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Started By
Message
Offshore Oil And Gas Is Back, Baby
Posted on 1/24/23 at 7:38 am
Posted on 1/24/23 at 7:38 am
quote:
At last week’s World Economic Forum gathering in Davos, several speakers had harsh words for the oil and gas industry, including UN head Antonio Guterres and the IEA’s chief Fatih Birol. Their message was clear: we need to stop producing oil and gas to solve the climate problem.
While this was happening, however, the world continued to need energy, and oil and gas continued to be the optimal form of energy for most of the things we need energy for. So, with demand forecast—including by the IEA—to surge this year above the growth rate of supply, new drilling is flourishing. Especially offshore.
In December last year, Oilprice reported that the stocks of offshore drilling contractors such as Transocean, Valaris, and Noble Corp were skyrocketing amid robust demand for their services, with day rates for drilling rigs surging as well.
Now, the Wall Street Journal is reporting that rates could top $500,000 per day, up from about $400,000 at the moment, with offshore drilling picking up everywhere as demand shows no signs it is about to start declining, no matter what apocalyptic visions climate speakers try to paint.
quote:
Norway is also eyeing strong expansion of its oil and gas drilling, all of which takes place offshore, despite previous government pledges for a gradual reduction in oil and gas production and a shift towards renewable energy. Earlier this month, Norway’s petroleum ministry awarded 47 new exploration licenses to 25 companies.
Offshore drilling is booming in Brazil, Guyana, and Suriname as well, per the Wall Street Journal. Brazil’s Petrobras said it will boost spending between 2023 and 2027, with most of the money going into exploration and production. Guyana is enjoying the results of a string of offshore discoveries that have boosted the tiny nation’s oil exports by 164 percent in 2022, with revenues hitting $1.1 billion. Suriname is seemingly on Guyana’s path to oil riches, although it is meeting some challenges.
Analyst expectations about the offshore drilling market appear to be upbeat. Oil prices are higher than they were in 2019, oil demand is strong, and offshore drilling contractors are turning a nice profit. Deepwater drilling is particularly attractive since that’s where most of the world’s untapped oil resources are.
quote:
So, despite increasingly loud calls for what effectively amounts to shutting down the oil and gas industry, the real world is demanding more oil and gas, and the industry is delivering. From the shores of Brazil to the North Sea and the Persian Gulf, drilling contractors are putting up rigs to pump more oil and gas from underneath the seabed. Analysts are calling it a supercycle.
LINK
Posted on 1/24/23 at 7:40 am to ragincajun03
They looking for a logistics specialist? I could be persuaded to leave the hyper-liberal tech industry for some oil money.
Posted on 1/24/23 at 7:40 am to ragincajun03
Truck Nutz:
[Swingin'] Not Swingin'
[Swingin'] Not Swingin'
Posted on 1/24/23 at 7:43 am to facher08
Potato in Chief says the dramatic increase in the price of gas is not his fault even though he took credit for it coming down some this past Fall.
Posted on 1/24/23 at 7:44 am to facher08
quote:
Truck Nutz:
[Swingin'] Not Swingin'
If any of Y'all want F-250's, best get them now.
Posted on 1/24/23 at 7:45 am to ragincajun03
quote:
So, despite increasingly loud calls for what effectively amounts to shutting down the oil and gas industry, the real world is demanding more oil and gas, and the industry is delivering.
even if the US and western Europe were to reduce their oil demand (they won't), India and China will still drive demand higher over the next few decades
Posted on 1/24/23 at 8:13 am to ragincajun03
quote:
So, despite increasingly loud calls for what effectively amounts to shutting down the oil and gas industry, the real world is demanding more oil and gas, and the industry is delivering.
Well, yeah. It provides fantastic BTUs while being very simple and safe to transport, and is (relatively) cheap to get and refine. Something will have to at least equal it in all these categories at the same price before the world truly moves on in a substantial way.
Posted on 1/24/23 at 8:18 am to facher08
2022 F250 Platinum
[TRADED IN] NOT TRADED IN
2023 F350 Platinum
[FINANCED] NOT FINANCED
[TRADED IN] NOT TRADED IN
2023 F350 Platinum
[FINANCED] NOT FINANCED
Posted on 1/24/23 at 8:22 am to Salmon
quote:
even if the US and western Europe were to reduce their oil demand (they won't), India and China will still drive demand higher over the next few decades
Bingo.
That’s what these NGO do-gooders who’ve spent their life living in the comfort of the United States and lived for seven years in college getting a communications degree and masters in politics BS don’t grasp.
Outside of their bubble, there are developing countries with growing populations who NEED the least expensive, most efficient forms of energy to help their economies and lifestyles of their citizens to catch up to the rest of the world. That means increasing demand for hydrocarbons.
Posted on 1/24/23 at 8:29 am to ragincajun03
It's like mute the sound and keep on working in the oil patch. Count change at the end of the career.
Posted on 1/24/23 at 8:31 am to ragincajun03
Meh any mention of Russian oligarch owned, London based oilprice.
That being said, it's been booming in Guyana and Suriname for a few years now. Guyana should be exporting up to 5 million barrels per day in a few years. Exxon Baton Rouge has been seeing most of that since production began from it Liza field with it's first FPSO. Forecast is 10 FPSO's almost 200 miles offshore Guyana. Louisiana based companies are involved in logistics, warehousing and workboats, along with other services.
I've been involved with Guyana's first to be built refinery for a few years. The government knows less than Biden, which is saying a lot. They want to build it where a mangrove swamp is and be "green" at the same time.
There is a large depleted field offshore Suriname which produced for decades.
Brazil is having issues with environmentalists and have a semisubmersible rig hired and sitting idle for months now.
That being said, it's been booming in Guyana and Suriname for a few years now. Guyana should be exporting up to 5 million barrels per day in a few years. Exxon Baton Rouge has been seeing most of that since production began from it Liza field with it's first FPSO. Forecast is 10 FPSO's almost 200 miles offshore Guyana. Louisiana based companies are involved in logistics, warehousing and workboats, along with other services.
I've been involved with Guyana's first to be built refinery for a few years. The government knows less than Biden, which is saying a lot. They want to build it where a mangrove swamp is and be "green" at the same time.
There is a large depleted field offshore Suriname which produced for decades.
Brazil is having issues with environmentalists and have a semisubmersible rig hired and sitting idle for months now.
Posted on 1/24/23 at 9:11 am to ragincajun03
quote:
Offshore Oil And Gas Is Back, Baby
I hope so. Offshore O&G is fantastic for Louisiana.
Posted on 1/24/23 at 9:18 am to ragincajun03
Offshore O&G is typically the lowest in terms of carbons emissions intensity as well. So if you actually care about the planet but are realistic about the worlds energy needs you certainly shouldnt be trying to shut down offshore O&G.
Posted on 1/24/23 at 9:44 am to ragincajun03
These people are bond villains.
They also meet frequently in large groups.
Just sayin'
They also meet frequently in large groups.
Just sayin'
This post was edited on 1/24/23 at 10:03 am
Posted on 1/24/23 at 9:45 am to TBoy
The impact to LA may be more tangential than in the past, as GOM has become a mature basin and many of these deep water projects are in Latin America or Africa; however, there are definitely companies in LA that can translate those skills to another deepwater basin.
Posted on 1/24/23 at 9:52 am to ragincajun03
dont they understand all the cheap plastic shite from China is pure hydrocarbons? It aint just gas for our big ole trucks...where does the energy come from to charge their little shitty EV's? Solar? Wind? coal and gas-fired power plants for fricks sake, no where near the renewable infrastructure required is available right now for that demand.
OR, maybe their strategy is to crash the system to force us into EV's and building renewable energy sources out of necessity. I'm happy with nuclear - great option - go built the reactor in bum frick egypt and we wont have to live next to it.
OR, maybe their strategy is to crash the system to force us into EV's and building renewable energy sources out of necessity. I'm happy with nuclear - great option - go built the reactor in bum frick egypt and we wont have to live next to it.
Posted on 1/24/23 at 10:03 am to ragincajun03
quote:
Offshore Oil And Gas Is Back, Baby
Lonely house whores all over the south
Posted on 1/24/23 at 10:21 am to Duckhammer_77
quote:
dont they understand all the cheap plastic shite from China is pure hydrocarbons?
Much of that plastic is made in the USA then shipped to China. Texas and Louisiana have the lowest cost production of polyethylene in the world as long as oil stays up in price
Posted on 1/24/23 at 10:35 am to TBoy
quote:
Offshore O&G is fantastic for Louisiana.
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