FormulaE-2

India-Gulf Cooperation Council: Delhi’s Strategic Opportunity

lweb.es/f2642 03.05.2017

BROOKINGS.EDU

Ties between the Gulf and India stretch back several millennia. Until the last decade or so, the relationship was still being driven almost exclusively by economic interests: energy trade and migrant labor. Now, however, the agendas of rising powers like India and China are expanding, including in the Middle East. Specifically, India-Gulf Cooperation Council (GCC) ties will be among the most important relationships for both sides in the coming decades. The emergence of several factors is forcing New Delhi to consider the strategic aspects of those ties…

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Canada’s Oil Sands: Big Energy Producers’Achilles Heel

lweb.es/f2646 03.02.2017

WORLDOIL.COM

The oil-sands operations in northern Alberta are among the costliest types of petroleum projects to develop because the raw bitumen extracted from the region must be processed and converted to a thick, synthetic crude oil. These operations have been particularly hard hit by the worst oil slump in a generation. Exxon and Conoco, for example, have removed a combined 4.65 billion barrels of oil-sands crude worth $183 billion from their books. Under U.S. Securities and Exchange Commission rules, proved reserves can only include oil and gas fields that can be produced economically within the next half decade.

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$70 Billion Each For Shale Plays And Offshore Projects This Year

lweb.es/f2650 02.20.2017

RIGZONE.COM

For every dollar invested this year in North American shale plays another dollar will be allocated for planned projects offshore racking up spending of $70 billion in each sector, analysts at Rystad Energy said: “Offshore projects that were uncommercial at $110 per barrel in 2013 are now commercial at an oil price of $50 per barrel.” However, Rigzone Data Services said offshore investment declined 30-35% in 2016 and offshore capital expenditure is expected to decline for the current year. According to Diamond Offshore, it’s difficult for deepwater operators to compete with the unconventional space.

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CNPC Buys Stake In Abu Dhabi’s Largest Oil Concession

lweb.es/f2652 02.19.2017

WORLDOIL.COM

China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity. Abu Dhabi National Oil Co. awarded CNPC an 8% stake in the onshore venture. “If you’re Abu Dhabi and looking for demand growth, China is the future and its demand is going to continue to grow”… “For the big buyers in Asia, the logical source of that future supply is the Gulf,” said Amereller Legal Consultants.

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India Steps Up Efforts To Boost Domestic Oil And Gas Production

lweb.es/f2658 02.17.2017

PLATTS.COM

Following its first oil and gas field auction in six years India has decided to award the bulk of the operating licenses to new players. The operating licenses are for 31 contract areas comprising 44 oil and gas fields and have been awarded under a revenue-sharing model. These contract areas would monetize 40 million metric tons of oil and 22 billion cubic metres of natural gas over 15 years for the Indian government. India’s oil demand growth will outpace China‘s for the third year in a row in 2017.

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T. Boone Pickens: True Energy Independence For America

lweb.es/f2654 02.17.2017

TEXASMONTHLY.COM

Oil expert T. Boone Pickens says that America is in the midst of an energy renaissance, and President Donald Trump will have the opportunity to set the nation on a course toward self-sufficiency: “We are still a long way from securing our nation’s energy future and are not without risk of failing” he states. “I suggest President Trump pursue an energy plan with two parts. The first part is to not screw up what we have going for us. The second part is to not settle for what we’ve done so far.”

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Norwegian Barents Sea Drilling Set For Record

lweb.es/f2660 02.15.2017

WORLDOIL.COM

Explorers look set to drill a record number of wells in Norway’s Arctic waters this year. The Norwegian Barents Sea may contain as much as half the country’s unexplored resources, according to the Norwegian Petroleum Directorate. The remote area off the country’s northern tip enjoys the benefits of the Gulf Stream, meaning that unlike the rest of the Arctic, it’s largely ice-free. The prospect that industry observers will be watching most closely is Statoil’s Korpfjell well near the Russian border. It could contain as much as 10 billion barrels of oil equivalent.

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Oil Price Uncertainty: $35 To $93 For December 2017?

lweb.es/f2613 02.10.2017

iconThe EIA forecasts Brent prices to average $53 a barrel in 2017 and $56/b in 2018, with WTI $1/b less than Brent in both 2017 and 2018. However, “The current values of futures and options contracts suggest high uncertainty in the price outlook. For example, EIA’s forecast for the average WTI price in December 2017 of $53/b should be considered in the context of NYMEX contract values for December 2017 delivery. Contracts traded during the five-day period ending January 5 suggest the market expects WTI prices could range from $35/b to $93/b (…) in December 2017.”

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Saudi Oil Minister: Further Cuts? “If Needed, Absolutely.”

lweb.es/f2586 01.22.2017

iconSome 1.5 million of an agreed upon 1.8 million barrels per day of oil has been taken out of the market in January, Saudi Energy Minister Khalid al-Falih said. He noted, however, that at the same time shale oil is estimated to grow this year at 200,000 to 300,000 barrels per day – not at the 500,000 bpd estimated by the International Energy Agency. Al-Falih indicated that OPEC countries could cut oil production again this year if higher prices were not maintained due to reasons beyond the control of producers, including falling demand.

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EIA Energy Outlook: The U.S. To Become Net Energy Exporter

lweb.es/f2532 01.08.2017

iconThe International Energy Agency’s Annual Energy Outlook provides modeled projections of U.S. domestic energy markets through 2050, and includes scenarios with different assumptions of macroeconomic growth, world oil prices, technological progress, and energy policies. With strong domestic production and relatively flat demand, the United States becomes a net energy exporter in most Outlook cases as petroleum liquid imports fall and natural gas exports rise over the projection period under consideration. Energy-related carbon dioxide emissions decline in most of the cases, with the highest emissions projected in the “no Clean Power Plan” projection.

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President Trump’s Energy Plan

lweb.es/f2585 01.20.2017

iconWhile the plan lacks specifics about implementation, it lays out a foundation for US energy policy for at least the next four years: “Energy is an essential part of American life and a staple of the world economy. The Trump Administration is committed to energy policies that lower costs for hardworking Americans and maximize the use of American resources, freeing us from dependence on foreign oil.” Highlights are: Eliminating “harmful and unnecessary policies such as the Climate Action Plan”; Embracing US shale and gas; Having a commitment to clean coal technology; Eliminating US dependence on OPEC; Protecting the environment.

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