The US shale revolution has surrendered to reality nationofchange.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationofchange.org Daily Mail and Mail on Sunday newspapers.
Yves here. We picked up on the observation of the Financial Times’ John Dizard many years ago: that the shale industry would continue to engage in fundamentally unprofitable drilling as long as operators could borrow money, and that would continue for quite a while. The day of reckoning has finally arrived.
By Justin Mikulka, a freelance investigative journalist with a degree in Civil and Environmental Engineering from Cornell University. Originally published at DeSmog Blog
“Drill, baby, drill is gone forever.”
That was the recent assessment of Saudi Prince Abdulaziz bin Salman of the American oil industry’s future potential. As Saudi Arabia’s energy minister, Prince Abdulaziz is one of the most influential voices in the global oil markets. Fortune termed it a “bold taunt,” and a warning to U.S. frackers to not increase oil production.
Brace For Shock At The Pump: WTI Surges Above $75 As OPEC+ Raises Output Less Than Expected zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
16 April 2021 (Last Updated April 16th, 2021 15:38)
Offshore Technology lists the top five terms tweeted by Oil & Gas Influencers in Q1 2021, based on data from GlobalData’s Influencer Platform.
Credit: Bannafarsai Stock, Shutterstock.com.
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The top tweeted terms are the trending industry discussions happening on Twitter by key individuals (influencers) as tracked by the platform.
1. Covid-19 – 767 mentions
The impact of Covid-19 pandemic on Exxon Mobil’s oil and gas (O&G) reserves, global oil prices surge amid easing of lockdowns and concerns about fuel demand amid global lockdowns were some popular topics discussed in Q1. According to an article shared by Ron Bousso, an energy reporter at Reuters, US-based oil and gas company Exxon Mobil’s O&G reserves declined by one-third in 2020 due to the adverse effect of the Covid-19 pandemic on the global oil prices and demand.
Energy companies are increasingly having to face the unprofitable reality of fracking, and some executives are now starting to admit that publicly. But the question is whether the industry will listen or continue to gamble with shale gas and oil. In February, Equinor CEO Anders Opedal had a brutally honest assessment of the Norwegian energy company’s foray into U.S. shale.