Results and Outlook
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
U.S. Energy in the 21St Century: a Primer
U.S. Energy in the 21st Century: A Primer March 16, 2021 Congressional Research Service https://crsreports.congress.gov R46723 SUMMARY R46723 U.S. Energy in the 21st Century: A Primer March 16, 2021 Since the start of the 21st century, the U.S. energy system has changed tremendously. Technological advances in energy production have driven changes in energy consumption, and Melissa N. Diaz, the United States has moved from being a net importer of most forms of energy to a declining Coordinator importer—and a net exporter in 2019. The United States remains the second largest producer and Analyst in Energy Policy consumer of energy in the world, behind China. Overall energy consumption in the United States has held relatively steady since 2000, while the mix of energy sources has changed. Between 2000 and 2019, consumption of natural gas and renewable energy increased, while oil and nuclear power were relatively flat and coal decreased. In the same period, production of oil, natural gas, and renewables increased, while nuclear power was relatively flat and coal decreased. Overall energy production increased by 42% over the same period. Increases in the production of oil and natural gas are due in part to technological improvements in hydraulic fracturing and horizontal drilling that have facilitated access to resources in unconventional formations (e.g., shale). U.S. oil production (including natural gas liquids and crude oil) and natural gas production hit record highs in 2019. The United States is the largest producer of natural gas, a net exporter, and the largest consumer. Oil, natural gas, and other liquid fuels depend on a network of over three million miles of pipeline infrastructure. -
Oil Shale and Tar Sands
Fundamentals of Materials for Energy and Environmental Sustainability Editors David S. Ginley and David Cahen Oil shale and tar sands James W. Bunger 11 JWBA, Inc., Energy Technology and Engineering, Salt Lake City, UT, USA 11.1 Focus 11.2 Synopsis Tar sands and oil shale are “uncon- Oil shale and tar sands occur in dozens of countries around the world. With in-place ventional” oil resources. Unconven- resources totaling at least 4 trillion barrels (bbl), they exceed the world's remaining tional oil resources are characterized petroleum reserves, which are probably less than 2 trillion bbl. As petroleum becomes by their solid, or near-solid, state harder to produce, oil shale and tar sands are finding economic and thermodynamic under reservoir conditions, which parity with petroleum. Thermodynamic parity, e.g., similarity in the energy cost requires new, and sometimes of producing energy, is a key indicator of economic competitiveness. unproven, technology for their Oil is being produced on a large commercial scale by Canada from tar sands, recovery. For tar sands the hydrocar- and to a lesser extent by Venezuela. The USA now imports well over 2 million barrels bon is a highly viscous bitumen; for of oil per day from Canada, the majority of which is produced from tar sands. oil shale, it is a solid hydrocarbon Production of oil from oil shale is occurring in Estonia, China, and Brazil albeit on called “kerogen.” Unconventional smaller scales. Importantly, the USA is the largest holder of oil-shale resources. oil resources are found in greater For that reason alone, and because of the growing need for imports in the USA, quantities than conventional petrol- oil shale will receive greater development attention as petroleum supplies dwindle. -
Analiza Kretanja Cijene Nafte Obzirom Na Pandemiju COVID-A 19 I Usporedba S Povijesnim Kretanjem Na Svjetskom Tržištu
Analiza kretanja cijene nafte obzirom na pandemiju COVID-a 19 i usporedba s povijesnim kretanjem na svjetskom tržištu Njirić, Marin Undergraduate thesis / Završni rad 2020 Degree Grantor / Ustanova koja je dodijelila akademski / stručni stupanj: University of Zagreb, Faculty of Mining, Geology and Petroleum Engineering / Sveučilište u Zagrebu, Rudarsko-geološko-naftni fakultet Permanent link / Trajna poveznica: https://urn.nsk.hr/urn:nbn:hr:169:342279 Rights / Prava: In copyright Download date / Datum preuzimanja: 2021-09-26 Repository / Repozitorij: Faculty of Mining, Geology and Petroleum Engineering Repository, University of Zagreb SVEUČILIŠTE U ZAGREBU RUDARSKO-GEOLOŠKO-NAFTNI FAKULTET Preddiplomski studij naftnog rudarstva ANALIZA KRETANJA CIJENE NAFTE OBZIROM NA PANDEMIJU COVID-a 19 I USPOREDBA S POVIJESNIM KRETANJEM NA SVJETSKOM TRŽIŠTU Završni rad Marin Njirić N4350 Zagreb, 2020 Sveučilište u Zagrebu Završni rad Rudarsko-geološko-naftni fakultet ANALIZA KRETANJA CIJENE NAFTE OBZIROM NA PANDEMIJU COVID-a 19 I USPOREDBA S POVIJESNIM KRETANJEM NA SVJETSKOM TRŽIŠTU Marin Njirić Završni rad je izrađen: Sveučilište u Zagrebu Rudarsko-geološko-naftni fakultet Zavod za naftno-plinsko inženjerstvo i energetiku Pierottijeva 6, 10 000 Zagreb Sažetak U svjetskoj ekonomiji nafta zauzima jednu od najvažnijih uloga za gospodarski razvoj svake zemlje. S obzirom da je izuzetno bitna sirovina, njena cijena utječe na sve grane gospodarstva, kretanja svjetskih političkih i gospodarskih trendova, kretanje indeksa na burzama te stanje svjetskog gospodarstva općenito. Tijekom povijesti, događali su se razni preokreti cijena nafte, čime bi mnoge zemlje ili tvrtke profitirale ili upale u krizu. U razdoblju COVID-a, cijena je drastično potonula te se u ovom radu prati taj pad cijene u usporedbi s cijenama tijekom prijašnjih kriza u povijesti. -
Climate and Energy Benchmark in Oil and Gas Insights Report
Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems. -
Statoil ASA Statoil Petroleum AS
Offering Circular A9.4.1.1 Statoil ASA (incorporated with limited liability in the Kingdom of Norway) Notes issued under the programme may be unconditionally and irrevocably guaranteed by Statoil Petroleum AS (incorporated with limited liability in the Kingdom of Norway) €20,000,000,000 Euro Medium Term Note Programme On 21 March 1997, Statoil ASA (the Issuer) entered into a Euro Medium Term Note Programme (the Programme) and issued an Offering Circular on that date describing the Programme. The Programme has been subsequently amended and updated. This Offering Circular supersedes any previous dated offering circulars. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes issued prior to the date hereof. Under this Programme, Statoil ASA may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued in bearer form or in uncertificated book entry form (VPS Notes) settled through the Norwegian Central Securities Depositary, Verdipapirsentralen ASA (the VPS). The maximum aggregate nominal amount of all Notes from time to time outstanding will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described herein). The payments of all amounts due in respect of the Notes issued by the Issuer may be unconditionally and irrevocably guaranteed by Statoil A6.1 Petroleum AS (the Guarantor). The Notes may be issued on a continuing basis to one or more of the Dealers specified on page 6 and any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a Dealer and together the Dealers). -
Integrating Into Our Strategy
INTEGRATING CLIMATE INTO OUR STRATEGY • 03 MAY 2017 Integrating Climate Into Our Strategy INTEGRATING CLIMATE INTO OUR STRATEGY • 03 CONTENTS Foreword by Patrick Pouyanné, Chairman and Chief Executive Officer, Total 05 Three Questions for Patricia Barbizet, Lead Independent Director of Total 09 _____________ SHAPING TOMORROW’S ENERGY Interview with Fatih Birol, Executive Director of the International Energy Agency 11 The 2°C Objective: Challenges Ahead for Every Form of Energy 12 Carbon Pricing, the Key to Achieving the 2°C Scenario 14 Interview with Erik Solheim, Executive Director of UN Environment 15 Oil and Gas Companies Join Forces 16 Interview with Bill Gates, Breakthrough Energy Ventures 18 _____________ TAKING ACTION TODAY Integrating Climate into Our Strategy 20 An Ambition Consistent with the 2°C Scenario 22 Greenhouse Gas Emissions Down 23% Since 2010 23 Natural Gas, the Key Energy Resource for Fast Climate Action 24 Switching to Natural Gas from Coal for Power Generation 26 Investigating and Strictly Limiting Methane Emissions 27 Providing Affordable Natural Gas 28 CCUS, Critical to Carbon Neutrality 29 A Resilient Portfolio 30 Low-Carbon Businesses to Become the Responsible Energy Major 32 Acquisitions That Exemplify Our Low-Carbon Strategy 33 Accelerating the Solar Energy Transition 34 Affordable, Reliable and Clean Energy 35 Saft, Offering Industrial Solutions to the Climate Change Challenge 36 The La Mède Biorefinery, a Responsible Transformation 37 Energy Efficiency: Optimizing Energy Consumption 38 _____________ FOCUS ON TRANSPORTATION Offering a Balanced Response to New Challenges 40 Our Initiatives 42 ______________ OUR FIGURES 45 04 • INTEGRATING CLIMATE INTO OUR STRATEGY Total at a Glance More than 98,109 4 million employees customers served in our at January 31, 2017 service stations each day after the sale of Atotech A Global Energy Leader No. -
Press Release
Press Release First quarter 2021 results With results of more than $3 billion, Total fully benefits from rebound in hydrocarbon prices LNG and renewables represent one-third of results Change Change 1Q21 1Q20 1Q19 vs 1Q20 vs 1Q19 Oil price - Brent ($/b) 61.1 50.1 +22% 63.1 -3% Average price of LNG ($/Mbtu) 6.1 6.3 -4% 7.2 -16% Variable cost margin - Refining Europe, VCM ($/t) 5.3 26.3 -80% 33.0 -84% Adjusted net income (Group share)1 - in billions of dollars (B$) 3.0 1.8 69% 2.8 +9% - in dollars per share 1.10 0.66 +68% 1.02 +8% DACF1 (B$) 5.8 4.3 +34% 6.3 -8% Cash Flow from operations (B$) 5.6 1.3 x4.3 3.6 +54% Net income (Group share) of 3.3 B$ in 1Q21 Net-debt-to-capital ratio of 19.5% at March 31, 2021 vs. 21.7% at December 31, 20202 Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of 7% compared to 1Q20 First 2021 interim dividend set at 0.66 €/share 2 Paris, April 29, 2021 - The Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group's first quarter 2021 accounts. On this occasion, Patrick Pouyanné said: « In the first quarter, the Group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to- quarter, and its strategy to grow LNG and Renewables and Electricity. -
Quarterly Analyst Themes of Oil and Gas Earnings
Quarterly analyst themes of oil and gas earnings Q2 2021 ey.com/oilandgas Overview The recovery of oil and gas commodity markets and underleveraged and begin to return even more improved company performance continued in the cash to shareholders. As companies grapple with second quarter of 2021 with oil demand and OPEC+ low unlevered returns on renewable energy discipline resulting in a steady reduction in investments relative to oil and gas projects, the inventories and an increase in crude oil prices. matter of gearing is likely to re-emerge. Brent crude averaged US$69/bbl in the second On capital spending, analysts were interested in quarter, up 13% from the previous quarter and companies’ response to the improving macro- twice the average a year ago. Henry Hub averaged environment, specifically whether the companies US$2.95/mmBtu, down from US$3.50/mmBtu in were considering mobilizing additional upstream the first quarter as prices normalized after the investment with commodity prices returning to pre- extreme cold, but were up 50% from the beginning COVID-19 levels. Supply chain interruptions, labor to the end of the quarter, a trend that has market shortages and inflation concerns have continued into Q3. International gas markets begun to take center stage in economic news, and strengthened with northern Asia LNG prices oil and gas industry analysts checked for signs of averaging nearly US$10/mmbtu in 2Q21, driven by pricing pressure in the market for materials and strong growth in Chinese power demand, European services upstream and indications of how inventory rebuild and reduced hydroelectric output companies plan to offset the impact. -
Since the Last Issue of Musings from the Oil Patch on January 19, 2005
MUSINGS FROM THE OIL PATCH October 24, 2017 Allen Brooks Managing Director Note: Musings from the Oil Patch reflects an eclectic collection of stories and analyses dealing with issues and developments within the energy industry that I feel have potentially significant implications for executives operating and planning for the future. The newsletter is published every two weeks, but periodically events and travel may alter that schedule. As always, I welcome your comments and observations. Allen Brooks Energy Transitions: Issues, Questions And Some Answers The last Musings began with an article titled “Understanding The Energy Transition In Transportation.” It’s not as if we haven’t written extensively about electric vehicles (EV) versus internal combustion vehicles (ICE), because we have. But that is only one aspect of the broader subject of energy transitions. The subject of energy transitions is important, but confusing, so we decided to devote this entire Musings to the topic. Our goal is to The subject of energy transitions frame the issues and their significance. To do that we have to delve is important, but confusing into what the issues mean, along with discussing proposed solutions and their impact on our economy and society. Hopefully, we can provide answers and bring insights to the debate. As a disclaimer, Musings we understand that is a newsletter and not a book – so we need to stay at a high level of discussion. That may disappoint some readers, but the magnitude of the topic means we can’t dig deeply into each sub-issue. We will identify subjects for deeper analyses. -
Oil and Gas News Briefs, July 26, 2021
Oil and Gas News Briefs Compiled by Larry Persily July 26, 2021 Saudis want to be ‘last man standing’ as oil demand declines (Bloomberg; July 21) – Saudi Energy Minister Prince Abdulaziz bin Salman’s decisions after flying home from a tumultuous OPEC meeting in Vienna in March 2020 exposed a new Saudi policy — bolder, defiant of a growing global consensus on climate change, and more controlled by the royal family. They also reflected what Abdulaziz sees as his destiny: To ensure that the last barrel of oil on Earth comes from a Saudi well. As he said at a private event in June, according to a source, “We are still going to be the last man standing, and every molecule of hydrocarbon will come out.” All of this has huge implications for world energy markets. Abdulaziz, the first member of the royal family to be the kingdom’s energy minister, is the most important person in the oil market today. But a rancorous OPEC+ meeting in July showed just how difficult it’s going to be for him to consistently get his way in an era when oil-producing nations — their self-interests often in conflict — are contemplating a future of declining oil demand. Saudi Arabia’s power is under threat as the world seeks to move away from oil and other fossil fuels. Beneath the kingdom’s desert there are about 265 billion barrels of oil, worth almost $20 trillion at current prices. It’s a massive prize, but one that may be worthless someday if the global economy figures out how to keep churning without oil. -
International Deals | PLS
August 30, 2016 • Volume 08, No. 13 INTERNATIONALDEALS Serving the marketplace with news, analysis and business opportunities Siccar Point buys into Mariner heavy oil project off UK Bashneft sale shelved after Two years after private equity firms Blackstone Energy Partners and Blue Water Lukoil balks, Rosneft wants in Energy teamed up to form North Sea-focused Siccar Point Energy, the E&P firm has Russia indefinitely tabled the finally announced its first acquisition. It is buying 8.9% WI in the Greater Mariner area of auction of its 50.08% stake in mid-sized the UK North Sea from Japan’s JX Nippon, which will retain 20% WI. Statoil operates oil producer Bashneft after expected with 65.1% WI and Dutch non-op Dyas owns the remaining 6%. The area’s US$7.7 bidder Lukoil got cold feet billion Mariner heavy oil development is underway with first oil expected in 2H18. and officials debated whether Siccar Point launched to allow a sale to No. 1 First deal for startup with $500MM in August 2014 with producer Rosneft. The Bashneft sale Blackstone, Blue Water & GIC backing. initial funding of $500 was proposed early this year as a major million from Blackstone, Blue Water and Singaporean sovereign wealth fund GIC. part of Russia’s deficit reduction plan Its strategy focuses on acquiring undercapitalized fields and developments on the UK Continental Shelf as established producers like Total and Shell reduce their footprints. Russia had planned to auction off its The company is led by CEO Jonathan Roger, who was COO of North Sea producer controlling stake as early as September. -
Sustainable Energy Transition: Opportunities Abound
1 PERSPECTI VE Sustainable energy transition: opportunities abound July 2021 For investment professionals only 2 On 18 May 2021, the International Energy Agency THE UTILITIES SECTOR IS ON THE RIGHT TRACK (IEA) published its report “Net Zero by 2050. A Utility companies are setting themselves apart from oil and Roadmap for the Global Energy Sector”. The IEA was gas companies in a positive sense. This is partly due to market established in 1974 as the oil sector watchdog of differences, other shareholders and more stringent Western countries. Over the past 47 years, this regulations. agency has mainly been considered a strong The table below shows that this does not necessarily affect supporter of fossil fuels. This is precisely why its returns. The table shows returns versus the capital employed. report came as a big surprise to the oil sector, While this is only one variable and the companies shown differ politicians, climate activists and investors alike. The in size, financial strategy, activities, etc., it does show that report outlines how carbon emissions could be there are opportunities to maintain returns on investments in sustainable activities. reduced to zero by 2050. That goal can be seen as a 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 GEM necessary condition for complying with the Paris O&G Royal Dutch Climate Agreement, which aims to limit global -6.87 6.68 9.13 5.50 2.58 1.73 6.81 7.65 12.95 15.68 11.46 8.02 6.78 Shell PLC o TotalEnergies warming to 1.5 C (above pre-industrial levels).