 billion over the same period in 2019.

Saudi Arabia's majority state-owned oil company and the world's largest crude producer also maintained its second-quarter dividend of $18.75 billion, saying it will be paid in the third quarter.

The financial results for the second quarter reflect the biggest shock to global energy markets in decades.

... "The worst is likely behind us," Nasser told the earnings call. "We remain fairly positive about the long term demand for oil."

https://www.aljazeera.com/amp/ajimpact/aramco-profit-crashes-73-sees-signs-oil-market-recovery-200809134222819.html

-----------------------------------

... It's like déjà vu all over again. ...

May 1, 1930

"While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.

- President Hoover

https://www.reliefmine.com/articles/economy/183-quotes-following-the-1929-stock-market-crash
« Last Edit: August 09, 2020, 10:39:38 PM by vox_mundi »
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Insensible before the wave so soon released by callous fate. Affected most, they understand the least, and understanding, when it comes, invariably arrives too late

Sigmetnow

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Re: Oil and Gas Issues
« Reply #3903 on: August 10, 2020, 05:09:45 PM »
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Saudi Aramco Profit Drops 50% for First Half of the Year as Pandemic Batters Oil Price

And here’s what they plan to do about it:

Saudi Aramco to press ahead with plan to boost output capacity, CEO says
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DUBAI/RIYADH (Reuters) - Saudi Aramco (2222.SE) is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday.
...
Aramco reported a 73% fall in its second quarter profit, as lockdowns to contain the coronavirus reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades. ...
https://www.reuters.com/article/us-saudi-aramco-results-capacity/saudi-aramco-to-press-ahead-with-plan-to-boost-output-capacity-ceo-says-idUSKCN2561U9
People who say it cannot be done should not interrupt those who are doing it.

Ken Feldman

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Re: Oil and Gas Issues
« Reply #3904 on: August 10, 2020, 08:03:40 PM »
Saudi Aramco is spinning every bit of positive news they can to try to prop up oil prices.  Read beyond the headlines.

https://oilprice.com/Energy/Crude-Oil/Saudi-Aramco-Asian-Oil-Demand-Recovery-Almost-At-Pre-Crisis-Levels.html

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Saudi Aramco: Asian Oil Demand Recovery Almost At Pre-Crisis Levels
By Tsvetana Paraskova - Aug 10, 2020

The world’s biggest oil-producing and oil-exporting company, state oil giant Saudi Aramco, is optimistic about the pace of oil demand recovery in Asia, chief executive Amin Nasser said on Sunday, helping oil prices rise on Monday.

Saudi Aramco says,
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Demand for crude oil in Asia has almost returned to the levels from before the pandemic, Bloomberg quoted Nasser as saying.

Reality says,
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In June, global oil demand is somewhere around 90 million barrels per day (bpd), up from 75-80 million bpd in April

Note that global oil demand was 100 million barrels per day before the Covid recession.

The article also has this interesting info about aviation levels:

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n another sign of optimism about demand, data from global flight tracking service Flightradar24 showed on Saturday that on Friday, August 7, there were more than 70,000 commercial flights globally for the first time since March 20. Yet, the number of commercial flights was still down 43.6 percent compared to the same Friday in August 2019.

And many Asian countries are now struggling to contain a second wave of Covid-19 outbreaks.

https://www.cnn.com/2020/07/28/asia/coronavirus-hong-kong-vietnam-china-intl-hnk/index.html

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Even countries that got coronavirus under control are now struggling. That's deeply concerning for the rest of the world
July 28, 2020
James Griffiths, CNN

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Across the Asia-Pacific region, where countries were among the first hit by the virus and the first to contain it, there have been new and in some cases seemingly unexplained increases in the number of infections. Governments that had previously been lauded for their response to the pandemic now seem to be struggling.

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On Tuesday, China reported the highest number of locally transmitted coronavirus cases since early March for the second consecutive day, with the majority of the 64 new domestic cases in Xinjiang. The far western region has seen a fresh outbreak in its capital Urumqi since July 15, after nearly five months of no new cases.

Down south in Hong Kong, the semi-autonomous Chinese city is also experiencing a major new outbreak, with more than a thousand new cases in the past two weeks, and six days straight of over 100 cases. The new surge came after the city appeared to be almost cornonavirus free, relaxing restrictions and beginning discussion of potential "travel bubbles" with other post-pandemic parts of the world.

While there was a slight dip in the number of cases recorded on Monday, Japan has been seeing some of its worst numbers since the early phases of the pandemic, with some 5,000 new cases in the past week, according to Johns Hopkins University (JHU) data. The worst of the new outbreak has been focused on the capital Tokyo, which recorded six straight days of over 200 new cases until Monday, when there were 131 cases. However, that dip may be because there were far fewer tests performed over a four-day holiday weekend designed to promote domestic tourism.