Media missives from ADIPEC 2024

With ADIPEC 2024 drawing to a close on November 7, the Oilholic capped a fascinating and engaging week out in Abu Dhabi by hosting four pivotal industry panel sessions at the event on subjects ranging from climate finance to hydrogen markets in Asia.

Yours truly also hit the airwaves to discuss the wider energy market, impact of the US elections, an incoming Donald Trump administration and the various developments at ADIPEC 2024 which attracted over 200,000 people this year. 

These included broadcasting calls with the BBC, WION, Energy Connects and more, with this blogger's week also peppered with plenty of missives via the keyboard for Forbes, and of course this blog.

All blog entries for each ADIPEC may be found here. And here are selected Forbes copies in chronological order based on soundbites and insight from the event. 

• ADNOC Boss Urges Energy Peers To Fully Embrace Power Of AI, November 4, 2024
• Donald Trump’s Presidency Will Likely Boost U.S. Oil Output In 2025, November 6, 2024
• Strait Of Hormuz: Why Iran Wont Harm Critical Oil Shipping Route, November 7, 2024
• British Energy Majors May Lean More On Oil And Gas To Boost Profits, November 8, 2024
• New U.K. Tax Rates Are Hammering North Sea Oil And Gas Drilling, November 12, 2024

That's a wrap for this year's ADIPEC. Keep reading, keep it here, keep it 'crude'! 

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© Gaurav Sharma 2024. Photo: Gaurav Sharma at ADIPEC 2024 studio in Abu Dhabi, UAE on November 4, 2024 © dmgevents /APCO Worldwide. 

ADIPEC Days III & IV: Connecting minds. Transforming Energy

Over the course of Wednesday and Thursday - days III & IV - of ADIPEC 2024 that put us on the home stretch towards the conclusion of global event, conversations turned to a collaborative transformation of the energy mix. 

It was acknowledged that a blend of human ingenuity, finance and technology, with conducive inter-governmental policies would go a long way. 

Hence, event participants got to grips with how to make it happen along with flagging some tangible examples of successful private investments, public-private partnerships and international collaboration. 

Familiar industry subjects were also under the microscope on both days - including but not limited to - stepping up efforts on achieving global carbon neutrality, crucial role of natural gas in a future energy mix, infrastructure for alternative fuels for transportation at ports and airports, tackling methane emissions, and emerging hydrogen energy solutions. 

Speaking of hydrogen, yours truly hosted a panel on Day III titled 'Asia's role in defining the hydrogen market' with panellists - The Right Honourable Abang Johari Tun Openg, Premier of Sarawak, Malaysia, Hiroshi Matsuda, Chief Regional Officer, EMEA, Mitsubishi Heavy Industries, Koji Yamamoto, SVP, JOGMEC, Shoichi Kaganoi, SVP, Hydrogen & CCUS Development, INPEX and Karine Boissy-Rousseau, VP Green Gases, TotalEnergies.

We discussed how Asian countries are positioning themselves within the global hydrogen economy, focusing on their advances in production technologies and infrastructure, and the geopolitical implications of their evolving roles as both importers and exporters in the hydrogen market.

Afterall, as Asian nations start to configure their hydrogen markets, the region provides a compelling case for the development of new technologies to produce lower cost hydrogen, as well as investments in a rapid expansion of enabling infrastructure for international hydrogen trade.

And the Oilholic brought his ADIPEC 2024 engagements to a close with a panel on the 'strategic role of NGOs in unlocking energy investment for emerging economies' on the final day of the event.  

Eminent panellists for this session included Maha Attia, Head of the Strategic Planning Committee and Assistant Vice-Chairman for Foreign Trade at the Egyptian Natural Gas Holding Company (EGAS), Madadh MacLaine, Secretary General, Zero Emissions Ship Technology Association, Huda Al Houqani, Director, Abu Dhabi Sustainability Group (ADSG) and Michel Abi Saab, General Manager, Emerge.

We discussed how non-governmental organisations (NGOs) are fostering energy sector growth in developing countries by overcoming regulatory and infrastructural barriers, and how strategic collaboration with NGOs can unlock significant investment potential in emerging markets.

By collaborating with governments and industry, NGOs help to refine policies and showcase scalable clean energy projects, making emerging markets more attractive to energy companies and financial institutions. These strategic partnerships not only advance sustainable development but also enable organisations to navigate complex regulations, secure funding, and confidently enter high-growth markets.

Finally, global events like ADIPEC cannot of operate in isolation from international developments, none bigger than the 2024 US presidential election that saw Donald Trump reelected. News of the return of Trump reverberated midway through the week-long event. 

Goes without saying, his presidency will likely have a profound impact on global energy markets, as summed up by yours truly in a Forbes piece. And on that note its time to bid goodbye to Abu Dhabi folks, until next year. So keep reading, keep it here, keep it 'crude'! 

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© Gaurav Sharma 2024. Photo I: Energy AI exhibition at ADIPEC 2024. Photo II: Gaurav Sharma hosting a panel on hydrogen markets in Asia at ADIPEC 2024 on 06.11.24. (Courtesy: dmgevents) Photo III: Gaurav Sharma hosting a panel on the strategic role of NGOs in unlocking energy investment for emerging economies at ADIPEC 2024 on 07.11.24. (Courtesy: dmgevents)

ADIPEC Days I & II: All about 'Energy^AI'

The first two days of ADIPEC 2024 in Abu Dhabi have whizzed by with one theme dominating proceedings - the deployment of AI as a service. 

In whichever direction you look around the venue - ADNEC Centre - you can't miss signage flagging it. 

At the opening ceremony on Monday, ADNOC's CEO and the UAE's Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber said the state-operated energy company will deploy autonomous AI for the very first time and called on his peers to embrace it too for the benefit of the wider energy industry.

ADNOC's move - dubbed Energy^AI or 'energy to the power of AI' will be in partnership with government-backed G42, AiQ and Microsoft. Here's The Oilholic's full report for Forbes on Al Jaber's remarks and ADNOC's wider plans. ADIPEC itself has allocated 40,000 square feet of exhibition space showcasing AI, quantum computing and the latest in robotics. 

Technology driven energy transition efforts were variously revisited throughout the day, just as many big oil CEOs including BP's Murray Auchincloss and Shell's Wael Sawn highlighted market and geopolitical complexities they are operationally anxious about as well as a return to the basics of traditional oil and gas exploration and production to firm up their bottomline. 

Monday also saw several ministers speak at ADIPEC including the UAE's energy Suhail Al Mazroui and India's minister for petroleum and natural gas Hardeep Singh Puri, as did OPEC Secretary General Haitham Al Ghais, fresh from the crude producers' group's decision to postpone its planned production increase by a month. Most were united in their belief that oil and gas will continue to play a role as part of a wider energy mix for decades. 

The 2024 round of ADIPEC features conference several streams new and old including - its Strategic Conference, Hydrogen Conference, Downstream Technical Conference, Decarbonisation Conference, Maritime &  Logistics Conference, Digitalisation & Technology Conference, Technical Conference, Finance & Investment Conference and Voices of Tomorrow. 

Yours truly kick-off his ADIPEC 2024 journey by hosting a panel titled: 'Climate finance: The role that of the energy and finance sectors' with panellists Lina Osman, Managing Director & Head, Sustainable Finance - Africa and MENAP at Standard Chartered, Bruce Johnson, Director, Corporate Finance and Treasury at Masdar, and Debnath Mukhopadhyay, CFO of TruAlt Bioenergy.

In a riveting session, we all discussed how the energy transition represents a trillion-dollar investment opportunity for investors and how the energy and finance sectors can work more closely together to accelerate the flow of investments in clean energy projects to match investor risk return expectations.

The Oilholic also took time out for a BBC Business Today interview with Sally Bundock to discuss the goings-on at ADIPEC, OPEC's decision to postpone its production cuts, state of the oil market and climate finance. 

We discussed current oil market permutations, impact of the US election, how a possible protectionist White House may impact crude demand in 2025 and why climate finance and investing in energy AI / technology is a major part of the discourse at this year's ADIPEC, and as a potentially politically charged COP29 approaches. 

Tuesday, Day II, brought more discussions on sector innovation to the fore, and a renewed emphasis on why the shift to low-carbon energy was imperative in a gradual march to net zero, and the critical role governments of the world can play in facilitating this. 

Of course, the event saw divergent views on whether this should be achieved via taxation, subsidies or be left to the free markets. Or perhaps a combination of all three. Technology occupied centrestage here too, with several industry participants outlining the various ways in which AI, advanced analytics, quantum computing and IIoT can make a difference in helping the energy sector as well as the wider global industrial complex discover a low - to - ultimately zero carbon future. 

For his part, the Oilholic hosted his second panel of ADIPEC 2024 titled 'Standardised sustainability reporting: building energy transition trust to boost investment' first thing on Day II with panellists Karim Arslan, Executive Director, Green & Sustainable Finance Originator, Green & Sustainable Hub, Natixis Corporate and Investment Banking, Semih Ozkan, Executive Director, EMEA Energy, Power, Renewables, Metals & Mining, J.P. Morgan and Don Dimitrievich, Senior Managing Director and Portfolio Manager for Energy Infrastructure Credit, Nuveen.

We discussed the critical subject of how standardised sustainability reporting could provide the key to boosting investment into the energy transition through higher levels of investor insight and confidence. And here's to more insightful dialogues over the days to follow. That's all for now folks. There's plenty more to come from ADIPEC 2024. So keep reading, keep it here, keep it 'crude'! 

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© Gaurav Sharma 2024. Photo I: Energy AI signage at ADNEC, Abu Dhabi - the venue of ADIPEC 2024. Photo II: AI display at ADNOC exhibition booth at ADIPEC 2024. Photo III: Gaurav Sharma host a panel on climate finance at ADIPEC 2024 on 04.11.24. (Courtesy: dmgevents) Photo IV: Gaurav Sharma on BBC World Business Today on 04.11.24 at 9:50 GST. (Courtesy: BBC) 

ADIPEC 2024 sessions to be hosted by yours truly

The Oilholic is delighted to be back in Abu Dhabi, UAE for ADIPEC 2024, the world's largest energy conference and exhibition of its kind, being held here from November 4 to 7. Yours truly will be holding four panel sessions at the event with distinguished industry thought leaders. 

Please do join if you can for some fantastic and insightful industry dialogues. Here are the details of the sessions:

Monday, November 4, 2024 @ 15:30 GST

Climate finance: the role of the energy and finance sectors

With:

- Lina Osman, Managing Director & Head, Sustainable Finance - Africa and MENAP, Standard Chartered

- Bruce Johnson, Director, Corporate Finance and Treasury, Masdar 

- Jassim AlSane, Co-head of Investment Banking MENA, Goldman Sachs 

- Debnath Mukhopadhyay, CFO, TruAlt Bioenergy

(Click image to enlarge)

Tuesday, November 5, 2024 @10:00 GST

Standardised sustainability reporting: building energy transition trust to boost investment 

With:

- Karim Arslan, Executive Director, Green & Sustainable Finance Originator, Green & Sustainable Hub, Natixis Corporate and Investment Banking

- Semih Ozkan, Executive Director, EMEA Energy, Power, Renewables, Metals & Mining, J.P. Morgan

- Don Dimitrievich, Senior Managing Director and Portfolio Manager for Energy Infrastructure Credit, Nuveen

(Click image to enlarge)

Wednesday, November 6, 2024 @14:30 GST

Asia’s role in defining the hydrogen market

With:

- The Right Honourable Abang Johari Tun Openg, Premier of Sarawak, Malaysia

- Hiroshi Matsuda, Chief Regional Officer, EMEA, Mitsubishi Heavy Industries 

- Koji Yamamoto, SVP, JOGMEC 

- Shoichi Kaganoi, SVP, Hydrogen & CCUS Development, INPEX

- Karine Boissy-Rousseau, VP Green Gases, TotalEnergies

(Click image to enlarge)

Thursday, November 7, 2024 @11:45 GST

The strategic role of NGOs in unlocking energy investment for emerging economies

With:

- Maha Attia, Assistant Vice Chairman for Foreign Trade, Egyptian Natural Gas Holding Company (EGAS) 

- Madadh MacLaine, Secretary General, Zero Emissions Ship Technology Association (ZESTAs) 

- Huda Al Houqani, Director, Abu Dhabi Sustainability Group (ADSG)

- Michel Abi Saab, General Manager, Emerge

(Click image to enlarge)

Keep reading, keep it here, keep it 'crude'! 

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To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2024. Photo © Gastech / dmgevents 2024. 

Speaking and moderating at ADIPEC 2024

Delighted to announce that yours truly will be moderating and speaking at ADIPEC 2024 - the world's largest energy conference and exhibition - in Abu Dhabi, UAE, from November 4 to 7. Explore the event's program touching on critical energy issues, latest technological developments, and energy transition through groundbreaking innovation, visionary leadership and action here.

And more on the Oilholic's panels and sessions here. 

Looking forward to the deliberations, meeting thought leaders, fellow industry professionals and colleagues. Join, if you can, for some fantastic industry exchanges and networking in Abu Dhabi.

Keep reading, keep it here, keep it 'crude'! 

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To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2024. Digital event banner courtesy of dmgevents.

Media missives from ADIPEC 2023

With ADIPEC 2023 drawing to a close last week, the Oilholic capped a fascinating and engaging week with a rounding off piece for Forbes on the criticality of scaling up technology - and, of course, backing it up with petrodollars and willpower, if a meaningful energy transition is to be achieved. To this end, this blogger had great conversations with ABB, AiQ, AspenTech, AVEVA and Avaada Group. (More here)

Yours truly also hit the airwaves to discuss the various soundbites coming out of the conference and various developments in Abu Dhabi, all in the midst of a very volatile crude oil market riddled with demand concerns, supply-side tightening and geopolitical complications. The final broadcasting call before departing was with Asharq Bloomberg News, with this blogger's week out in Abu Dhabi peppered with plenty of other missives via the keyboard for Forbes, the Motley Fool, and of course via this blog. 

All blog entries for each ADIPEC day may be found here. 

Some commentary on Shell's share price direction via the Motley Fool may be found here. And here are selected Forbes copies in chronological order based on soundbites and insight from ADIPEC 2023. 

• Emirati COP28 President Calls For A "Just, Orderly, Equitable And Responsible" Energy Transition, October 2, 2023.
• India "Will Manage" And Won't Panic If Oil Rises Above $100, Says Energy Minister, October 3, 2023.
• Abu Dhabi To Unveil World’s Fourth Largest Solar Farm "Very Soon", October 4, 2023.
• Oil Futures Slump Further On Uncertain Global Demand Outlook, October 5, 2023.
• Abu Dhabi In First Wind Farm Launch As 2GW Solar Project Nears Completion, October 8, 2023.
• 4 Middle East Geopolitical Scenarios That May Hike Oil Market Risk Premiums, October 9, 2023.
• Scaling Technology And Willpower Critical For 'Fast-Tracking' Global Energy Transition, October 10, 2023.

And that's a wrap. Keep reading, keep it here, keep it 'crude'!

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To email: journalist_gsharma@yahoo.co.uk  

© Gaurav Sharma 2023. Photo: Gaurav Sharma on Asharq Bloomberg TV on October 4, 2023 © Asharq Bloomberg 2023.

ADIPEC Day IV: Reflections at sunset in Abu Dhabi

The final and fourth day of ADIPEC 2023 has reached its conclusion as the sun sets here in Abu Dhabi with the show on a likely track to beat all its previous records (and quite possibly way more than the figure of 160,000 attendees it marketed). 

And that makes sense, as there is likely to be immense interest and intrigue when you bring together the various energy strands of oil, natural gas and renewables; and discuss everything from power markets to the future of shipping, whilst at the same time deliberate the obvious need to decarbonise. 

We came together on day one with the rallying cry of "Decarbonising. Faster. Together", we conclude proceedings perhaps with a call for evolution, understanding and collaboration. 

Evolution, as we explore new horizons offered by the spirit of human ingenuity in coming up with solutions for a low carbon economy. Understanding, that oil and gas will have to play a role for a good few decades yet, if not more, to ensure that energy poverty doesn't become the by-product of a slapdash rush to decarbonise. As for collaboration, need the Oilholic spell it out? Because if we don't work together, collaborate, partner and prepare for the road ahead, we will fail. 

Away from these pensive thoughts, this blogger also took time out on the final day to visit ADIPEC's wonderful Marine & Logistics Zone. It's here that the crew of ADNOC's support shipping fleet took one around a number of vessels currently being run on biodiesel, made from used and recycled cooking oil collected from restaurants around Abu Dhabi! Thank you to all the crew who spared their valuable time for the trip, and it was an experience the Oilholic will treasure. 

Paid a visit to @ADNOCGroup's biodiesel powered fleet of support vessels outside #ADIPEC2023's Maritime & Logistics Zone just before event ends. Had a very interesting talk / walk around vessel Ameer Alkouloub with the crew. Thank you! #OOTT #sustainablefuels #EnergyTransition pic.twitter.com/QNYC2yhwrf

— Gaurav Sharma (@The_Oilholic) October 5, 2023

With the time of departure here, this blogger would like to say that it was great to be back at ADIPEC after a three-year hiatus caused by the briefest of forays into the world of banking. It was great seeing old friends and making new ones in the buzz of this amazing event once again, and a privilege to be a part of it. Finally, and most importantly, my sincere thanks to the amazing team at dmg events who made it all happen and for their most wonderful hospitality. 

Well that's a wrap from Abu Dhabi folks. It'll be time for the big flying bus home to London Heathrow. Keep reading, keep it here, keep it 'crude'!

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© Gaurav Sharma 2023. Photo: Sunset over Abu Dhabi NEC, the venue of ADIPEC 2023 © Gaurav Sharma 2023.

Additional ADIPEC Energy Dialogues

As revealed in July, for much of 2020 yours truly has been participating in the recording of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Energy Dialogues series. Here is a further selection from the series, also available via ADIPEC's YouTube channel and the event's website.

Recent sessions included informative discussions with Dr. Peter Terwiesch, President of Industrial Automation at ABB, Craig Hayman, Chief Executive Officer of AVEVA and Hugo Dijkgraaf, Chief Technology Officer of Wintershall Dea. 

Dr. Peter Terwiesch, President of Industrial Automation, ABB

Craig Hayman, CEO, AVEVA

Hugo Dijkgraaf, Chief Technology Officer, Wintershall Dea

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© Gaurav Sharma 2020. Video © ADIPEC / DMGEvents, UAE

Hosting ADIPEC Energy Dialogues

Over the last few months, yours truly has been participating in the recording of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Energy Dialogues series. Some of the recordings are now up. Here is a selection of them, also available via ADIPEC's YouTube channel and the event's website.

Recent conversations have included informative discussions with Morag Watson, SVP Digital Science & Engineering at BP, Jeff Zindel, Vice President and General Manager at Honeywell Connected Enterprise, Cybersecurity and Thomas Gangl, Chief Downstream Operations Officer, OMV.

Morag Watson, SVP Digital Science & Engineering at BP

Jeff Zindel, Vice President and General Manager at Honeywell Connected Enterprise, Cybersecurity

Thomas Gangl, Chief Downstream Operations Officer, OMV

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© Gaurav Sharma 2020. Video © ADIPEC / DMGEvents, UAE

ADIPEC Day IV: Final notes from Abu Dhabi

The Oilholic has just rounded off day four, or the final day of ADIPEC 2019, here in Abu Dhabi concluding nearly a week of engaging industry dialogues.

Under the 'Oil and Gas 4.0' discussion umbrella, talking points ranged from upstream challenges to downstream efficiencies, digitisation to robotics, natural gas to hydrogen-powered mobility, oil demand [or perhaps lack of] to the changing nature of demand itself, and well pretty much all else in between. 

Summing up the last four days, Omar Suwaina Al Suwaidi, ADIPEC Conference Chairman, and Director, Executive Office Directorate at ADNOC, opined: "Through Oil and Gas 4.0, ADIPEC is unlocking the opportunities created by the Fourth Industrial Era. 

"To continue to thrive, it is critical that we better harness our data, utilise big data value-adding technology and innovation, capture digital insights to our business, and understand how all aspects of our operations and activities are interconnected to unlock greater value in the evolving energy landscape."

Amen to that sentiment, and the human resource and ingenuity at the heart of that progressive drive! Speaking of which, the crucial subject of gender diversity was under the microscope today. ADIPEC also received a presidential visit when Egypt's Abdel Fattah El Sisi, who is on an official visit to the UAE, came calling. 

This blogger also took some time out to leave the conference venue and pay a visit to the Abu Dhabi National Oil Company's (ADNOC) Panorama Command Centre at its headquarters (pictured above left) and meet the company's digital team that handles its operation. 

During the site visit, the Oilholic got a glimpse of how ADNOC is deploying advanced analytics and digital solutions to monitor throughput in real-time and learn lessons in order to improve efficiencies across its value chain. 

When we are talking of a company producing 3 million barrels per day of crude oil and 9.8 billion cubic feet of gas per day; that's quite a sizeable operation as the readers would acknowledge. A special thanks to Abdul Nasser Al Mughairbi, SVP of Digital at ADNOC, who spared his time to take The Oilholic around, answer questions and host yours truly to spectacular views from an office floor home to equally spectacular technological solutions. 

Away from the ADNOC HQ, one also got a first-hand feel of a 'drive thru fuel station' launched in UAE by ADNOC Distribution. The fuel service is called 'On The Go', which will allow motorists to purchase fuel products from the comfort of their car.

The service will be "complementary, and at no additional fees" motorists can shop at an ADNOC convenience store while their vehicle is getting filled, receive their shopping items in the vehicle and pay for it using a new Wi-Fi payment method! Now that's convenient. 

And concluding a hectic afternoon of walkabouts, before bidding goodbye to ADIPEC, the Oilholic also visited offshore support vessel QMS Bani Yas, a new jack up barge docked close to the event venue, right in time for sunset. Among other things, it was great to get to the vessel's helipad as well as understand operating procedures of a support ship of its size. 

Alas, that's all from ADIPEC 2019 folks. Its time to say goodbye and head for the flight home. Keep reading, keep it ‘crude’!

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To email: gaurav.sharma@oilholicssynonymous.com

© Gaurav Sharma 2019. Photo I: ADNOC Panorama Command Centre, Abu Dhabi, UAE. Photo II: View of Abu Dhabi, UAE from ADNOC Panorama Command Centre. Photo III: Concept mock-up of ADNOC Distribution's drive thru fuel station 'On The Go' at ADIPEC 2019. Photos III, IV and V: Offshore support vessel QMS Bani Yas docked off ADIPEC 2019 venue, Abu Dhabi, UAE © Gaurav Sharma, November 2019. 

ADIPEC Day I: Oil & Gas 4.0, efficiencies & VIPs

The Oilholic finds himself in the UAE for the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), rounding up day one of the global event with more than a packed agenda to report back.

Dr Sultan Ahmed Al Jaber, CEO of the Abu Dhabi National Oil Company (ANDOC) got things going on Monday noting how Industry 4.0 is creating a "paradigm shift in global growth and energy demand."

"Oil and gas will play, as an essential part of the broader energy mix, in enabling tomorrow’s global economy. We have to admit some realities - our industry is being disrupted by new technologies, new forms of energy, a new geopolitical order. This disruption is only beginning and will gather pace," he added. 

Rubbing shoulders with attendees, expected to number 150,000 over the next few days, were several VIPs both foreign and domestic, and day one included sessions with the OPEC Secretary General Mohammed Barkindo, Indian oil minister Dharmendra Pradhan, BP Boss Bob Dudley, Eni’s Claudio Descalzi, and Total’s Patrick Pouyanné to name a few.

And former US Secretary of State Condoleezza Rice told ADIPEC attendees the post World War II "established" economic model "is under strain [and] threat" from terrorism, cyber threats & global power rivalries. 

My takeaway from @CondoleezzaRice's #ADIPEC2019 keynote: Post World War II's "established" economic model “is under strain [and] threat” from terrorism, cyber threats & global power rivalries. Put that into perspective #oilandgas market participants! #OOTT @ADIPECOfficial pic.twitter.com/xMRTS13Xjd

— Gaurav Sharma (@The_Oilholic) November 11, 2019

Away from the VIPs, quite a bit of "Oil and Gas 4.0" kit was on display alongside hydrogen cars, automation equipment and analytics platforms for integrated asset management, interspersed with nuts, bolts and pipeline joints.

Finally, day one was also timed to coincide with the official launch of the Abu Dhabi oil futures, that sees ADNOC partner with exchange group ICE, major oil companies, refiners and trading house Vitol.

The idea is an ambitious one of establishing Murban – Abu Dhabi's signature crude – as a potential oil benchmark. Here is some background to the development from the Oxford Institute for Energy Studies. (MS Word Download here)

Elsewhere, at the ADIPEC Awards, BP's Dudley, who is due to retire as the oil and gas major's CEO next year, was awarded a lifetime achievement award for his commitment to the energy industry.

That's all for the moment folks, more from here over the coming days. The Oilholic will be moderating and speaking on days two and three as the event gathers further momentum. Keep reading, keep it ‘crude’!

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© Gaurav Sharma 2019. Photo I: Exhibition Hall at ADIPEC 2019. Photo II: Drone on display at ADIPEC exhibition © Gaurav Sharma 2019. 

On Aramco IPO, OPEC & a Honeywell Interview

The last few weeks in the oil market have been dominated by two key topics. First off, the Saudi Aramco IPO that is finally happening, albeit not in the way and to the international scale it and much of the market wanted. Second development has been OPEC's keen awaited global oil outlook. 

Starting with Aramco, here is the Oilholic's take via Forbes, on what the likely valuation could be. That might well be substantially below the $2 trillion level Saudi Arabia's Crown Prince Mohammed Bin Salman craves. 

As for the OPEC report, the producers' group expects a flood of US shale barrels, with American production tipped to rise to 17 million barrels per day (bpd) by 2024. Here is one's report via Forbes. That'll make for an interesting OPEC ministers meeting on December 5/6 in Vienna. Will OPEC+ keep its 1.2 million bpd of production cuts going as its price support is nothing of the magnitude it hoped for, and shale players keep plugging on. 

Finally, here's The Oilholic's interview with Jason Urso, Chief Technology Officer at Honeywell Process Solutions, the global software industrials company's automation unit, for Rigzone. In it Urso says:"Our ideal recruits would be either sector specialists deeply familiar with software based technologies or software specialists with a deep interest in the energy sector." Well worth a read here. 

That's all for the moment folks. Next stop ADIPEC 2019, Nov 11-14 in Abu Dhabi, UAE. More from there soon. Keep reading, keep it 'crude'!

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To email: gaurav.sharma@oilholicssynonymous.com

© Gaurav Sharma 2019.

On crude 'slumps', 'spikes' & predictable ranges

Over the last 12 months we've heard of oil price spikes and slumps, ups and downs, four-year highs and six-week losing streaks, and exaggerated predictions of $100 per barrel crude prices, being made by those prone to making them and then getting them spectacularly wrong. 

Yet, as the Oilholic hears Saudi Oil Minister Khalid Al-Falih [suggest a 2019 OPEC production cut might be on the horizon] on TV while sitting in a hotel room in Altanta stateside, the inescapable fact is that Brent, WTI and OPEC's own basket price of crude oil(s) exported by its members remains as range-bound as ever (see graph, click to enlarge). 

Whichever way you look at it - all year the price has fluctuated within a $60-80 per barrel range. You can come up with all sorts of fancy, creative explanations about it, as both the bulls and bears have, but the market is where it is because the physical traders are at peace with the supply demand and dynamic as it stands. 

While speculators and money managers, especially hedge funds, might pile into the market at the slightest sign of an uptick in the hope of extending the rally, physical traders (at least the ones the Oilholic is in contact with in Amsterdam and Shanghai) aren't exactly sweating while looking at their solver models that point to no scarcity of supply. 

Given that dynamic, paper market panics don't last long as recent weeks and months have proven. End result - everyone from Morgan Stanley to RBC Capital Markets, and all the so-called price prophets in between, are scrambling to downgrade their oil price forecasts. Some have even gone to the other extreme predicting $40 per barrel oil prices, and that won't happen either. 

Using an aggregate of global demand growth from various data sources (OPEC, EIA, IEA) and squaring it against global supply (as it stands) - the oil price will likely remain range-bound in the $60-80 bracket. So keep calm and carry on! That's all for the moment folks. The Oilholic needs to head out and brave the rain in Altanta, more from here later. 

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© Gaurav Sharma 2018. Graph: Friday closes of oil benchmarks (Jan to YTD 2018) © Gaurav Sharma 2018