While China’s demand for crude oil is growing, its output is falling January 18, 2017 Crude oil production in the Asia-Pacific is falling at a unique rate, according to a report from Wood Mackenzie, with China accounting for about half of the decline, Wood Mac’s Asia-Pacific upstream research director Angus Roger said. In 2016, the region pumped around 7.5 million barrels daily but this is about to drop to less [...]
OPEC: 50% Compliance To Output Deal Is ‘Enough’ January 16, 2017 Just two weeks into the OPEC supply-cut deal and a day after Saudi Arabia signalled that it had cut more than pledged, the cartel itself does not see more than 80 percent compliance, and thinks it would be “acceptable” even if it were to deliver just 50 percent of promised cuts. On the basis of [...]
Why Elon Musk’s next SpaceX rocket launch is the most important yet January 13, 2017 For investors in the next generation of energy and in the emerging next-gen aerospace field, SpaceX’s story is a useful lesson. It has been a tough three months for SpaceX. The company has tremendous pressure after the failure of their launch last September. The orbital launch business is brutally competitive and with SpaceX trying to [...]
The next big innovation in oil & gas: Cloud Computing January 10, 2017 Oil and gas is hardly the first industry that springs to mind when one mentions cloud computing. The tech that has been expanding at a breakneck pace, disrupting business models and enabling innovation across industry boards, has not really met with a lot of enthusiasm in the energy industry—at least not yet. But this may [...]
This French energy giant thinks oil could be at $10 a barrel by 2025 December 21, 2016 Oil prices could fall to as low as $10 per barrel within a decade as a 'tsunami' of threats could undo demand. That prediction comes from Engie SA’s innovation chief, Thierry Lepercq, who says that oil demand will be hit on multiple fronts. He lays out five 'tsunamis': solar power, battery storage, electric vehicles, “smart” [...]
Driverless cars’ arrival looks set to shake up the automotive, oil and tech sectors December 16, 2016 The energy markets are starting to recover from their multi-year swoon, but there may be a bigger change ahead. It’s starting to look like the rise of self-driving vehicles is not only inevitable, but that it will be here sooner than many would have thought possible. That will likely upend the oil markets in ways [...]
BP’s CEO has vowed to double North Sea oil production in the next four years December 10, 2016 UK’s oil major BP (NYSE:BP) will double its production in the North Sea to 200,000 barrels of oil per day, chief executive Bob Dudley said in an interview with Energy Voice in Aberdeen on Wednesday. “You will see portfolio changes for us in the North Sea, but you may see us invest in other projects [...]
OPEC’s celebrated and unexpected deal has papered over the market’s cracks December 8, 2016 The outcome of the Vienna meeting came as a pleasant surprise to oil markets. A deal had been hammered out and, despite the resistance, OPEC and Non-OPEC producers had agreed to cut a total of 1.8mbpd. Saudi Arabia − suffering from a major dent in its economy− has agreed to the largest cut. OPEC producers [...]
What you need to know about the world’s biggest IPO December 6, 2016 Sometime in the next 12 to 24 months, the world will see probably see the biggest IPO in history, and one that may remain unparalleled for a century or more – the IPO of Saudi oil giant Aramco. Aramco says it has more than 260 billion barrels of recoverable reserves – 10 times the level [...]
Drastic changes are needed if the UK oil industry is to survive November 28, 2016 Investment into the UK Continental Shelf (UKCS) sea areas, which incorporates all of the UK held parts of the North Sea, has fallen down to £9 billion this year, compared to a record £14.8 billion two years ago, according to leading trade association Oil and Gas UK. Their economic report for 2016 revealed that so [...]