The Saudis have defended their market share through a combination of luck, strategic relationships and skillful marketing, a model the kingdom is now seeking to replicate in fast-growing fuel markets such as China.
Participants were asked to submit ideas on how to reduce use of fresh water and ideas on how to reuse water from shale production activities. The prize: $25,000.
Of the 921 senior oil and gas professionals surveyed, 56% said they believe the industry is repeating the mistakes of previous downturns.
The production of basic statistics and forecasts about oil reserves, production, consumption and stocks ought to be a matter of routine.
When the downturn ends, the industry could be facing a major skills shortage.
Gulf countries consume 40 percent more energy per capita than their counterparts in Europe and 150 percent more than the world average, according to the U.S. Energy Information Administration.
Methane undercuts natural gas’ ability to play a role in a carbon-constrained world, and methane emissions are lost product amounting to $30 billion a year globally.
Data released Jan. 11 by the U.S. Energy Information Administration (EIA) showed that oil production from the seven shale regions is predicted to fall by 116,000 barrels per day in February.
A Texas-based oil and gas giant has donated $100,000 to help storm victims.
The start of another year means another round of forecasts from commodity analysts, but the future remains uncertain as history has shown again and again.
The answer is complicated by a number of factors; most importantly, we just don’t know a lot of about Santa’s rounds, but we can take some educated guesses.
Companies are streamlining their portfolios and getting even more focused as they get more accustomed to current market conditions with depressed commodity prices.