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All the latest in Oil, Gas, Commodity news and analysis

The Biggest Problem Behind The U.S. Shale Boom
by Nick Cunningham
17 Feb 2019 at 2:00pm
U.S. shale production is expected to continue to soar well into the 2020s. And that is a major problem. Over the past decade, U.S. oil production has more than doubled, surging from 5 million barrels per day (mb/d) to close to 12 mb/d today. Natural gas also rose significantly, rising from 21 trillion cubic feet per year (Tcf/y) in 2008 to 29 Tcf/y in 2017. Natural gas has been likened to a ?bridge fuel,? allowing the U.S. to lower greenhouse gas emissions (GHG) while it transitions to cleaner energy. Cheap shale gas has killed off?

Egypt Is Shaping Up To Become A Real Energy Hub
by Cyril Widdershoven
17 Feb 2019 at 12:00pm
Egypt?s oil and gas future looks very bright. The large scale concessions awarded during the EGYPS2019 conference in Cairo, 11-13 February, shows the appetite of IOCs, such as Shell, BP and ENI in this emerging energy hotspot. After years of a major slump, partly due to continuing payment and security issues, the Pharaohs are again back in the top league. Continuing concerns about security in Egypt?s Western Desert or the Sinai no longer seem to be a breaking point for investors. At the second day of EGYPS2019 the announcement of five?

Oil Company Growth Strategies Are ?Value-Destroying?
by Nick Cunningham
17 Feb 2019 at 10:00am
Oil and gas companies that have pursued production or reserve growth have underperformed companies that have instead focused on shareholder returns, even if that meant slower growth. More to the point, companies that have executive compensation tied to these growth metrics have also fared worse. ?Most oil and gas companies incentivise their management to pursue growth, rather than focus solely on shareholder returns,? Andrew Grant, a senior analyst at Carbon Tracker, wrote in a new report. Carbon Tracker argues that these incentive?

The Net-Zero Energy Housing Boom Is Starting Here
by Tsvetana Paraskova
17 Feb 2019 at 8:00am
California, which has ambitious targets to cut its carbon footprint and boost renewable energy use, is a U.S. leader in the construction of zero net energy buildings?homes that produce as much renewable energy as they consume each year. As per new state legislation adopted in December 2018, all new homes in California of up to three stories, with the exception of those in shade or with roofs too thin to hold solar panels, must have solar panels installed, beginning in 2020. This new requirement could help propel the number of zero net energy?

How Long Will This Oil Rally Last?
by Jim Hyerczyk
16 Feb 2019 at 4:00pm
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and for the week for a number of reasons, mostly affecting the supply side. The markets are being supported primarily by deeper-than-expected OPEC-led production cuts and the impact of U.S.-led sanctions on Venezuelan oil exports. Despite these moves, on a macro level, the global oil market remains well-supplied. Additionally, gains are being limited by weakening global demand. Production Cuts Supportive On the supply side, Saudi Arabia,?

Are Saudi Arabia?s Renewable Ambitions Realistic?
by Vanand Meliksetian
16 Feb 2019 at 2:00pm
The Arabian Peninsula has, for most of its existence, not been of significant strategic value. The region is mostly dry and, until recently, didn?t produce much the world needed. Saudi Arabia, however, has become a regional power centre due to custodianship of Islam?s two holiest sites and due to its pivotal role in the global oil market. Now, Riyadh is also planning to become a renewable energy powerhouse. The oil kingdom has an incredibly high number of sunny days, with only 45 cloudy days each year. It also has significant potential?

Is This The Tipping Point For Electric Vehicles?
by OilPrice.com
16 Feb 2019 at 12:00pm
A new report by McKinsey forecasts a rapid switch from gas guzzlers to electric vehicles on the world's roads will be boosted by the plummeting costs of owning a battery powered vehicle. The consulting firm's 2019 Global Energy Perspective report foresees a two-thirds drop in the cost of EV battery packs by 2030. The tipping point at which EVs will be cheaper to own than internal combustion engine-powered vehicles is forecast to be reached in the early 2020s: The timing of total cost of ownership (TCO) parity in the U.S. and China is?

Try And Try Again: Philippines Resurrects LNG Ambitions
by Tim Daiss
16 Feb 2019 at 10:00am
On Thursday, news broke (again) that the Philippines is trying to build its first operational liquefied natural gas (LNG) project. Manila-based Phoenix Petroleum said it was in talks with state-owned Philippine National Oil Company (PNOC) for a ?strategic alliance? on its proposed $2 billion LNG hub. Phoenix said in a statement that a Memorandum of Understanding (MoU) could be signed with PNOC in the coming weeks. The company added that the alliance with PNOC could involve pipeline infrastructure, PNOC?s share of Malampaya gas,?

Researchers Scramble To Find Better Biofuel Alternatives
by Haley Zaremba
16 Feb 2019 at 8:00am
With the aid of high profile political and media events like the Paris Agreement and the United Nations Climate Change Summit, greenhouse gas emissions and global warming have become one of the hottest topics and most urgent international crises of this century. Around the world, researchers and scientists are rushing to find realistic solutions to our oil addiction and overwhelming, unsustainable dependence on traditional, fossil-fuel based energy. One of the most likely candidates for replacing our gas-guzzlers with more eco-friendly forms of?

Mexico To Support Indebted State Oil Firm Pemex With $3.6B
by Tsvetana Paraskova
15 Feb 2019 at 4:00pm
Mexico will support Pemex by injecting US$3.6 billion into the debt-laden state-held oil firm, including by refinancing debt and cutting taxes, Mexican officials said on Friday. The Mexican government, however, will not take on new debt for Pemex, Reuters quoted officials as saying at a regular press conference. The Mexican state oil firm has a total of US$106 billion in financial debt. If Pemex needs more capital injection, the government will provide it, according to Finance Minister Carlos Urzua. Mexico?s left-wing President Andrés?

China Plans To Build Space Solar Station
by Tsvetana Paraskova
15 Feb 2019 at 3:00pm
Chinese scientists have revealed plans to build and launch in orbit a space solar station that could capture the Sun?s rays 24/7, Chinese media report. China has already started to build an early experimental space power plant in the city of Chongqing, The Sydney Morning Herald reported, citing an article in China?s Science and Technology Daily. The space solar station, planned to orbit the Earth at 36,000 kilometers (22,370 miles) could provide ?an inexhaustible source of clean energy for humans,? according to Pang Zhihao,?

Trader Trafigura To Stop Oil Business With Venezuela
by Tsvetana Paraskova
15 Feb 2019 at 2:00pm
Due to the U.S. sanctions on Venezuela?s oil industry and state firm PDVSA, one of the world?s largest commodity traders, Trafigura, has decided to halt its oil trade with Venezuela, Reuters reported on Friday, quoting a source with direct knowledge of the plans. Trafigura walking out of oil trading with Venezuela would be a harsh blow to PDVSA, which has been working with Trafigura and other trading houses to sell crude oil and to import refined oil products. In 2018, Trafigura directly lifted 34,000 bpd of crude oil and products from?

A Big Week For Oil Bulls
by Tom Kool
15 Feb 2019 at 12:00pm
Oil prices headed higher on Friday for the fifth day in a row as fears related to U.S.-China trade talks subsided and production cuts continued to make headlines. Friday, February 15th, 2019 (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Oil posted sizable gains this week, with ongoing outages in Venezuela tightening the market. Also, one of the largest bearish factors for oil ? the U.S.-China trade war ? showed some signs of easing.?

Russia?s Lukoil Halts Oil Swaps In Venezuela After U.S. Sanctions
by Tsvetana Paraskova
15 Feb 2019 at 12:00pm
Litasco, the international trading arm of Russia?s second-biggest oil producer Lukoil, stopped its oil swaps deals with Venezuela immediately after the U.S. imposed sanctions on Venezuela?s oil industry and state oil firm PDVSA, Lukoil?s chief executive Vagit Alekperov said at an investment forum in Russia. Russia, which stands by Nicolas Maduro in the ongoing Venezuelan political crisis, has vowed to defend its interests in Venezuela?including oil interests?within the international law using ?all mechanisms?

US Drillers See Modest Rise In Oil Rigs As Prices Hold
by Julianne Geiger
15 Feb 2019 at 10:15am
Baker Hughes reported an increase in the number of active oil and gas rigs in the United States this week. The total number of active oil and gas drilling rigs rose by 2 rigs, according to the report, with the number of active oil rigs increasing by 3 to reach 857 and the number of gas rigs decreasing by 1 to reach 194. The oil and gas rig count is now 76 up from this time last year, 59 of which is in oil rigs. While the overall rig count is up for the week, the Permian basin saw the largest drop in rigs this week, losing 5 rigs. Oil prices were?

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