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Author Topic: Oil and Gas Issues  (Read 438846 times)

Tor Bejnar

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Re: Oil and Gas Issues
« Reply #2950 on: March 29, 2019, 04:06:03 PM »
West Texas Intermediate Crude Oil is approaching $60 (per Bloomberg)
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vox_mundi

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Re: Oil and Gas Issues
« Reply #2951 on: March 30, 2019, 11:04:41 PM »
U.S. Judge Scraps Trump Order Opening Arctic, Atlantic Areas to Oil Leasing   
https://mobile.reuters.com/article/amp/idUSKCN1RB0FP

A federal judge in Alaska has overturned U.S. President Donald Trump’s attempt to open vast areas of the Arctic and Atlantic oceans to oil and gas leasing.

The decision issued late Friday by U.S. District Court Judge Sharon Gleason leaves intact President Barack Obama’s policies putting the Arctic’s Chukchi Sea, part of the Arctic’s Beaufort Sea and a large swath of Atlantic Ocean off the U.S. East Coast off-limits to oil leasing.

Trump's attempt to undo Obama’s protections was “unlawful” and a violation of the federal Outer Continental Shelf Lands Act, Gleason ruled.
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Sigmetnow

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Re: Oil and Gas Issues
« Reply #2952 on: April 02, 2019, 07:47:15 PM »
Shell’s exit from US refining lobby a first — and a sign of the times on climate
Quote
Royal Dutch Shell announced plans Tuesday to leave a U.S. refining lobby over climate-related policy positions. Although it’s a first for an oil and gas company, it’s also another sign of increasing climate accountability among companies and investors.
...
Shell gives a number of reasons for leaving AFPm, including AFPm’s lack of stated support for the goal of the Paris Agreement. The review simply states, “Shell supports the goal of the Paris Agreement.” Shell said other factors leading to its decision included:

• AFPm’s lack of support for carbon pricing.
• AFPm’s opposition of government action to shape policy frameworks for low-carbon technologies.
• AFPm’s support of the EPA’s proposed rollback of U.S. fuel economy standards.
• AFPm’s lack of a position on the role of natural gas and the reduction of methane emissions.
https://electrek.co/2019/04/02/shell-exit-refining-lobby/
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Ken Feldman

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Re: Oil and Gas Issues
« Reply #2953 on: April 04, 2019, 01:43:53 AM »
The EU is addressing fugitive methane emissions from oil and gas production and distribution:

https://www.energycentral.com/c/ec/momentum-building-methane-europe%E2%80%99s-climate-blind-spot

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Although not legally binding, the new European Parliament resolution is the final climate resolution of the current mandate, meaning it will help raise expectations for the new Parliament taking office on July 1, 2019. Rapid policy development on methane emissions should be a top priority for the new Parliament and feature prominently in the questions for the incoming Commission’s parliamentary hearings in September 2019.

Global methane emissions from the oil and gas sector need to be on a rapidly declining pathway. As one of the world’s largest consumers of gas, Europe can and must play a significant role in driving action at a global scale. Fortunately, methane emissions from the oil and gas sector have been recognized as low hanging fruit, with the technologies and approaches to mitigating them well known and inexpensive.

Ken Feldman

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Re: Oil and Gas Issues
« Reply #2954 on: April 05, 2019, 08:40:02 PM »
The recent financial disclosure from Saudi Aramco had some interesting facts beyond the headline that it's the most profitable company in the world.

https://www.forbes.com/sites/rrapier/2019/04/01/saudi-aramcos-breakeven-oil-price-is-higher-than-expected/#2ec50ad61c02

Quote
However, I found the most significant item in the prospectus to be that Saudi Aramco struggled to break even in 2016 when Brent crude averaged about $45 per barrel. Net income in 2016 was only $13 billion, and free cash flow a mere $2 billion. Contrast that with the $111 billion in income and $86 billion in free cash flow the company made in 2018 (when Brent crude averaged $71.34/bbl), and it looks like Aramco's breakeven price is just about $40/bbl.

Shared Humanity

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Re: Oil and Gas Issues
« Reply #2955 on: April 05, 2019, 10:10:00 PM »
Liquid fuels consumption continues its steady climb.

https://www.eia.gov/outlooks/steo/report/global_oil.php

gerontocrat

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Re: Oil and Gas Issues
« Reply #2956 on: April 08, 2019, 04:05:39 PM »
Norway perhaps actually costing itself a load of moolah by reducing involvement in oil.

https://www.bloomberg.com/news/articles/2019-04-08/norway-is-walking-away-from-billions-of-barrels-of-oil-and-gas?srnd=premium-europe
Norway Is Walking Away From Billions of Barrels of Oil
Quote
Western Europe’s biggest petroleum producer is falling out of love with oil.

To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.

The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.
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Tor Bejnar

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Re: Oil and Gas Issues
« Reply #2957 on: April 08, 2019, 04:37:31 PM »
Per Bloomberg, Stocks down, Oil up (today): the relationship is not a surprise.
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sedziobs

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Re: Texas to double oil production, be bigger than Saudi Arabia, by 2015
« Reply #2959 on: April 11, 2019, 05:37:27 PM »
Probably belongs in the Oil and Gas Issues thread.

SteveMDFP

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Re: Texas to double oil production, be bigger than Saudi Arabia, by 2015
« Reply #2960 on: April 11, 2019, 05:40:17 PM »
https://www.nextbigfuture.com/2019/04/texas-oil-production-could-more-than-double-by-2025-and-surpass-saudi-arabia.html
See also https://www.nextbigfuture.com/2019/04/us-oil-and-ngl-could-be-more-than-saudi-arabia-and-russia-by-2025.html

This is interesting, and disturbing.  The great challenge for the world will be ensuring that these fossil fuels remain in the ground. 

BTW, Neven doesn't like a proliferation of new threads/topics on the Forum.  This might have gone in the "Oil and Gas Issues" thread, I think:
https://forum.arctic-sea-ice.net/index.php/topic,861.0.html

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Tom_Mazanec

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Re: Texas to double oil production, be bigger than Saudi Arabia, by 2015
« Reply #2961 on: April 11, 2019, 06:44:57 PM »
Sorry, I looked over the subforum headings and some threads and didn't see it.
Please move this, Neven.
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GoSouthYoungins

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Re: Oil and Gas Issues
« Reply #2962 on: April 13, 2019, 04:52:31 AM »
Does anyone on these forums work in pumps or lubrication or fuel?!?! It is truly incredible to watch ppl using the things produced by society act as if society is immoral for living withing this reality. I am all for building a new reality. But currently, this is the reality which we have. Deal with it...invent a new one. Bitching is just pathetic.

The solution is to understand and then create a new economically incentivized reality.
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