IHS CERA Week 2018’s day two and three whizzed by with plenty of more talking points, some predictable, and well some not so predictable, with the oil price seesawing in the backdrop.
Both benchmarks spent much of Monday and Tuesday on the up, and all of Wednesday and Thursday shedding those gains, with speaker after speaker suggesting US shale and the country's oil and gas exports were not a fad.
Among them was US President Donald Trump's emissary – Energy Secretary Rick Perry – who emphatically declared on Wednesday that American producers were now allies of energy deficient nations craving energy security.
Here’s the Oilholic’s report for Forbes with Perry’s...er...Trumped up soundbites. That said the US Energy Secretary is right – even the most pessimistic of shale decline rate forecasts suggest elevated oil and gas production volumes are here to say for at least another 10 years.
"The U.S. has now become a net natural gas exporter. Our producers export liquefied natural gas (LNG) to 27 nations on five continents. In the coming years, you can expect more of the same," Perry reminded CERA Week delegates and you can expect more of the same.
On a related note, here’s the Oilholic’s Forbes research into what incremental volumes of US LNG exports mean for the market, and the profound changes new players on the scene are bringing about. It has the thoughts of experts from Baker McKenzie, S&P Global Platts, KPMG, IHS Markit and ABB.
Switching tack to some interesting soundbites over the last couple of days, Qatar's Oil Minister Mohammed Al-Sada said both oil producers and consumers were losing due to oil price volatility either side of the price slump in 2014. "Neither very high nor very low prices are good for global GDP. So OPEC had to intervene responsibly," he said of the ongoing OPEC and non-OPEC oil production cuts.
Bob Dudley, CEO of oil giant BP, admitted: "Our downstream business effectively funds the billions of dollars we pay in dividends."
Additionally, he noted that the UK oil & gas industry was going through "a renaissance; after remarkable, painful restructuring in the North Sea was behind it."
Additionally, he noted that the UK oil & gas industry was going through "a renaissance; after remarkable, painful restructuring in the North Sea was behind it."
Dudley, also reiterated his stance from IPWeek a fortnight ago that his company and the rest of the energy industry is in a race to lower carbon emissions, not a race to lower emissions.
Elsewhere, here's the Oilholic's Forbes interview with BP's Chief Scientist Dame Angela Strank on the crucial topic of gender diversity in the oil and gas business, and the vital need for the industry to continue to promote and emphasise the importance of STEM career pathways.
And before one takes your leave, here's a glimpse of a Formula E car (above right) on display at the CERA Week tech floor. Pretty slick, bring on the electric car revolution! That's all for the moment from Houston folks! Keep reading, keep it 'crude'!
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To email: gaurav.sharma@oilholicssynonymous.com
© Gaurav Sharma 2018. Photo 1: US energy secretary Rick Perry at an IHS CERA Week 2018 press briefing. Photo 2: Formula E car on display at CERA Week's technology floor, Houston, Texas, USA. © Gaurav Sharma 2018.
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