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Oil Production

Voices: I worked at Shell for 33 years – the government is wrong on North Sea oil

I was a principal scientist for the oil company Shell, for which I worked for 33 years. I have a degree in aeronautical engineering and a PhD in fluid mechanics.I recently read a letter from the business and energy secretary, Kwasi Kwarteng, in which he tries to justify government plans to encourage investment in new North Sea oil and gas. He says it would “protect Britain’s energy security” and smooth the “transition to cheap, clean, home-grown energy”, as well as cutting energy bills. But expanding North Sea oil will do none of those things, for several reasons. We don’t own the...
ENERGY INDUSTRY
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Phys.org

New study maps financial ownership of over $1 trillion of the fossil fuel industry's projected 'stranded asset' loss

Driven by technological, societal and political change, renewable energy technologies are progressively replacing fossil fuels. Under an expectation that governments will fulfill their net-zero emissions pledges, these changes will accelerate, with the consequence that current oil and gas assets may be overvalued by more than $1 trillion, a figure that exceeds the subprime housing mispricing that triggered the 2007-2008 financial crisis.
ENERGY INDUSTRY
RELATED CONTRIBUTORS

Windfall Taxes Will Raise Price of Crude, Analyst Sen Says

Energy Aspects founder and Director of Research Amrita Sen says so-called windfall taxes on the profits of oil and gas companies are a production disincentive that will lead to higher oil prices. "What's the incentive in the US to continue producing if you're just going to be taxed?" Sen says on Bloomberg Television. "If that happens then crude prices go up even further."
ENERGY INDUSTRY
CNBC

Oil on track for weekly rise amid global supply concerns

Oil prices were on track for weekly gains Friday, supported by a prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil. Brent crude was down 16 cents, or 0.1%, at $117.24, and...
TRAFFIC
RELATED PUBLISHERS

Gas prices hit record highs—again

LANCASTER, Pa. — Gas prices hit new records—again—this week. Energy experts predict costs will eventually go down, but not anytime soon. Gas prices are mostly set weeks or months in advance due to long-term planning around production. During the pandemic, people drove less. Vehicle miles traveled fell...
LANCASTER, PA
rigzone.com

Shots Fired During Tanker Loading

Protesters at Port of Marsa al Hariga, Libya, fired shots in a failed attempt to halt operations and stop the loading of one million barrels of crude to a berthed tanker, Dryad Global’s latest Maritime Security Threat Advisory (MSTA) has revealed. “Protesters were prevented from entering the port. The...
PUBLIC SAFETY
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Marketmind: Get your motor runnin'

A look at the day ahead in markets from Sujata Rao. So what if oil prices are up 50% this year? The long Memorial Day weekend will see some 39 million Americans hitting the road and driving at least 50 miles, up 8.3% from a year-ago, the American Automobile Association predicts.
TRAFFIC

Morning Bid: Get your motor runnin'

A look at the day ahead in markets from Sujata Rao. So what if oil prices are up 50% this year? The long Memorial Day weekend will see some 39 million Americans hitting the road and driving at least 50 miles, up 8.3% from a year-ago, the American Automobile Association predicts.
TRAFFIC