Industry Trends ///

Texas upstream oil and gas economy experiences year of recovery in 2021

The Texas oil and gas exploration and production economy enjoyed a year of recovery in 2021 on the heels of nearly two years of contraction, according to the Texas Alliance of Energy Producers’ Texas Petro Index.

The last barrel

Craig Fleming

Underinvestment—a good strategy?

Four ways the Iranian nuclear talks could upend oil markets

The Iranian nuclear talks could hardly be more critical for oil traders. Crude prices have surged 10% this year to around $85 a barrel, with many analysts predicting it’s only a matter of time before they hit triple digits for the first time in eight years.

Saudi Aramco sees oil demand near pre-pandemic levels

Saudi Aramco said demand for oil is nearing pre-Covid levels and reiterated that producers globally are investing too little in supply.

EU takes heat for labeling gas and nuclear power plants as “green” energy

The European Commission has been told by a key expert group that planned adjustments to its green rulebook risk raising greenhouse gas emissions and undermining the bloc’s reputation as a bastion for environmentally friendly finance.

Global LNG boom sends Baker Hughes’ demand soaring beyond expectations

Oil and gas drilling is big business once again, if the leap in demand for services from Baker Hughes Co., the world’s No. 2 oilfield contractor, is any gauge.

Schlumberger places $2 billion bet on strong oilfield service demand growth

Schlumberger is gearing up for growth around the world as the No. 1 oilfield contractor expects recovering economies to ignite several years of crude-demand expansion.

Oil and gas price rallies drive M&A activity to three-year high

Last year’s blistering rally in natural gas and oil prices pushed mergers and acquisitions in the sector to a three-year high with no slowdown in sight, according to consultant Rystad Energy AS.

Morgan Stanley sees Brent crude at $100 by Q3

The bank expects stockpiles to slide even lower by the end of the year, after falling substantially in 2021, according to a research note to clients. Spare supply capacity will shrink to 2 million barrels a day from the current 3.4 million.

Dutch prep for a hydrogen future as gas-production deadline approaches

The Netherlands is throwing a hydrogen life preserver to pipelines that are on the brink of becoming stranded assets. The nation will end most natural-gas production this year, forcing NV Nederlandse Gasunie to find alternative uses for its 15,000 kilometers of pipes.

Oil markets may be even tighter than forecasters say

The oil market is getting tighter and there may be even less slack in the system than forecasts suggest.

UAE warns OPEC alone can’t solve global oil supply issues

OPEC and its allies are increasing oil production but can’t solve all the sector’s issues alone, the United Arab Emirates’ energy minister said.

Biden rattles his saber at oil producers as prices surge to 2014 high

“We continue to work with producer and consumer countries, and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices,” President Biden's National Security Council spokeswoman Emily Horne said in a statement on Tuesday.

Deadly UAE drone strikes raise risk in key oil-producing region

Iran-backed Yemeni fighters launched drone strikes on the United Arab Emirates that caused explosions and a deadly fire outside the capital, Abu Dhabi, ratcheting up security risks in the oil-exporting region at a critical time.

Russia missing OPEC targets as some members struggle to keep pace

Russia may be able to deliver only about half of its scheduled increases in crude production over the next six months, joining the ranks of OPEC+ nations that are struggling to ramp up even as fuel demand rebounds from the pandemic.

BP and Oman form renewable energy and hydrogen development strategic partnership

BP and the Ministry of Energy and Minerals in Oman signed a Strategic Framework Agreement and a Renewables Data Collection Agreement which will support the potential development of a multiple gigawatt, world-class renewable energy and green hydrogen development in Oman by 2030.

Colombia’s presidential favorite seeks global coalition to end fossil fuels

Colombia’s presidential front-runner Gustavo Petro is calling on ideological allies across Latin America and the world to join him in forming a new bloc to lead the economy away from fossil fuels.

Russia denies responsibility for Europe’s winter energy crisis

Russia has nothing to do with the energy crisis in Europe, Deputy Prime Minister Alexander Novak said, rejecting allegations from the International Energy Agency that it’s holding back supplies and driving up prices of natural gas.

Vitol sees bullish oil price pattern continuing on tight global crude supply

The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies.

IEA believes Canada’s status as an oil power threatened by net-zero goals

Canada will face challenges in retaining its status as a global oil and gas power in a world transitioning toward net zero carbon emissions by mid-century, the International Energy Agency said.

Op-Ed: Texas’ top energy resolutions for 2022

Wayne Christian

The new year is shaping up to be an important time for the energy security of our state and nation, and while there are many important issues to face, here are my top five energy resolutions for 2022.