17 Burst results for "Cameron Wallace"

"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:32 min | 1 year ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Hello and welcome to the world. Oil daily brief podcast. I'm cameron wallace and today is sunday november. The twenty ninth and as we start this final months of twenty twenty and move on to bigger and brighter things next year. There are some interesting challenges that some of the organizations that try to put some sort of control on the oil and gas industry are facing as we start to kind of move into the next phase of the pandemic and prepare for what impact vaccines might have and what i'm alluding to it. I guess you could call it a bit of a rift within opec.

cameron wallace opec twenty twenty
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:55 min | 1 year ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Podcast I'm Cameron Wallace and today's Sunday November the first this is yet another week of having some positive news to share on the number of oil and gas rigs work here in the US and abroad, and so we're going to focus on that a little bit and then unfortunately Exxon has been in the news quite a bit of late between earnings and some steps are going to take to try to. Mitigate the impact of a week to three or so we're GonNa talk about that, and then finally some excellent news off-shore. Canada. That's going to be something that's GonNa be great to talk about. So we've got quite a few things covered and as always we have Mr cred Abraham editor in chief of world oil magazine with us today Kurt. Thanks for joining us. But well, thank you cameron and what a week it was and We're all sort of. A holding on here waiting for the election on Tuesday and we'll see how that works out. But in the meantime, more good news than bad news for the industry over the last week and the first piece of good news as you alluded to we WanNa talk about is the Baker Hughes Recount for the US and I should say for Canada's well because there's some good news all around as everyone will remember we've really slogged our way through a lot of porter months here this year during the spring and summer and into. The early fall I have to tell you now over the last eleven weeks. Let me back up just a second say as you remember, there were twenty four consecutive weeks of new all time lows in a bigger Hughes recount during the first half of this year about about a two, hundred, forty, four units on August the fourteenth. Now over the last eleven weeks, the count has gained fifty two rigs. We gain nine rigs with count on Friday. That's an increase of a little over twenty one percent over the last eleven weeks. And It's it's pretty phenomenal that forty two out of the fifty to have occurred in just the last seven weeks. So we're definitely working our way back up. It's not a massive recovery, but it is a mild recovery and it's better than nothing and.

Cameron Wallace US Baker Hughes Canada Exxon world oil magazine editor in chief Kurt
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:31 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Hello and welcome to the World Oil Daily Brief podcast I'm Cameron Wallace and today's Sunday August the second as we get ready to move into this month of August there's quite a bit happening in the world of oil and gasoline finance side there we're seeing some positive changes in the rig count in the US and elsewhere at which is unabashedly good news however, there's a counterpoint there. has been some activity among the super majors and some of the companies that compete with them were served them that would Kinda, give us pause and say that there's not so much good news there as we might hope. So I, know make a bit nebulous and the reason why is because Kurt Abraham Editor in chief of world magazine is with us as always to help us discuss. These issues and what they mean for the coming weeks and months for oil and gas. So Kurt, thanks for joining us today. Well, thank you Cameron and interesting week Last week was indeed and We'll probably see some equally unusual things this coming week I do say because we had a full plate last week and These are going to some of. These items are going to have ramifications for a number of weeks and months ahead a first off though on the rig count very, very interesting development for the first time in I don't know how many we can probably take a look your real quick and see but we are happy to report that there was no net loss on the rig count in the US for last week. Actually however needs to be pointed out that the reason that happened is has nothing to do with the oil side. It has all to do with the gas side. There was an addition of one rig net in the country on gas side which offset the loss of one oil rig. So we have a net change of nothing and were perfectly happy to see that. Now, that brings up another matter, which is the split between oil and gas activity. The natural gas site is holding its own it nearly twenty, eight percent. It is twice the share of activity that it was back in March. So the very good things there some other observations. The offshore is holding very steady at twelve rigs in the Gulf of Mexico,.

Kurt Abraham Cameron Wallace US world magazine Editor in chief Mexico
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:46 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Hello and welcome to the World Oil Daily podcast I'm. Cameron Wallace joined his always by Kurt Abraham. Editor in Chief of world, oil magazine, and that everyone talk a little bit about some activities that are taking place in a regulatory basis here in Texas, and what some of those trends might have to do with affecting what's happening on a broader more global scale, so this is going to be interesting. Look at what is going on in Texas and how that can impact things on down the line, so to get started, Kurt. On the Texas Railroad Commission. What are they up to right now? On Tuesday, the railroad commission heard they had another another famous meetings. I believe this was also at least partially online, and they heard from some of the state trade associations, environmental groups and several producers me thinks it probably heard for more associations and advocacy groups the producers, but anyway that's just a side. Note up at the We're talking about the issue of flaring our. Texas could implement meaningful reforms to reduce the flooring and to get it done before production activity returns to previous highs before the covid nineteen pandemic so they During the meeting. And veiled a report, called Flaring Recommendations and Best Practices..

Texas Railroad Commission Kurt Abraham Texas Cameron Wallace oil magazine Best Practices Chief of world Editor
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

14:01 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"I'm Cameron Wallace. And today's Wednesday April fifteenth the day after the hearing of the Texas Railroad Commission on the subject of prorogation and I think a day three of the OPEC plus agreement as well so to talk about all of these developments. We are joined by. Kurt Abraham Editor in chief of world oil magazine. Kurt thanks for being with us today. Thank Cameron and Good afternoon to those of you. Who are going to hear this shortly in the middle of the US in this time zone but interesting developments All over the place We have developments obviously from yesterday's railroad commission meeting in terms of what was said now. There's no definitive action taking place yet. But it certainly wasn't day for various forms of commentary We have some Continued actions by the Saudis going on which will impact things. And of course we always Lead this whole thing with the numbers for the day we were specifically to the oil market number is in the Dow Jones because the two seemed to track each other. All the time Yes let's see actually back on Monday when we last talked everyone we were at Dow of about twenty three thousand three ninety and that actually had a nice rise yesterday on the fourteenth to about five hundred hundred sixty points up to twenty three thousand nine hundred fifty and then today we had a fallback of about four hundred forty five points back down at twenty three five four. Now some of that has to do with Some developments on the cove nineteen but some of it continues to have to do with the oil price and various things happening or not happening now. Oil Price For its part was about twenty to forty one on Monday the thirteenth. Yesterday it slipped down to twenty dollars and eleven spence a barrel that was minus one dollar and thirty cents and today we have a preliminary figure. We're not sure that this will be the final figure. So don't anybody get to riled up or upset just yet but it's possible that the price will fall under twenty dollars a barrel. We have a preliminary figure from the Nymex of nineteen dollars and eighty seven cents but that could be revised a little bit higher. So we'll wait and see but you know obviously not looking too good and so that's the situation on the fundamentals front now Cameron you were referring earlier when you and I were discussing some the content for today to Some of the things the Saudis are up to. You Might WanNa just elaborate on that. Yeah just real quickly the OPEC PLUS DISCUSSIONS. That happened a few days ago. The production cut agreements that they settled upon. I guess don't actually begin until may the first and so in honor of that Date Saudi Saudi Arabia has been producing oil as rapidly as a can right up until that point and so they've been keeping the the oil taps open and they've also been doing some of very heavy discounting to Asian customers at the same time for future deliveries. So I guess they're using this opportunity to steal a much market share as they can and get as much out of the ground as possible before the agreement kicks in as you said it not exactly in the spirit of the agreement so hopefully they'll I guess got fifteen more days sixteen more days to do that if that's what they're going to do but hopefully they and everybody else will be ready to follow the rules. Come the first but also raises a question or the specter of storage as well. I know that From the stuff. We've been hearing around here lately that. Us storage can be measured in a matter of Just a handful of weeks and I think it's the same situation for them so I guess we'll find out quite sooner rather than later what happens when you reach one. Hundred percent storage capacity. Well that's right and it brings up some other things as well Not The least which is the fact that in between now and may the first The Saudis can produce an awful lot of oil Without adhering to the agreement yet and also a lot of damage can be done to various countries. Production and petroleum economics those countries Not least of which is what's going on here in the US and this leads into some of the topics that were discussed at yesterday's special open meeting of the Texas Railroad Commission in Austin which was held electronically. Which was I think I as far as the extend of it is concerned and One of the things that was brought up Especially by the people who are four per rationing in that is there is limited time to do something constructive to try to intervene before too much. More damage is caused to the Texas industry economy. And one of the points I brought up was. Hey look you know OPEC's going to be able to produce unfettered for another. You know fifteen sixteen seventeen days and what have can they wreak in that time period by doing that so that was one of the contentions of was brought up yesterday but there is a whole laundry list of differing opinions and data in a lot of the new show about contracts and processes and legalities quite frankly some of it was was mind numbing and it out this hearing on potential perishing by the commission that was really an event for the ages? A truly historic event It shows the seriousness of the current oil market and now three railroad commissioners bless. Their hearts are faced with what could be the major decision of each of their professional lives. This can mold and shape their reputation for the rest of their lives Depending on how it works out whether to prorate or not but the other thing you have to worry about his in tandem you have the fate of so many industry companies and individuals and the individuals jobs. The fate of all that is hanging in the balance. And you know Wayne Cranston the commission chairman. He referred to the magnitude of this decision are facing when he said at the end of the hearing. Yesterday it's humbling to realize the position we find ourselves in. I wish we could Be Together more To discuss the details of the Parisian in question he said there's hundreds of thousands of folks in this industry and their families and their kids out there in Texas and my heart goes out to them. I will pray for myself. And for my fellow commissioners and it's you know it's that serious you know you have to give the commissioners the three of them Christian Chris Craddock and Ryan sitting immense credit because they were willing to stand ten hours and fifteen minutes of us to Moni and they just had a few breaks. What seemed to me to be an insufficient lunch period? That's all I can say. And their stamina was quite impressive because they said listening to so many speakers drone on for three to five minutes and frequently longer and our speakers citing all these various statistics and delving down into what I referred to earlier all sorts of aspects of procedural and contractual legal minutia. And you know to be quite honest some of these people. I'm sad to say we're complete bores. Yeah and a few others were very inspiring and a passion of their comments and then most of the others fell somewhere. In between the common thread seemed like the the camp that was four probation had very qualitative bent to their argument. They were talking about what this would mean for the future of the industry and for companies in the families of people that work for them whereas the argument against preparation. The only way you could really do it was to take the the raw quantitative approach and just tried to use all of the legality or any of the cold hard economic fact such as it was to try to defendant so you had two different approaches. I think depending on where you stood on the on the issue. Oh I I quite agree. In the problem with the presentations made by the people against the pro rationing or the fact that they took on a very technocrat quality There wasn't a whole lot of humanity in my opinion in the arguments that they put forth. This is all very technocratic And I will say this. The commissioners They bend over backwards to be fair. They ask intelligent questions of everyone where they could. I mean some of the things said we're just over the top and need occasionally see some bewildered looks on commissioners faces and you had a feel for them but the other thing that's now bothering me. Is that in? What relatively few media reports were done on that meeting. I was surprised that there weren't as many as as we could have had. They did take out a rather homogeneous flavor All these stories by the general media. They play up the fact that the companies testifying against parenting concerned about protecting the free market. So you get this feeling that these firms and other entities that are against rationing were acting as statesmanlike protectors of free market economics however there is not one mention in any of these news reports of potential ulterior motives for some of the statements made and it all it was what was not covered in any of these reports but which yours truly heard or some statements by some of the smaller producers who were favored the rationing accusing of the very largest firms of just trying to wait them out hope that the smaller firms go under and then pick up some the assets for pennies on the dollar so that was none of that in any of the news reports. But I can tell you that that was something that was raised in yesterday's proceedings There was no mention of the fact in the general news reports that the really is not a true free market in oil. Not when you have state actors like Saudi in Russia that can impact the market so substantially. So we had that problem You know another thing that came across the dino was incorrect was that the general media said well the vast majority of people testifying Tuesday. We're against peration. That's just not true out of thirty nine speakers that I listened to during all but forty five minutes of the hearing. I had to go out for a brief errand and frankly because I had so much fatigue I needed a break so probably total speakers were closer to maybe fifty. I'm not sure we have not been able to get a count out of the commission yet. fifteen out of the thirty nine declared a RA- leaning toward being four eighteen declared or leaning toward being against and six were truly neutral so it fifteen versus eighteen with six neutral. I wouldn't call that overwhelming not by any stretch. Yeah you know. The the problem is the mainstream media. You know bless their hearts. This is a very nuanced argument. That's taking place and you know you can't really expect too much depth of understanding. Based on the way they operate of what's happening to see what the companies they have heard of before have to say and so that Kinda forms the basis of their their stand so. I'm glad that you endured that as much of that Hearing as you did Kurt because the industry needs someone with you know your degree of of expertise to be reporting on this and telling them really happen because otherwise we're down to just a couple of wire services and you know I don't mean to disrespect I say this but they don't understand the subject matter as as deeply as as this requires No not not whatsoever in one of the things that bothered me was there. Were two media outlets who's lead paragraphs let off the whole story with an inflammatory statement that was made by the CFO for diamondback energy. Yeah who said that? His firm was seized all drilling if Perot is instituted and he made it sound like this was the theme of the whole meaning. That's not the case or far more angles than that and for a media outlet to refer pro rationing as an OPEC style. Cap is a deliberate attempt to paint an unflattering picture I would say and and and frankly the diamondback remarks If you WANNA take into the ultimate could be construed as a bit of a threat in other words. He's sort of saying thinly veiled. Don't you dare impose parading or we'll have to make these bad things happen. That's how that came across wasn't a threat that was that was a promise..

OPEC Kurt Abraham Cameron Wallace Texas Railroad Commission US Texas world oil magazine Saudi Arabia Editor in chief spence Perot
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:07 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And this is your top oil and gas news for Thursday march. The twenty sixth. We've been talking a lot this week about production so today we'll take a look at what's happening with oil demand and the resulting need for storage options for all this extra crude. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the challenges harmful emissions chief among them therefore the solution must evolve rapidly if we are to meet society's ever-growing demand for clean energy Siemens partners with oil and gas customers to navigate the normal delivering what matters most safety efficiency reliability sustainability and ultimately peace of mind. Today's upstream operators face unique challenges including remote locations space constraints and the high costs associated with non-productive Time. Siemens has an extensive track record of helping operators improve performance and mitigate risk in offshore environments visit Siemens Dot com slash oil and gas to learn more about Siemens Engineering Services and technologies for platforms vessels including F. Pso's and let secure a sustainable energy future together. Global oil demand has fallen as much as twenty percent from last year as more countries lockdown billions of people inside their houses in a bid to halt the spread of the Corona Virus Russell. Harty the head of vital group said the consumption of crude has dropped by between fifteen million and twenty million barrels. A day from the normal level of one hundred million barrels a day he believes the loss will continue at that level for at least a more weeks contributing to an average annual decline of at least five million barrels a day which is by far the largest global market has suffered since reliable data is available from the early nineteen sixties. There's a lot of oil in the market and there's a lot of stocks that we're going to have to build because it's not going to be consumed he said highlighting the national lockdown announced on Tuesday in India that has contributed to a fresh substantial loss of demand. The oil trader estimates. Gasoline demand is down fifty percent in Europe and thirty five percent in the US while diesel is less affected. Jet Fuel. Consumption has virtually gone with six million barrels. A day lost out of a normal level of seven point three million barrels a day around the world. Refiners have already reduced the amount of crude they process by seven million barrels a day vital estimates and they will cut a further seven million throughout this week. That'll push the problem from the refined products into the crude market. Everyone is then going to try to figure out what happens with crude. Unfortunately using the United States Strategic Petroleum Reserve to take as many as seventy seven million barrels off the market is out of the question at least for now. The trump administration halted plans to start buying oil to top up the nation's emergency stockpile after failing to win funding from Congress throwing a wrench of his most tangible efforts to help struggling drillers cope with the price wrote. The Energy Department said a notice dated Wednesday that it was withdrawing a march nineteenth tender for the first part of its plan to purchase seventy seven million barrels for the reserve. The American energy sector is a major driver of our nation's economy at is being significantly harmed by the impacts of Cova Nineteen and international market manipulation. Shalon hines a department. Spokeswoman said an email small to medium size American energy companies and their employees should be provided the same relief being provided other parts of the economy. And the Secretary Calls On. Congress to work with the administration to fund the President's request as soon as possible. Some have suggested that the Energy Department might come up with the money in its own budget to fund the purchase for the Government's petroleum reserve congressional appropriators routinely. Sign off on internal budget. Transfers requested by the federal agencies should funding become secure for the plan purchases the deal. We will reissue solicitation. Today's oil prices are reflecting the removal of the S P R option. As of noon today Brent crude was down eighty four cents to twenty sixty five a barrel and West Texas intermediate is down one dollar and thirty five cents to twenty three fourteen not counting the Strategic Petroleum Reserve global storage capacity is filling up quickly with key producers only days away from having zero available storage space looking at the market holistically. The world will run OUT OF PLACES TO STORE OIL IN AS LITTLE AS THREE MONTHS. According to an industry consultant. Ihs MARKET SAID. The current rates of supply and demand. Mean inventories will increase by one point. Eight billion barrels over the first half of twenty twenty with only an estimated one point. Six billion barrels of storage capacity still available producers will be forced to cut output because by June. There'll be no place left to put. All the unwanted crude. The oil market has been hammered falling demand as a result of the corona virus outbreak and a Saudi Arabia vows to flood the market with crude at deep discounts following the collapse of the coalition of OPEC producing countries and allies including Russia on Thursday Pakistan. Banned imports of crude and fuels because it storage sites are full. Supply may exceed demand by twelve point four million barrels a day in the second quarter with other traders banks and consultants also forecasting bumper surpluses vital said on Wednesday. The demand has fallen as much as twenty million barrels. A day from last year production is going to have to be reduced or even shut in said Jim Burkhard head of oil markets that IHS it is now a matter of where and by how much they're already signs in prices about a potential scarcity of storage space in the US the so-called WTI cash role traded down at the lowest level since December two thousand eight on expectations that inventories of the delivery point for US futures would balloon in coming weeks and months. Meanwhile Brent futures are trading deepening tangle structure or spot. Prices are discounts to those in later months as a market trust to create the necessary financial incentives to store by pressuring near-term prices measures of the physical market for actual barrels of crude are also pointing to weakness globally of the world's three largest oil producers. Russia has the least amount of available storage capacity at about eight days according to IHS. Those figures are based on the amount of production that could be stored if exports dried up. Saudi Arabia has eighteen days and the US has about thirty Nigeria. The biggest producer in Africa is the most vulnerable among the areas measured by IHS estimated first. Quarter Twenty Twenty daily production of one point nine million barrels a day would fill up available local storage in one and a half to two days as an example of how serious this is getting in the United States. The glut of oil is growing so fast that at least one pipeline owner concerned widely traders may try to stowaway crude on its pipeline network until prices improve plains all American pipeline is requiring customers to prove they have a buyer or place to offload grew. They're shipping companies pipes. According to people familiar with the matter the idea is to prevent anyone from using planes network to park oil in lieu of higher prices. With the key storage hub in cushing. Oklahoma already more than half full concern is rising among investors and oil producers that the sure fit of American crude may overwhelm storage capacity and force companies to shut down wells shale. Explorers are dialing back drilling. But it won't have a meaningful impact on overall crude supplies anytime soon. Similar anxieties are racking the fuel markets as the Cova nineteen outbreak saps demand and foreign producers swamp global markets with oil colonial pipeline company operator of the busiest. Us fuels conduit last week warned clients that any gasoline or diesel on their system that had no end user or storage vacation would be sold off to the highest bidder. So that's pretty much where we are today. The conversation is shifting from how high can daily production go to what happens when we run out of places to put all this oil. Sounds like we're pretty close to finding out and so there you have it your top oil and gas news for Thursday march. The twenty sixth on tomorrow's show we'll be joined once again by Kurt Abraham Editor in Chief of world oil magazine to share the rest of the results of a survey on government intervention in global oil gas markets. Today's content courtesy of world oil magazine and the Bloomberg New Service. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..

United States Oil Daily world oil magazine Cameron Wallace oil trader IHS the daily brief Energy Department Siemens Congress Brent crude Cova Saudi Arabia daily review Russia
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:07 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day afternoon and welcome to the world oil daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Tuesday march the tenth. America's days is a net. Oil Exporter may be numbered. Russia's threatening another production hike while keeping the door open for more OPEC discussions and Saudi Arabia is also doing their part to drive oil prices down by declaring another production increase of their own. I up America's nascent status as a net petroleum exporter is already risk as plunging oil. Prices threatened domestic production and give a leg up to the world's biggest producers the US only in recent months begin exporting more petroleum than it imports shift fueled by record shale production in fields such as the Permian basin now amid the worst price route nearly three decades. American drillers are facing a million barrel drop in production that could curb. Us exports and set back the company's march toward energy independence for four of the last six weeks the US has shipped out more crude and refined products. And it's brought in but that margin is relatively thin. If shale output were to fall by one million barrels a day this year that could be enough to take the US from a net exporter. Back to net importer. Us benchmark crude tumbled twenty five percent on Monday to close at thirty one. Thirteen a barrel which is well below the average break even price for producers in the three biggest. Us Shale fields major banks were quick to revise price forecast downward as Saudi Arabia and Russia. The world's largest crude exporters are poised to flood the market with discounted oil in an all-out price war. The surge of inexpensive supply could pose a secondary blow to shale producers as US refiners opt for foreign barrels over domestic. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the challenges harmful emissions chief among them therefore the solutions must evolve rapidly if we are to meet society's ever-growing demand for clean energy Siemens partners with oil and gas customers to navigate the new normal delivering what matters most safety efficiency reliability sustainability and ultimately peace of mind. Today's upstream operators face unique challenges including remote locations space constraints and the high costs associated with non-productive Time. Siemens has an extensive track record of helping operators improve performance and mitigate risk in offshore environments visit Siemens Dot com slash oil and gas to learn more about Siemens Engineering Services and technologies for platforms in vessels including F. Pso's and let secure a sustainable energy future together. Russia stepped up its price war with Saudi Arabia by warning it can raise oil production while also saying further cooperation with OPEC is possible after the collapse of OPEC plus talks last week. Russia could increase output by as much as five hundred thousand barrels a day in the near future Energy Minister Alexander. Novak said on Tuesday. His statement came just minutes after. Saudi Aramco escalated the battle for market share by pledging record. Oil shipments in April the OPEC plus union forged by Russia and Saudi Arabia in two thousand sixteen to support oil prices collapsed last week when Novak refused to be strong armed by the Saudis into accepting additional output cuts of one point five million barrels a day. The failure of the talks has prompted Saudi Arabia to slash its crude prices targeting potential buyers of Russian oil in Asia Europe and the US in response oil slumped by the most in three decades on Monday despite this escalating battle for market share. Novak said Russia is open to further cooperation with Organization of Petroleum Exporting Countries. And its allies. I want to say the door isn't closed. Novak told the state run Rossiya twenty four news channel in his first public appearance since March sixth meeting. If needed we have various tools including reducing an increasing production and new agreements can be reached OPEC plus has meetings scheduled for mayor June when the Union may evaluate the market situation. Once again he said in the meantime Russia's oil industry is regrouping for potential output hike from April the first when the current OPEC plus deal expires. The nation's producers have the capacity to raise the output by two hundred thousand to three hundred thousand barrels. A day in the short term and by as much as five hundred thousand barrels a day in the near future oil rebounded on Tuesday. After Monday's historic crash Brent crude was trading seven point five percent higher at thirty six ninety three barrel at ten twenty six. Am in London. Russia produced a little more than eleven million barrels a day of crude oil and condensate in February according to preliminary data from the Russian energy ministry raising the level by another half million barrels would bring the nation's output to an all time high still Russia will not be able to match the production hikes plan by the Saudi kingdom within the next two months and finally today. Saudi Arabia escalated its oil price war with Russia on Tuesday with its state owned company pledging to supply a record twelve point three million barrels a day next month a massive production hike looking to flood the market. The output increase of more than twenty five percent from last month puts Aramco supply above its maximum sustainable capacity indicating that the kingdom even tapping it strategic inventories to dump as much crude as quickly as possible on the market in February. Saudi Arabia produced about nine point. Seven million barrels. A day. It's the latest maneuver in what set to be a long and bitter price war between Russia and Saudi Arabia. Moscow responded within minutes in what looked like a war of words with Alexander Novak saying Russia had the ability to boost production by five hundred thousand barrels a day. Riyadh is using strategic oil stocks to boost supplies at very short notice according to people familiar with the strategy on top of domestic stockpiles. It also stores crude near consumption hubs in Rotterdam Okinawa and the Egyptian port. Cd career. Russia does not have a network of strategic oil stocks to match Bob McNally founder of consultant rapid energy group and a former White House official said welcome to the free market. The world is about to learn very swiftly how important a swing producer is for stability not only for the global oil market but the broader economy and geopolitics for decades the oil market has been largely regulated first by Americans who set production quotas for their oil companies through the Texas Railroad Commission in the first half of the twentieth century and later by the Organization of Petroleum Exporting Countries through that time Texas and later OPEC acted a swing producers upping output at times of scarcity and reducing it at times of lower demand to help keep prices stable with oil demand rapidly falling due to the economic impact of the corona virus epidemic. The Saudi production hike followed potentially by another one from Russia is likely to force oil companies historic route rather than processing. Traders are already seeking out tankers to help store the glut. The International Energy Agency said earlier this week. The global oil demand will contract this year for the first time since the global financial crisis in two thousand nine the US and other western countries are starting to worry about the oil price. War between two of the world's most powerful petroleum nations on Monday the US Department of Energy denounced in a rare statement attempts by state actress to manipulate and shock oil markets. And there you have it. Our top oil and gas news stories for Tuesday march the tenth content is courtesy of world oil magazine and the Bloomberg News Service to read. More on today's topic's please visit world. Oil Dot com slash news? I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please. E Mail editorial at World Oil DOT COM and. Check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily.

Russia Saudi Arabia OPEC US Oil Exporter Alexander Novak World Oil DOT world oil magazine Cameron Wallace Saudi Aramco the daily brief
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:02 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Wednesday march the Fourth Chevron CEO says they won't follow in the footsteps of other Super Major's aspirational climate change goals. Oil prices stopped their recovery as Russia's delegate walked out of the OPEC plus meeting in Vienna this morning and a consensus seems to be building on Wall Street around coming contraction in global oil demand. I up Mike. Worth didn't beat around the Bush yesterday. Saying Chevron won't go carbon-neutral anytime soon worth the chief executive officer of the second largest. Us Oil Company called the goals set by many European rivals. Aspirational instead he said Chevron will take a more realistic path for a major producer of fossil fuels with concrete actions to reduce carbon emissions within its own operations. We've not set long-term targets that were not exactly sure how we will get to worth said in an interview with Bloomberg TV. Our approach has been get on the path start taking actions set short-term accountability metrics and make progress and start marching in that direction in contrast BP last month committed to being carbon neutral twenty fifty while Shell Repsol and Ian. I have pledged to make large reductions in carbon emissions over the long term. Those promises have won. Favor with environmentalists and investors but according to critics the companies have avoided the difficult truth that no large oil major has yet worked out how to produce carbon-free energy and also turned the big profits associated with oil and gas at its annual investor meeting in New York on Tuesday Chevron committed to financial targets for the next five years and outlined projects for the next decade it's targets for lower carbon intensity emissions end in two thousand twenty three wirth's comments could be a reality check for executives thinking they can have it all. The world's super majors are among developed markets. Most prodigious dividend payers so far solar wind and battery storage projects have shown they can fund such payouts over the long term at some point oil and gas companies. Face a choice. According to worth he said. Shareholders top priority is seeing improving returns in Chevron's oil and Gas Business and the company responded Tuesday by promising to shower them with eighty billion dollars in cash over the next five years. He said if we do things that are only good for the environment and not good for shareholders. That's not sustainable. If we do things ignore the environment and are only good for shareholders. That's not sustainable either. It's finding that intersection. That is the challenge. Both long term aspirations and short-term targets are needed to reduce emissions to net zero by mid century according to Kathy Mulvaney a campaign director at the Union of concerned scientists. That is what the Paris accord says. The world needs to prevent catastrophic climate change. She said it's totally legitimate for people to focus on how to get to these targets. It's hard to give Chevron the benefit of the doubt when its own goals are so limited. Exxon Mobil Chevron isn't concerned about peak oil demand because the surgeon global population will need all forms of energy including oil and gas many decades into the future worth said companies with the lowest cost assets will be the ones to produce those fossil fuels and worth said he is positioning. Chevron to be in that category European energy companies expect that renewables will become a greater part of their overall production over time. Chevron will only invest in renewable energy to support its oil and gas business for the time being according to its presentation at the conference it will continue to invest in novel early Stage Technology. That could replace oil and gas over time. It's previously announced emission targets referred to intensity meaning pollution per unit of energy as opposed a total emissions allowing oil and gas production to rise over. Time worth. Said it's the challenge of more energy for growing world and reducing the carbon footprint. People are going about it a little bit differently. I don't think that's a bad thing. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the.

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"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:37 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace and easier. Top Oil and gas headlines for Tuesday February the eleventh today. We'll take a look at corona viruses impact on Chinese gas demand in the US. Natural gas prices fall to a four year. Low and oil is holding fifty dollars a barrel as it appears that OPEC won't take any emergency action. I up the impact of the novel. Corona virus on Chinese gas demand will depend on both the severity and length of time required to contain the outbreak. Wood Mackenzie Research Director Robert. Sims estimates gas demand lost China has reached two billion cubic meters by the end of the first week in February with more than half of this loss concentrated in the Industrial Sector. Though many international airlines have suspended travel to and from China through March and April Sims expects domestic flights to resume in February with the resumption economic activity although limited wood Mackenzie estimates a full year. Gas Demand Reduction of between six and fourteen billion cubic meters at twenty twenty depending on the length of time required to contain the outbreak. You're on your growth. Rates dropped six percent and four percent respectively mostly the result of downgrades as compared to pre corona virus outlooks of eight percent of growth domestic upstream. Gas Production is affected by preventive measures to control the virus and travel restrictions have reduced manpower onsite however as baseload pipeline gas can be delivered in closed off operations. It is less affected. Wood Mackenzie is forecast domestic supply to be lower by between one point six and two point nine billion cubic meters ellen g will bear the brunt of this reduction domestic gas demand although some disruption to domestic gas supply is also expected to travel restrictions and reduced operations. Wood Mackenzie currently estimates the downside impact Chinese Ellen. G demand as between two point six million tonnes in the best case with recovery by April and six point three million tonnes in a more prolonged case with slow return to normal. The Corona virus outbreak and his impact on Chinese gas demand could have come at a worse time for the already oversupplied Global Ellen. G MARKET DISAPPOINTING. Apec demand growth contributed to the having LNG prices through two thousand nineteen and further new volumes emerging from US producers. Wood Mackenzie was already anticipating lower prices through two thousand twenty prior to the corona virus. They had expected the Pacific market to absorb nineteen million tons of the approximately twenty seven million tons of new supply. Growth in twenty twenty. This assessment was based on the view with the Pacific demand. Growth would rebound significantly from last year. However warm weather through December and January in northern Asia has already put pressure on inventory levels in China South Korea and Japan and further weakening already soft North Asian spot market with too much ellen g and nowhere left to place it. It looks like a supply correction is needed to balance the market. Would Mackenzie is expecting supply response in some markets like Egypt and potentially eastern Australia? We're the likes of shell an AP L. G. could attempt to sell gas into the domestic Queensland gas market however it is us Gulf producers who have the highest marginal cost of supply and the most flexibility. The Chinese government said would offer support for companies seeking to clear force Missouri on international contracts. The first such reported notes were sent by last week to Ellen G SUPPLIERS AND CNPC and sign a PEC could follow suit entering force. Measure is rare in LNG markets and. We'll be contractually complex contract. Wording will need to explicitly include epidemics as force majeure events demand-reduction on its own or noticed by relevant Chinese government. Authority will likely be insufficient in addition prior to being released from their obligations to receive cargo. Buyers would need to follow contract procedures proving that actions had been taken to minimize overcome the impact of the force majeure event total contracted volume into China in two thousand twenty is fifty four million tons per annum still less than the two annual demand scenarios presented Mood Mackenzie's best case and prolong case so while major Chinese buyers may call for force. Major suppliers may insist on trying to deliveries to later in the year once demand impact of Corona virus has diminished given the widespread between high contractor prices and low spot market prices expected to persist through twenty twenty. There is a strong commercial incentive for each side to resist the actions of the other. If buyers do succeed exercising force measure the revenue impact on sellers could be significant. The approximate price for many of these oil index contracts is around fourteen point five percent of oil range equivalent to eight dollars and eighty three cents per million. British thermal units this compares with spot prices of around three dollars and fifteen cents per million. Btu's Today's episode of the daily brief is brought to you in part but Energy Web Atlas Energy Web Atlas delivers real time market data analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com in the US. Natural gas futures sank to a four year low as the latest forecasts all but eliminate bulls hopes for late winter. Cold push frigid weather in parts of the Midwest and West. This week won't stick around for long. According to Commodity Whether Group LLC mild temperatures are poised to blanket the eastern half of the country February a shift from previous outlooks that showed lingering chill. Unusually warm weather has wreaked havoc on gas demand allowing an onslaught of supply from shale basins to overwhelm the market American liquefied natural gas cargoes a key outlet for production are at risk of being curtailed as the corona virus outbreak in China curbs consumption the resulting collapsing. Gas prices is squeezing profits for us. Exporters the gas glut has been especially severe in the Permian Basin. Local prices for March delivery dropped below zero output from the West Texas New Mexico shale play or gases extracted as a byproduct of oil drilling is increasing so fast that there isn't enough space on pipelines to take it away guess futures for March delivery slid five percent the lowest settlement since March ninth two hundred sixteen the premium for April gas over the March contract widened to three point. Eight cents a sign that traders don't expect an end of winter supply crunch finally today. Oil is holding near fifty dollars a barrel in New York on signs that OPEC and its allies. Probably won't go ahead with a much touted. Emergency meeting even as global oversupply piles up. While the coalition's technical experts have recommended a production cutback as corona virus batters demand Azerbaijan's energy minister told. Ria Novosti news wire that the group is unlikely to holding early meeting Saudi Arabia's pushing for action yet key partner Russia has so far resisted as the alliance dithers conditions in Global. Crude markets are deteriorating a discount on prompt crude which appeared in Brent Front month contracts last week for the first time in a year is taking hold in the futures market the pattern which is known as tango and usually indicates oversupply now extends all the way through September contracts oil short-selling has more than doubled in just two weeks hedge funds boosted bears wagers against WTI crude by forty one percent in the week ended February fourth following a fifty two percent surge a week earlier another indicator closely watched by traders. The so-called red spread between December contracts and consecutive years is also shifting towards tango after collapsing from a dollar thirty one a barrel and late January to just four cents on Monday OPEC and its allies. Have shown some readiness to intervene with a committee of technical experts counseling last week that the coalition which pumps about half of the world's oil should deepen existing production cuts by an additional six hundred thousand barrels a day during the second quarter yet Russia. The biggest crude producer within the group hasn't yet announced whether it will back the policy or meeting before the group scheduled early March gathering to make it happen. Prices could come under further pressure if talks aimed at ending the conflict in Libya were blockade of ports has pushed production to the lowest level since two thousand eleven lead to a restoration of output. A two day meeting started. Sunday is being closely watched for any sign of a deal that could restore over one million barrels a day of output to global markets. And there you have it our top oil and gas new stories for Tuesday February. The eleventh content is courtesy of world oil magazine and Bloomberg News Service. Treat more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily.

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"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

12:40 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"TO THE WORLD. Oil Daily brief podcast. I'm Cameron Wallace. Integrating people processes and technologies is a complex challenge in modern offshore drilling operations from an operator standpoint finding a baseline of reliability and certainty to maximize rig operational. Time is the primary goal at Baker Hughes Twenty Twenty annual meeting in Italy. Last week I had the opportunity to sit down with chuck show Vier Baker Hughes Vice President of subsea drilling systems. Chuck Walk me through. How new technologies are driving productivity to drilling actions and helping build that baseline of reliability and certainty so chuck? What are some of the challenges that operators are facing exploring offshore fields today? I think as as you've heard in the event At least over the past few days. It's really trying to figure out how to embrace drives sort of value and productivity into their actions. I think as we're all trying to figure out how do you integrate technology and people and data and processes it's sort of a complex ecosystem and so it's not sort of just any one thing thereafter but it's something that thereafter it's sort of a proof point because it can get so big it gets real hard for people to sort of wrap their mind around it and so from an operator standpoint. We're the business that I lead for. They will fi group for Baker. Hughes worth maybe one segment removed because of the equipment in the service that we provide is directly to the drilling contractor who then serves the operator and so for us what we're really looking at. It's just providing that baseline of reliability and certainty with reliability certainty. That comes down to keeping operations up and avoiding unplanned rig downtime a fair statement. Oh Yeah I think it's interesting that you kind of go through this this the concept of non-productive time which comes in many many different forms. There's no doubt that unplanned events and planned events actually carry the same gravity. It's just the difference between an unplanned event. You feel a little bit more embarrassed. Where on a planned event you figure I can drive productivity but but you know if you if you take it from pure sort of binary view. Both of them are just time that you could spend differently so then the question is can you apply the same tools to manage both and we're seeing some some activity of that through the information. We're getting where you can okay. So unplanned time and plan ric time are similar however the implications of the unplanned time as far greater could could be. Here's here's how to think of it in a weird way plan time to do maintenance or other prescriptive acts from drilling contractors standpoint are those things that are typically borne by the operator unplanned time from the drilling contractor in a weird way goes to their account. So when you sit here and you look at. Who's lever are you working on at the end of the day? The operators covering the overall spread cost. And when I all will occur on both fronts from their standpoint they're vested in both the drilling contractor invested in one more perhaps than the other and so what we're seeing is that line is starting to blur a little bit so yes no doubt that unplanned is one word you know most people whether you kind of call it embarrassment because it was something he didn't plan for Or if you were to say no. We plan for this much uncertainty. You kind of go. Well what kind of planning aspect that. And so that's that's where you start to see this whole. This whole aspect is starting to effectively. Fold on itself to where everybody is vested in driving out planned maintenance and unplanned actuality because those two things maintenance directly effects unplanned an unplanned directly affects maintenance so those things are just I mean they're conjoined or if you want to say locked the him. What kind of technologies kind of approaches do you have at your disposal that can help reduce that unplanned time and make that more predictable and something that you can actually project implant for an an operation one of the things that we've been investing in that rides on the control system as product called? Sea Legs see lyrics has been something. We've been developing in the Organization for a while in effectively the unplanned in planned activities on a drilling rig especially deepwater drilling rig really revolve around the availability of the subsidy drilling system. The solidifies platform that we have developed is one that basically connects to the B. O. P. Control System and then provide you affectively all the fidelity that you need to begin to build and connect to the maintenance programs that both the oem prescribe as well as the equipment owner prescribe for that. We call it the care custody and control of the equipment so the package actually then begins to give you a really high fidelity registry of what's happening to the system and what is being done to the system once you integrate those two this is when you can start to apply simple things where you start you know the old crawl kind of walk in and run. The first cross cycle is how do you even just take cycle counts and just say like a mileage odometer used to say change your wall ever six five thousand miles or six months. Whatever comes first well in a weird way. We just had time based maintenance on the equipment. Now we're working on okay. We now can count cycles for you can begin to monitor where those cycles occurring and then you can start to integrate that with the engineering discipline on meantime between failure and those things to begin to improve the performance of the equipment. You can also take that connected to the maintenance system so when you cross over from the unplanned to the planned you have some data that you can say at the rate you're using this unit at the next plan cycle because we have some information about the meantime between failure. You ought to consider doing these things as well. And that's where you start to build. That's why when you sort of evolved from this crawl to this we'll say toddling stage where you are now. Beginning to challenge. Were the assumptions that we use on mileage or time. Now let's apply some information that we can actually have a little bit of this for like a better word circular interrelated loop to where you can say if I do this. Does this extend or does this drive any benefit and so? That's we're working with the sea legs package in. Its is starting to bring really great benefit. Where's the data? Come from the power see lyrics and I know that has many moving parts and they're all potentially I suppose generating data. How does how does that connect with? What's he doing on the software side? Yeah so seen Lennox if you can kind of put it there. It's basically an edge device that is connected to the O. P. Control System. The control system has a number of direct sensors but it actually has a number of indirect functions that you can pull off of it because so direct sensors pressure temperature time just some of those basic things but the other things that occur. Is You then take the subject matter experts in line them up to say when you request the system to do one thing this other chain of events occurs and that other chain of events where he takes subject matter experts ply that running on top of the the information systems creating so actually create this sort of call it multi faceted data set that says anytime this event occurs this other assortment activities also occurred so it's in effect an indirect data source that creates factual direct data so it goes from the peak control system? It is then at the edge on the ring this were all the data resides and then that data can be sent then onshore to be put into a broader data lake so we can get a richer data experienced then make a broader assessment of fleet of equipment that is similar so that we can then begin to develop a much more rich sort of data set to then make decisions about how best to do care custody and control of the equipment so that lets the operator leverage the experience and the track record of all the other devices that are similar operating in similar state he's able to leverage the information that those generated to understand to better understand what he's seeing on his own site for sure on that front right now obviously ownership data sharing is sort of just an ever evolving space. And it's really interesting when you begin to sort of say. Whose data is that. And that's probably a whole discussion especially in the space. You're in for for another discussion. Certain people are are very open with it when you being in a challenge them you know that you need to analyze the data a little bit so that you can say look just like an industry take the aviation industry. There's certain things where you go. What DOES HE AVIATION INDUSTRY COMPETE ON? Do they compete on? My plane is safer than you're playing. You kinda go no not so much so when it comes to safety and those types of things that's where we say look. The data sent ought to be rich. On a half plurality to everybody on have access to the safest most reliable blow up prevention system where things begin to sort of become a little bit. Noisy is when you say but I'm gonNA try some things on maintenance. Intervals are on different things to make my system a little more competitive than somebody else's or if you have an event and all of a sudden a little bit of oversight comes into sort of assign causality to it. Things get a little bit complicated on. Where should this day to be? But at a high level the answer is yes our desire. Is that the equipment that we make provides. Not only the most safe but the most reliable and available in predictive which gets to the run piece of the crawl. Walk run element predictive So that it can perform at best because at the end of the day we just want all of the clients not only the drilling contractors but the operators as well to have a preference for equipment gotta to think that something like that would be of particular interest in the some of these new emerging basins like offshore Suriname and Jonah where. They're just is not a whole lot of shore infrastructure to leverage for warehousing of parts or spares. When I've got a long supply chain that would be something that I think would be pretty important. Yeah this this this is an. You're getting to. We'll call it some of these other in a weird way almost ten general things because one of which is we're looking to improve the performance drive some things but we're also doing especially when we have some contractual service agreements with clients where we're actually connected to the ship are or the vessels inventory system because what happens as soon as you know. Here's where I'm going cycle counts. Here's what the maintenance interval looks like. Here's the next inbetween well maintenance and what we're GONNA do. We then interrogate the inventory to be able to say M I in a position to take those actions you can then move to that next level it says if my lead time or my replenishment cycle looks long. I'm in a remote location or my shore-based support requires ninety days and duties or whatever to bring things in you can then start to change your stocking levels to meet when you when you move around because obviously these are. These are mobile drilling units. They find themselves right now unfortunately and really short contract spans. I mean the average the average tender. I think this year was roughly in the range of twelve months. And so you are spending some time. Where these rigs are moving around and point. Sometimes they're not some of the most accessible places in the in the world and so you do optimize working capital that you have on the rig but at the same time you WanNa maximize that Riggs availability to do it needs to do. And so yeah. We're definitely connecting inventory into that decision process as you start to build the system forward so I remember hearing about the way control systems. Used TO WORK. You'd push the button. The light would go from red degreen which means the rams of closed but really in in reality would have meant as you push the button. The Rams may not have closed now. What is able to do with all that data and it's processing capability is say you push the button and yes the rams closed. They took this amount of time to close..

Vier Baker Hughes Rams Chuck Walk Baker Hughes Twenty Twenty Oil Daily Cameron Wallace Vice President Italy B. O. P. Control System Hughes O. P. Control System Suriname Riggs Lennox Jonah
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:05 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Thursday January. The twenty third oil is sinking to two month low as the ASIAN CORONA VIRUS THREATENS DEMAND One of Houston's best known shale bankers is telling the city to embrace the energy transition and continued unrest in the eastern Mediterranean. Has a fleet of oil tankers held up off the coast? I up oil tumbled to a two-month low on speculation that China's corona virus outbreak may demand futures declined as much as three five percent to below fifty five dollars a barrel in New York on Thursday. As the world's largest oil importer effectively quarantined a major city to contain the SARS like virus which Goldman Sachs worn could trim global consumption. The alert has overshadowed concern over the hall. Exports from Libya oil is bearing the brunt of the anxiety due to the potential. Hit to travel especially as it's happening just before the Lunar New Year holidays which is the biggest human migration in the world. Goldman Sachs predicts. The virus May crimp global demand by as much as two hundred sixty thousand barrels a day this year with jet fuel accounting for around two-thirds of that loss if the SARS epidemic of two thousand. Three's any guide. West Texas intermediate futures for March delivery slid a dollar seventy seven to fifty four ninety seven a barrel on the New York. Rick talks change after earlier. Falling to as low as fifty four seventy seven which was the lowest since November twentieth? Meanwhile a measure of oil market volatility rose to its highest level since October Brent futures remarked settlement declined a dollar eighty three to sixty one. Thirty eight a barrel. The global benchmark traded six dollars forty two cents premium to WTI. For the same month China ban travel from Wuhan a city of eleven million in efforts to stop the spread of the virus that has claimed at least seventeen lives so far and infected hundreds. The country is the biggest importer oil. By far the World Health Organization will meet again today to determine if it should declare the outbreak a public health emergency of international concern after delaying. Its decision yesterday. Meanwhile in the US and Energy Information Ministration report today is expected to show domestic. Crude supplies rose by eight hundred thousand barrels last week. The American Petroleum Institute reported a one point five. Seven million barrel increase in crude inventories. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstract for the conference or being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. The energy transition is coming to Houston and north. America's all capital had better be ready. According to one of the city's best known oil bankers. The oil and natural gas industry is about to undergo a seismic shift as climate change pushes cleaner energy. Sources to the forefront Bobby Tudor founder of Investment Bank Tudor Pickering and Holt said Wednesday in remarks prepared for an address to the Greater Houston Partnership. Although tutors warning is something environmentalists academics and European oil. Ceo has been saying for a few years now is now coming from an unlikely herald or the key. Financiers and beneficiaries of an industry that generates one third of Houston's economic output the economic vitality and growth of our region's economy is inextricably tied to the Energy Industry Tudor said to traditional oil and gas. Business is not likely to be the same engine for growth in Houston for the next twenty five years that has been for the past. Twenty five years Houston has for decades. Been the epicenter of the North American Petroleum and Chemical Industries and is home to roughly four thousand six hundred energy companies according to tutor that puts America's fourth largest city in an interesting position as climate change. Prompts calls for a dramatic shift in how businesses and consumers power trucks trains airplanes and power plants. If you WANNA restaurant or a law firm or a clothing retailer or a travel agency. The health and vitality of the energy industry matters to Your Business and your community and in all probability matters more than you know Tudor said. The wealth generated by the industry has been widely impactful to the city tutor. Insisted it's not the end for oil and gas. Neither production nor consumption are disappearing anytime soon. He said but the challenges are daunting coupled with poor financial returns climate change concerns have the industry dramatically out of favour of the moment in most every corner of the investing and political world. Gas will play a major role in the transition despite the objection of some environmental groups and politicians who advocate a total rejection of fossil fuels. Even some investors are demanding more refined and fulsome corporate disclosure environmental social and governs metrics. Oil Executives aren't clear on how to comply Tudor said the topic hit the headlines last week when black rock. Ceo Larry Fink wrote. Investors to unveil a plan to incorporate climate change considerations into investment decisions. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and contacts operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater mark insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com off the coast of Libya. One man is holding up several million tons of steel Khalifa after the military leader who controls critical parts of the north. African oil producer ordered the closure of its ports and kilo fields at the weekend while haggling over truce with the national government as he rebuffs pressure from world leaders to reach a settlement. A line oil tankers waiting to load is forming. Libya's it'll ports crude exports that would typically see one million barrels a day have ground to a halt ten ships able to carry eight million barrels are floating in the country's waters mostly onto key export terminals Libya primarily ships to Europe. The cargoes can go to the US and China and refiners prize. It's low density high quality crude for the ease of processing it into fuels like gasoline. Although it's the biggest supplier option since missile strike briefly disabled half of Saudi Arabia's oil capacity in September crude markets have shown a surprising level of indifference to the Libyan crisis consumers remain comfortably supplied by a wave of new production ranging from US shale to Jonah and traders are increasingly focused on whether demand will hold up in a deeply certain macroeconomic. Climate also refiners have grown accustomed to eradicate output from Libya or political conflict. Since the fall of Moammar Qaddafi has knocked out about forty percent of capacity for most of the last decade markets. Could soon take notice of the disruption drags on however according to Amrita son chief analyst Consultants Energy Aspects Limited in London as the scenario of ships in Libya's waters shows no signs of moving. That moment may begin closer and there you have it our top oil and gas news stories for Thursday January twenty third content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm camera Wallis. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..

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"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:34 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day afternoon and welcome to the world oil daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Tuesday January twenty first at the World Economic Forum in Davos Energy Chiefs Co two catcher technologies as Greta. Thunberg slams the world's lack of action on climate change the US shale industry has already peaked for service. Companies like Halliburton and clawing back some of its recent losses. Following prolonged unrest in Libya I up capturing carbon dioxide from the fossil fuel industry is key to slowing dangerous global warming energy chief said and devils as climate concerns dominated the annual business forum more than ever before oil and gas producers are under mounting pressure to help prevent a damaging rise temperatures and carbon capture is increasingly luring investors as a tool to curb emissions whether pulled from the exhaust of smoke. Stacks from the open air. The C O two can be buried underground or used to extract oil Vicky Hall of Chief Executive Officer of houston-based Occidental. Petroleum said they're investors. That care that want to protect our environment. Those are starting to make a difference for US within two years. We'll be building the largest direct air capture facility in the Permian Basin Occidental's air capture site will separate carbon dioxide directly from ambient air. Co Two can then be injected into oil reservoirs to boost output in Texas Permian Basin Hall of Said if we can perfect direct air capture than we can use it anywhere. Climate concerns dominated the panel discussion and run through the entire program of this year's World Economic Forum climate campaigner. Greta Thunberg spoke to a packed room in the opening session. Issuing Sharpe rebuke to leaders over the world's failure to curtail emissions also addressing. The climate challenges facing the oil and gas industry was fatigue. Enroll executive director of the International Energy Agency. Barale like Khawla touted the potential of carbon capture to help emissions. They're all said in an interview. Carbon capture is very important because we still have a huge amount of fossil fuels in the market is the only technology which can marry the fossil fuels. We have oil gas and others and our climate goals. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for the company working on technology to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy DOT COM in the US. Shale fracking has already peaked and is in a period of sustained contraction according to two major providers of services to the industry that view from Halliburton Company and slumber J. Limited signals and eventual deceleration. Us oil production which is currently at record highs. Slower output growth would have global ramifications given additional American barrels are forecast to account for most of the increase in worldwide supply. This year Halliburton chief executive officer. Jeff Miller said Tuesday that customer spending in North America will keep falling this year. That echoes slumber Jay. Which said Friday? It's continuing to shrink. Its business in the region to match lower manned. The oil services industry has cut thousands of jobs in the US and scrapped unwanted fracking equipment in recent months as shale companies slash spending in a bid to generate free cash flow amid a stagnant oil market and slumping natural gas prices. The deep retrenchment indicates a lack of conviction that demand will ever recovered a previous highs. Halliburton said Tuesday slashing. Its own spending by twenty percent from last year to one point. Two billion dollars to keep up with the changing market twenty nine solidified the pivot from growth to Capitol discipline in North America Miller told analysts and investors on Tuesday conference call as unconventional enter maturation phase. Halliburton is committed to the North American market. Houston-based Halliburton said north. American revenue slumped twenty one percent in the final three months of last year compared with the third quarter. The company took two point. Two billion dollars of impairment charges for the most recent period related to severance costs and write down pressure pumping and drilling equipment. Miller said that Halliburton cut twenty two percent of its Frank Fleet last year slumber. J. The world's largest oil and GAS SERVICES COMPANY HAS ALREADY REDUCED. Its pressure pumping fleet in half and said Friday. It has no intention of bringing out equipment back into service. It took twelve point. Seven billion dollars in pretax charges for the third quarter and is restructuring its North American Land Business Unit oil prices improve publicly traded oil and gas exploration and production companies aren't likely to materially change. Their capital spending plans probably narrow an analyst. Raymond James said on Tuesday that we predict an underspend of eleven percent meaning the EMP industry is cash flow positive after cap ex for the first time since two thousand five. The gloomy picture at home contrasts with improving demand. Internationally as larger oil companies. Make a slow recovery from depressed crude prices several years earlier however Halliburton the number three services provider has historically generated more of its sales in the US and Canada than slumber J. or Baker Hughes the other big player Miller said statement in twenty twenty. We expect our international growth to continue an international margins to improve Halliburton report at one point. Six five billion dollar net loss for the fourth quarter compared with net income of six hundred sixty four million a year earlier excluding the impairment charges earnings per share exceeded analysts estimates by three cents shares of the company. Rose one point nine percent to twenty four. Forty one at eleven. Am in New York. Today's episode of the daily brief brought to you in part by Energy Web Atlas Energy Web Atlas delivers real time market data analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Lng Gas Processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com. Finally today oil raised some earlier declines as concern mounted about supply disruptions in Libya and Iraq despite ample output from other major producers futures trimmed the daily loss to half a percent on Tuesday in New York after earlier dropping almost a full percentage point the Libyan port crisis that strangled crude exports from North Africa's biggest oil supplier extended into a fourth day while warring factions haggled over a peace deal meanwhile spreading unrest in Iraq is threatening shipments. Opec's number two producer the Libyan disruption is significant because there's a lot of demand for light sweet crude among refiners working to comply with Stricter Imo twenty twenty shipping fuel rules. Oil prices fell earlier in the session in tandem with metals equities following a series of negative developments in Hong Kong and worries about a deadly virus in China International Energy Agency. Executive Director. Fatih barrel said at the Davos Forum that the world is awash with oil mainly from US thrillers Libyan military leader Khalifa. Huff tar has blocked ports in a show of defiance after world leaders failed to persuade him to sign a peace deal in Iraq. Protesters halted production at one. Oilfield and rockets reportedly hit the Green Zone in Baghdad. After a week of unrest and there you have it our top oil and gas news stories for Tuesday. January twenty first content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash. News. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..

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"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

07:01 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Tuesday January the fourteenth the state of Texas has processing drilling permits at a record pace in a blow to Canadian. Morale and Cana- has finalized. Its plans to rename itself and move to the United States. Norway's Finance Minister says the era of oil and gas production is not about to end and though towel has hired Maersk drilling drill a record setting well offshore West Africa. I up for the second year in a row. Railroad Commission of Texas staff have set a record of taking just two days on average to process standard drilling permits which is one day below the legislative requirement. This efficiency helps foster the growth of energy production statewide during calendar year twenty nineteen the RC process. A total of eleven thousand six hundred fifty four new drilling permits Texas leads the nation oil and gas production with the Permian Basin in West Texas ranking as the top energy producing region. Nationwide in the last twelve months. Texas operators reported one point four three eight billion barrels of oil and almost ten trillion cubic feet of total gas produced additionally the US Geological Survey estimates the Permian Basin contains sixty six billion barrels of oil nearly three hundred trillion cubic feet of natural gas and twenty one billion barrels of natural gas liquids in the Midland Delaware basins obtaining a drilling permit from the commission is one of the first steps. Oil and gas operators must take along with filing an organization report and posting necessary bonds drilling permits indicated for welby vertical or horizontal. The wells proposed location and specific hydrocarbon fields to be produced once approved permits valid for two years. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot COM in Canada and Kenna one investors approval to relocate to the US and change. Its name to inventive. A planet has dented morale. In Canada's beleaguered Energy Industry about ninety percent of security holders voted in favor of the plan and kind of said a statement Tuesday after a special meeting in Calgary. The company produces oil natural gas in both Canada and the United States and Canada can now push ahead with the plan that has added to the gloom surrounding Canada's oil industry which is suffering from a lack of pipeline space. That is weighed on prices and prevented producers from increasing output. The dismal environment has prompted foreign companies to sell more than thirty billion of Canadian Energy Assets. In the past three years losing encana carries an even sharper sting because it was one of Canada's market companies born out of the nation's nineteenth century railway boom and the candidates name was a nod towards the country of origin the company which is moving. Its head office from Calgary to Denver said relocating to the US will allow it access to large ripples. Investment capital including index funds and passively managed accounts montreal-based let coach Bruce own associates and Connah's fourth largest shareholder blasted the planet November saying the move is highly discriminatory because it forces investors holding the shares in Canadian focused funds to sell the stock at a time when the price is relatively weak. The company holds about four percent of encounters shares in Norway Finance Minister Sieve. Jensen says she sees no reason. Why the oil and gas? Her country produces can't be part of a future focused on sustainable energy speaking in an interview on Tuesday. Jensen says it's important focus on emissions but the debate needs to be more nuanced to ensure that more efficient forms of fossil fuel production aren't discontinued the richest. Nordic nation has long argued that it's unrealistic to think that oil will no longer be needed in the future Norway's therefore making the case that it should be the last producer to stop drilling because it's operations of some of the lowest emissions of greenhouse gases indeed Ecuador Neptune drilling announce the award of several new production licenses in the Norwegian continental shelf today to learn more about those specific awards. Please visit world oil dot com slash news. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for the company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today Maersk drilling has been awarded contracts for three well exploration drilling project by totalitarian P for its seventh generation drill ship Maersk Voyager mayors voyager will be employed offshore Angola and Namibia for a campaign which includes the deepest water depth ever drilled off shore. The project includes two wells offshore Angola in blocks thirty two and forty eight plus one. Well Offshore Namibia. The campaign is expected to commence in January twenty twenty with an estimated duration of two hundred and forty days. The total value of the contract is approximately forty six million dollars including a mobilization fee the contracts include two additional one. Well options the well. In Angola's block forty eight will be drilled. A new world record water depth. The three thousand six hundred twenty eight meters. The current will record is three thousand. Four hundred meters set by mercy. Voyager's sister Jill ship venturer when it drilled the Raya one well for Hotel Officer Uruguay in two thousand sixteen to support the campaign in Angola. Namibia Maersk says they will be working with local partners to power successful outcomes and strengthen the development of the local oil and gas industry to the benefit of all parties involved and there you have it in our top oil and gas news stories for Tuesday. January fourteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on today's topic. Please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today stories and sign up for our free Daily News..

United States Cameron Wallace Oil Daily the daily brief Angola Canada Maersk drilling Norway world oil magazine Texas Calgary Jensen Finance Minister Canadian Energy Assets daily review
"cameron wallace" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:10 min | 2 years ago

"cameron wallace" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Monday January the thirteenth. We'll take a look at the influence. Gasoline prices can have on. Us Elections a hedge fund that one big by shorting. Us Shale is bullish on Canada's oil sector and the EU is planning to unveil a climate neutral economy plan for the price tag of more than one trillion euros. I UP DONALD TRUMP's decision to authorize the killing of Iranian general and reignite Middle East tensions underscored US political reality higher gasoline prices continue elections analysts and energy executives say any sustained price increase that sends gasoline above three dollars per gallon. Could Siphon votes from trump November while dampening enthusiasm for twenty twenty democratic campaign promises to ban fracking for oil and gas and limit domestic energy development? The president who's counting on a robust economy to win reelection in November and maintain Republican controlled. The Senate is banking on record shattering surges in domestic oil production to absorb any shocks unleashed by his moves on Iran. But trump's confidence belies. Us refineries continue reliance on heavy grades of crude from the Middle East as well as warnings from oil analysts that renewed tensions or strike on energy infrastructure could still pinch American consumers at the pump. Americans don't pay close attention to foreign policies but they do care about gasoline prices. The fear of gasoline prices spiking will make president trump. Wants to have a more muted military response to this Iranian situation said Dan Eberhardt Republican financier and Chief Executive Drilling Services Company Canary LLC Middle East oil facilities and shipping routes remain a prime target if Iran seeks further retaliation for Casino Sulejmani death in a US drone strike clearview energy partners told clients that trump's conciliatory comments. Wednesday donor raise continuing risk for regional crude oil production and transportation ranging anywhere from hundreds of thousands to millions of barrels per day any attacks designed to disrupt the flow of oil. Could drive up the cost of both crude and gasoline refined from it shaking up. The politics of energy for trump and democratic rivals moves in oil are often followed shortly by shifts in gasoline prices and motorists frequently hold presidents on their politicians in power accountable for the increases years of relatively low gasoline. Prices HAVE BLENDED AMERICAN. Motorists concerns about classic pocketbook issues enabling twenty twenty democratic hopefuls to outlined broad plans for combating climate change and curbing domestic oil development Bernie Sanders Elizabeth. Warren and other presidential candidates have gone even further promising to outlaw hydraulic fracturing that has driven US oil natural gas production to record levels confronting climate. Change has been a priority for Democrats seeking the presidential nomination and so far. There are no signs of candidates have shifted their approach in response to Iran. Us TENSIONS. The issue was popular. Democratic primary voters largely. Because there's very little economic anxiety right now said Benjamin Salisbury a senior policy analyst at height llc a sustained boost prices could upset the dynamic and curb some lawmakers zeal to tackle climate change by putting a tax on carbon dioxide emissions generated by burning oil gas and coal. But it wouldn't happen overnight in the short term climbing Croon. Gasoline costs might just 'cause politicians and voters to dig in Salisbury said. The people who support fossil fuels as an economic driver would say this is why we need more pipelines refining drilling and the people. Who Don't we'll say this is why we need more electric cars. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petro chemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com continuing on the finance side after big wins shorting. Us Shale companies last year one energy hedge fund is turning its sights on the beaten down Canadian oil sector after gaining forty percent last year. Westpac capital management is betting. Canadian firms are better position because they don't need to spend as much as their US counterparts giving them a higher level of free cash flow. Also oilfields in. Canada aren't experiencing the rapid rate of production declines that has plagued companies operating in American shale fields. Canada's energy industry has seen a wave of financial blows in recent years driven by a lack of pipeline availability. That is choked off growth prospects. That's prompted foreign companies to ditch more than thirty billion dollars of assets in the past three years at current oil prices. Canadian oil names are generating gigantic amounts of free cash flows as they aren't spending money to grow their product. They're just spending to maintain it. Says Louis Lemay Chief Executive Officer LONDON-BASED WESTPAC? It's just a little bit. Odd to energy valuations at all time lows when SNP valuations are at all time highs. It's truly unprecedented. He said already. There are signs. The Canadian players have regained their footing. The S. and P. T. S. X. Composite Energy Index which comprises Canadian Energy companies quietly outperformance. Us equivalent in two thousand. Seventeen T. securities maintained an overweight stance on the Canadian Energy Sector while downgrading. Us Exploration and production companies. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today the European Union will unveil an investment plan next week designed to mobilize at least one trillion euros over the next decade for an unprecedented shift to climate neutral economy. The Sustainable Europe investment plan will be the financial pillar of the green deal a sweeping strategy to eliminate greenhouse gases by the middle of the century the European Commission. The blocks executive arm wants to pull together a set of new policy initiatives with existing tools and ensure coherent framework that will spur investment from every corner of the e U The EU budget associated instruments will trigger at least one trillion euros of sustainable investments. The commission said in the due to be adopted on January the fourteenth however more will be needed to master the challenges ahead public finance needs to lead the way but private actors will need to provide the scale with president trump set to pull the world's biggest economy out of the Paris climate accord and China. The world's biggest polluter still building more coal power plants than the rest of the world combined. Europe is looking to seize the initiative and the global campaign to rein in the effects of climate change and betting that it will bring a dividend in terms of jobs and economic growth however the cost of the transition are dizzying reaching the existing targets which include reducing emissions by at least forty percent by twenty thirty from nineteen. Ninety levels will require additional spending of two hundred sixty billion euros annually. According to the commission's estimates investments in sustainability are held back by regulatory uncertainty a fragmented market coordination failures unlimited access to finance the sustainable Europe investment plan aims to increase funding for the transition with the budget devoting at least twenty five percent to climate ensure that financial institutions and private investors have tools to properly identify sustainable investment crowd in additional private funding through leveraging the US budget guarantee and turn the EU investment bank into a climate bank. The US lending arm will double its climate related lending the transition to climate neutrality. Would start this year and involves stricter emissions limits for industries from cars to chemicals revamped energy taxes greener farming new state aid rules for companies and possibly an environmental import tax. Everything from finance to the design of cities would need to become more sustainable. And there you have it. Our top oil and gas news stories for Monday January thirteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free Daily News Life..

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"cameron wallace" Discussed on World Oil's Shale Water Management

World Oil's Shale Water Management

11:26 min | 2 years ago

"cameron wallace" Discussed on World Oil's Shale Water Management

"They're basically farming that out. They're not trying to keep that in house. They're they're hiring some firm. That handles all the water management for them. Is that right so I time I mean like about ten years ago most operated with doing it themselves and then they were talking some of the water to some mom and pop as WBZ's like especially with water is lower quality and most of it was done in house but it was always a little bit of an afterthought then around twenty fourteen fifteen that the media became starting to become very important to a lot of those operators cost started to increase because of volume came up became very important and we started to see some of those on water midstream companies being established and it was still very small operators. We're still doing it themselves. They were investing heavily in spades and they were starting to build their own midstream infrastructure and they were researching on technology. And now what we're seeing is. We're seeing a reversal now. That a lot of the operators are becoming more comfortable with those of Water Midstream. Companies who have become a lot larger. They are starting to outsource all that produced water-management to parties and that is a new trend because a few years ago the only thing that we had heard from different operative. I don't know if that what I've mentioned him. Company is GonNa Survive on Dante and that was a major concern opposes operators but I think those companies have grown sufficiently big operated the number comfortable all right quite a reversal. Actually because you have those companies were concerned about the water providers being around to to service them. Now they're using this opportunity to to sell those assets to them to raise funds to carry out their own operations right especially now with the constraints on on you know having to work within capital and stuff. So that's that's a good way for them to raise money and outsource and also you know if things change or new technology comes along. They don't have to worry about that. Oh I just invested millions of millions of dollars in this. You Know Bruce Water Recycling. Now there's a new thing that's not on them anymore so I think it's a good trend for them but now now really to the really good stuff. This is the exciting stuff that they do. Wood Mackenzie is. They know about all the deals. And what's going on because Evan was saying that there's a lot of consolidation right. You're seeing you know deals coming in and venture capital coming in from the outside so tell it. Tell us about some of the hot deals now. This is our first one. Our first episode. So you know I don't know go back as far as you think is is important but I mean it's happening all the time. These deals right. Yemen. Tia's why don't I walk through the the general trend that we've seen in deals and then if you think one's interesting hopping and talk about it so I think in the last twenty four months? We've we've seen thirty plus deals and a lot of these are are happening in the Permian because of the amount of produced water. That's coming out of the ground. That's that's really where a lot of the investment capital and the consolidation is taking place and deals have started to pick up in the in the last three months in so h two o midstream purchased Water assets follows any MP so in this case. They sold their water infrastructure. And T P G. Who's one of the world's largest private equity firms invested in good night about six months ago and that deal recently fell through so we can get more into why that was the case and just a few weeks ago? Ngo Energy Partners Bought Hill Stone. That was out in the Delaware and just this week at the conference. Jim and I are at we We heard from owl. Who's a water midstream? Company out in the Permian that they just got a new investment from a Canadian Infrastructure Fund. Wow so you think about the differences all the different in these deals. And there's a there's a lot of moving parts. Yeah it's it's amazing but the most amazing thing to me is that you know while investors seemed to be running away from oil and gas right when you're talking about like mutual funds. You know big money. Because they're getting pushback from their investors and stuff about we want you investing that dirty business water seems to be the exception of that right because everybody's that's green thing because we're trying to recycle it or we're trying to figure better ways to use it. I think that definitely any as cheapest bacteria in the sense that it makes to make a lot of sense to dot managing those resources carefully and therefore that is something that is open for infrastructure funds especially for example European funds that are a lot more green constraint or mm-hmm conduct greed and conscious thinking about and therefore especially when you're talking about recycling managing water. That is something that resonates another was those funds. Yeah I think I think the deals that have gotten the most attention in the market was the Was was what's been going on with good night. So maybe you wanted to talk about the TV deal and then more recently tail waters recapitalization and then after that you can talk about millstone and N. G. L. to. We're just getting so many questions about these deals. Yes so what we have seen is that the deal is what we need to see. What the trend in the market has been. I mean when we going back like Evan was mentioning seen a lot of deals over the last two years but at the beginning it was like two years ago it was still a lot of small deals. Small little private deals like Mo investments and not not very significant. And we're seeing now that a lot of the deals that becoming larger and has to do with that at the beginning if you're thinking about what a midstream. We had a little bit the kid a few years ago now in but teenage years and the whole industries county maturing meaning that the deal that getting bigger and that that also renewal of the type of investors that it needed we had a lot of smaller investors like that. You know a lot of those water companies. Were trying to get money from whoever they could get money from. And now we're seeing a lot of like a bigger investments so we discussed example T. PG looking into space. 'cause we also see for example. Asian Fund with ged investing in water bridge an estimate. So we're seeing a lot of Asian money infrastructure funds and very large private equity entering the market. And then we also have those even public company that are starting to look into the into space and a good example of data. Ngo Buying Mesquite like several months ago and now known as well and we know from our discussions that we're seeing a lot more strategic to meetings or the midstream companies looking at the space. That a lot of them have been waiting for those multiples to come down. And I think that was also one of the issues that repower g and the good nice deal had like a very high elevation so Ten almost eleven times a multiple. Meaning you have to wait eleven times to pay you a bit up. That was a nine hundred thirty million dollars deal and that was extremely expensive. And of course some of the you're not realized in-depth for the deal fell through and not one of the. Hey I've got a question. I got a question for you on the on the N. G. L. Dill. Why was why was that? A goodbye for hill stone. Wh- excuse me. I said that backward why was hill stone? Goodbye for N. G. L. N. G. L. that was a strategic acquisition. I The valuation became a lot more reasonable. They spend six million dollars at seven eggs multiple which we which is more in line with what we're seeing in the regular midstream industry like All in gas midstream. It becomes a little bit more at the end when he looking at where how what. Ngo actually thought in. If you're looking at the announcement day bought two different. They bought the long term contracts. That helps done was able to get find the last couple years. Additionally have also a great company that a great management team as well so it is like combinations of long term contracts and over one hundred and ten thousand acres under contract it out down some right of way as well and of course the Great Asset Management Team and therefore they can easily integrate it with mosquitoes and and yelled existing infrastructure Yeah I think I think the newest the newest announcement that's come out of the space is that owl isn't GonNa get sold to another water midstream company but rather they're just switching from one private equity sponsor to another and if you would add asked Evan for crystal ball. A few months ago I would have said they're probably going to sell their assets. Outright and their management team is GonNa go to the golf course overseen here is that just like what? Matiz was saying about it. It's not your traditional finance years of of lower forty-eight energy assets you've had the Europeans show interest and now you have a Canadian infrastructure fund coming in sinking a few hundred million dollars into a water company out in West Texas. It's fascinating stuff. Yeah now that that's crazy. And you know so good to have you guys on because I mean you guys have a vast amount of knowledge for listening world. All is really a technology magazine for for the upstream and so the deals part of it and the financing part of it. We don't really get into that so for me. It's fascinating I mean. What about for you camera do you? You're the one who puts all the digital stuff online. And do you see any I mean? Do we ever post anything about the finance end of it. Well we do cover. These deals in the new section of the website. So we do try to keep up with it but to your point it is instructive for me. I think for a lot of people to get to hear the totality of what's happening here and not just these little piecemeal. Here's something one company has done to get to look at the macro for the industry and for me. I deal with the tech companies a lot because yeah I mean. That's that's where I see it so for me. Having that having that you know ten thousand foot view really really helps. It puts everything into perspective. And and you can see it and you know on on future episodes. We're GONNA have you guys back. You can tell us about about the deals that are that that happened since the last month. So let's be every month you tell us about the deals in the last month and we can talk more in depth on some of the other trends. You guys are seeing so evan impetus. I really really appreciate you guys being on the show and we look forward to having you back absolutely. This is GonNa be a lot of fun and there's one other thing I forgot as an extra added bonus you will find in the show notes link to a pdf of that produced water tree that we were talking about. So if you're interested in it just look in the show notes click on that and you can get that free from McKenzie you guys. Don't waste our free offer only for you. Jim Alright. Alright guys thanks a lot. We'll talk to you next and this is Cameron Wallace. I'd like to thank our other sponsor. The Produced Water Society. The mission of the produced water society is to improve produced water management to the benefit of the environment and the.

Evan Produced Water Society Canadian Infrastructure Fund Jim WBZ Ngo Energy Partners Yemen golf Ngo Buying Mesquite Wood Mackenzie Asian Fund Tia Delaware Cameron Wallace T. PG Mo repower N. G. L.
"cameron wallace" Discussed on World Oil's Shale Water Management

World Oil's Shale Water Management

12:21 min | 2 years ago

"cameron wallace" Discussed on World Oil's Shale Water Management

"I'm here today with my co-host Cameron Wallace afternoon APP. He's the digital editor at world oil. So he's a he's an important cog in the wheel that is world right. That's right and one of the fastest spinning cogs in the wheels world. Oil You go exactly and also we have with us today from Wood. Mackenzie Evan Tika. And Matijas Blue Nagin. And so we're here to talk today about shale water management. That's what this podcast is about. She'll water-management one hundred percent and I don't know we'll just take a camera would take a couple of minutes here and explain. Why why there's no podcast on water management out there? But this is in my estimation one of the hottest places in oil and gas markets these days. There's a lot of money in there. It's a big problem. Need Solutions Right. Yeah it really feels like. This is a part of the business to where we re raced forward with drilling and completion technology. And now we need to decide. What is that next? Step going to be going to advance forward again or is this a place where we have to take a pause and some of the momentum falls out so this is a really important topic absolutely and evident Matijas. They are the water experts over Wood Mackenzie and so they got well Cameron. I can talk in generalities. They can talk in in specifics. So let's get evident. Empathy is on here Evan. Good to see again now. Yeah thanks for having us. Jim's is a great opportunity. And you know we're we're also super excited about the space and I wholeheartedly agree with you guys that it's moving in a million miles an hour and you know it's important to get it right definitely so so. What do you do officially over there? Which are what your title. So I'm a part of our management consulting group and so we do. The spoke engagements shorter stint projects. And most of the work. I've been doing over the last eighteen to twenty four months. Have been in the produced water space and with a particular focus with working with a bunch of our financial partners on any kind of acquisitions that they're looking at and you know certainly telling a story from the macro view why we think this is an attractive space and who who are the players that are really moving the needle in the water space awesome. So Matias what is it you do over? There wouldn't Mackenzie. Hi Jim. Yeah I'M A director in the auction consulting team and I have been leading the water practiced at With my CABELA's couple years we really started working for the different operators and then has mentioned we worked a lot for financial st- private equity and infrastructure funds helping them acquire water Mitchum companies. You so you guys are a team then you and as we all right all right. Yeah we are. We are known as Aquaman number one and number two off. That's awesome and so yeah in the intro where it was just talking about how important it is here. You know how. Why do a podcast on Shell water-management? Maybe you guys can can throw some numbers some numbers about produce water and stuff around. Yes I think from a macro perspective when we started to identify water as a growth market. A lot of it started with getting familiar with the premise. That for every barrel of oil that comes out of the ground you get two three five sometimes ten times as much water coming out of the wellhead so when I talk to people they. They're kind of surprised when I tell them you know we're we're really in the in the water business you know oil. Oil is aside hydrocarbon. That comes out. I mean what are you? What are you going to do with all this water? Because it's it's not a commodity it's very much a waste product that you have to deal with right. Mit as we're does that water come from for people. Why why is there such a big? This called the water cuts right the ratio of oil to water. That comes out I mean. Is that from water that we pump down to fractured Iraq's or is that already down in the formation. So it's both so I you're GonNa get a big on what we industry call slow back. Some of the amount of water was punching cracking than is gonNA come back but then you also have a lot of water. Homefront we call formation water also coming back and the big difference between Shell and conventional is in conventional oil and gas usually dug water. That is coming back is usually we pumped back in the same formation to keep the reservoir pressure buzz you in a shell unfortunately because of his because their formation is so tight it is not possible to pump that water back way came and that's why we have such a big water problem. Yeah and it is a. It is a huge problem. Now you guys you know like you were talking about you. Guys do a lot of consulting you know for for people. You know sovereign wealth funds. Everybody right trying to come into the space and so You guys put together a really good report that I've seen and one of the charts in there is very interesting. It's kind of a decision tree or a tree for the different paths of produced water. Can you run us through that real quick? So she got produce water coming out. What are the first two things you gotta do with a one? You could use to things that you can do. The first one is disposing. It and gather option is recycling so if we go the disposing route the first and most common one is to be injected in at WTI saltwater disposal. Well that is the most common. That's what has been done for a long time. Those are the usually critical. Well that checking water in different formations another option to inject the water is to use that. Whatever for whatever in cortex meaning moving water transporting not wanted to conventional basins like the central basin touch long and using that Produced water from Michelle to use it to reinject into the ground for for maintaining the water pressure. Maintaining the reservoir pressure boss that is still under development but a lot of people are starting to think about other opportunities that we have for disposing of the water. Evaporation so unfortunately ponds and empowerment like Ben. Basically building a little lake in waiting for the water to vibrate has not been economic. It works and it's been used across the forty eight in other states but be peration rate is quite slow and therefore it costs a lot of money to build those on's and definitely not economic the other options. Is that what we call an operation and basically here? We're talking about boiling the water in. That could be just a little bit on the top and then using the rest of the water to injecting enlisted weeds. It could be also evaporating. How about half the water to get it to a slurry? Get something they very concentrated or even evaporating all the water and being left wherever solid residue. There's also a different disposal option available or being under development under recycling side. We have what we call views which is aching produce water for fracking operations and that is currently done. Two different ways. One is to just mix the produced water with freshwater to have a nice calm consistent quality of water for fracking operations and That is a very common. But you don't get rid of all that water and you still have to use freshwater. Being adopted very fast lately is also like be thinking that water to a Brian Quality. We shouldn't forget that produced water is when we talk about what it's a very salty water that comes up with salt a which has a lot of the solids lot of iron these a lot of particles in it and it needs to be cleaned. And so it's being cleaned all the way back to Brian. Quality so a very salty water only one company in the forty eight has been recycling water and removing all the salt and India. Build a plant in West Virginia. But that option seems to be very uneconomic even shut in plant a few weeks ago to be wait and we cannot accept that. Yeah because that diesel stuff right. I mean that's like diesel like taking ocean water making drinking water right. That's that's really expensive process. Yeah it is benefiting here. We shouldn't forget that we're not talking about salt. Not Talking about seawater. Were talking a water that is like sometimes four to six times more salty. See what some of the technologies don't work and it created a lot of different operational issues and shout out to the team at Viola. I'd really nice conversation with them earlier this week at the shale water expo which. Jim saw you there long shaking hands and our friends of Yulia told us that they're looking to get to around the the two fifty two to three dollars a barrel. They think that if producer or to pay that that's something that they could build out on a on a larger scale potentially in the Permian data. That's crazy because there's so much more expensive than than recycling or any other US right. I mean they're talking. Like sub fifty cents a barrel for recycling and when someone says. Oh No. It's three dollars to to make it in a good water. That's that's still but you know everybody wants to be seen as green these days right. So maybe they'll be people take it up. Yeah and then. Also what what? There's some other weird uses right. You got for recycling so you can do all that stuff you can make it same but in your charge you have other uses right like agricultural stuff but that is what everyone is dreaming about it especially I mean basin. We're very dry area so everyone wishes they could actually use some recycling technology so that they could be used that water either jumping into a river. The river for example or use it for agriculture is a London calling a lot of almonds for example in south eastern Mexico while using even for potable water water systems for example the city of Midland's getting water up to one hundred miles radius and so it could be for example and that's something that everyone is striving to but unfortunately hasn't been economic. Yeah that's always the problem when you get it clean enough for those types of uses. You're pretty far down the road in the expense and that's one of the things on this podcast ruining explore all those areas in more detail. Not only in in the trends. And what's going on which you guys are experts at? But we'll talk to the technology experts as well and that'll be the second segment of each podcast. So we'll start. We'll talk about you. Know THE TRENDS. And what's going on in the deals that are happening because he's guys with. Mckinsey they know all the deals and then in the second half will talk to technology leaders so yeah let's get to the meat man. What are what are the big trends? What are the big trends? You guys would. Mackenzie see in. Not Not only just on the produce waterside but also on the just just water in general. Yeah so I think one of the reasons that we're really really excited about the space that right. Now we've seen all this great technology and all these great minds come into the industry of a bunch of venture capital funded water midstream players coming in a bunch of you. Know very very small. Water technologies with some cool patents under their belt and from from consolidation perspective. At just like we've seen in the gas gathering and we're seeing right now in the EMP. Space that the need for scale is something that that operators really want. And they're and they're they're willing to value it and so we're seeing a huge offloading of water assets from the MP's themselves so whether that salt water disposal wells or empowerment or water gathering lines and also seeing some of the water midstream. Companies merged that they can build their scale for their pipelines and disposal. And we're also seeing seeing some some acquisitions between technology companies take an x Ri Blue in Fountain Quail for example. Well here's a question then in that in that space so you're seeing the EMP companies themselves..

Mackenzie Evan Tika Jim Cameron Wallace Matijas Blue Nagin EMP Brian Quality editor management consulting group Wood Mackenzie Iraq Matijas West Virginia CABELA Michelle Matias US India director
"cameron wallace" Discussed on Newsradio 700 WLW

Newsradio 700 WLW

01:46 min | 3 years ago

"cameron wallace" Discussed on Newsradio 700 WLW

"Under arrest. And facing an aggravated menacing charge. Police ain't Cameron Wallace tech some of his fraternity brothers last week saying he wanted another brother dead by burning the man's room down. Also Wallace claims to have the hitlist police continue their investigation charges will not be filed against to Indiana police officers after they shot and killed a man armed with a gun earlier. This year Dearborn county sheriff's deputy Brian wiggle in Indiana state. Police trooper Jordan Craig were responding to a domestic dispute call back in January, Christopher Schnitt. The male involved exits the home, he has a long gun. He lowers the gun at trooper Craig at that time, Craig shoots and Weigel shoots. Schmidt later died from his injuries special prosecuting attorney. Rick hurdle says that the two officers acted appropriately. And using deadly force taking their lives were endanger, Ricky chino, NewsRadio seven hundred wwl w here's a reds update with hall of fame broadcaster mardi. Brennaman while the second time in three nights red hit a home run of the night of tie game to win it on Monday night. It was Jesse Winker who homered to give the reds a one run win last night. It was Jose Iglesias with two outs in the top of the night. Homering off the same band Edwin d as a blow to left field. They give the reds a one nothing lead. And that's the way it ended up. The pitching was brilliant all night long. Jacob degrom which seven for the Mets. Anthony diesel thought he turned and five and two thirds for the red legs all zeros on the board. And the bullpens were good except for the mistake. The Diaz made that gave a glaze ceus a home run and gave the reds a one to nothing win. Thanks lot Marty. Your next update will be at eleven o'clock. Rob carpenter News Radio seven hundred wwl w.

trooper Craig Christopher Schnitt Cameron Wallace Indiana Rick hurdle Dearborn county Jacob degrom Ricky chino hitlist Brian wiggle Jose Iglesias Rob carpenter Jesse Winker Mets Diaz Marty Schmidt Edwin d mardi Anthony diesel