By: InsideEV - Elon Musk has announced he thinks that the world will reach peak oil demand within the...
By: InsideEV - Elon Musk has announced he thinks that the world will reach peak oil demand within the next five years, which seems to be in-line with what the International Energy Agency (IEA) predicted in a report it published in late 2022. The IEA said the demand for oil would level off around the middle of this decade and then start to go down towards the year 2050 (and presumably beyond).
According to IEA Executive Director Fatih Birol,
Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come. Even with today’s policy settings, the energy world is shifting dramatically before our eyes. Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable and more secure energy system.
The IEA also presents several possible scenarios that will affect when peak oil demand is reached.
"Oil Demand Could Plunge By 30% Over Next 5 Years" Cathie Wood
By: MarketWatch...
By: MarketWatch - Crude-oil prices are up thus far in 2023, but fund manager Cathie Wood sees a substantial drop in global oil uptake that could result in a powerful swing lower for the fossil fuel.
“We believe that the demand for oil,” estimated to be at about 100 million barrels a day, “is going to drop over the next five years” by 30%, Wood said on Thursday during a quarterly seminar for clients of ARK Invest’s suite of funds.
That’s “because of not only electric vehicles and the increased in electric-vehicle miles,” but also autonomous taxi services, Wood predicted, referencing her popular holding, Tesla Inc.
By: EnergyNewsLive - Harbour Energy, one of the largest ...
By: EnergyNewsLive - Harbour Energy, one of the largest North Sea oil and gas companies has said it will cut jobs following an increase in the windfall tax for oil and gas production profits, the Energy Profits Levy (EPL).
A few months ago, the government announced the EPL will rise from 25% to 35%, as part of its measures to tackle the cost of living crisis.
Although the energy giant has not yet confirmed how many employees will be made redundant, it has been reported that most of those will be Aberdeen-based.
A Harbour Energy spokesperson told ELN: “Following changes to the EPL, we have had to reassess our future activity levels in the UK.
Reuters - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations.
While SLB's continued embrace of Russia has drawn sharp criticism, interviews with two people close to the company and industry sources, as well company documents reviewed by Reuters show SLB's decision to help Russia increase oil and gas production with its services and drilling equipment has paid off.
Chesapeake Energy Announces Sale Of Initial Eagle Ford Package
PRNewswire - Chesapeake Energy Corporation (NASDAQ:CHK) today announced that it has entered into an agreement...
PRNewswire - Chesapeake Energy Corporation (NASDAQ:CHK) today announced that it has entered into an agreement to sell the Brazos Valley region of its Eagle Ford asset to WildFire Energy I LLC for $1.425 billion.
"Today marks an important step on our path to exiting the Eagle Ford as we focus our capital on the premium, rock, returns, and runway of our Marcellus and Haynesville positions," said Chesapeake President and Chief Executive Officer Nick Dell'Osso. "We remain actively engaged with other parties regarding the rest of our Eagle Ford position."
Chesapeake has agreed to sell approximately 377,000 net acres and approximately 1,350 wells in the Brazos Valley region of its Eagle Ford asset, along with related property, plant, and equipment. The average net daily production from these properties was approximately 27,700 barrels of oil equivalent (boe) (85% liquid) during the third quarter of 2022. As of December 31, 2021, net proved reserves associated with these properties were approximately 96.8 million barrels of oil equivalent (mmboe).
