Discussion: do you see secretary Rex W. Tillerson having any positive or negative influence on the current state of American offshore oil production?
Not unless he flys over to the ME and holds a gun to every OPEC member head and forces them to quit pumping it out of the ground and giving huge discounts.
[QUOTE=Fraqrat;195950]Not unless he flys over to the ME and holds a gun to every OPEC member head and forces them to quit pumping it out of the ground and giving huge discounts.[/QUOTE]
Tillerson is bound to be good for US oil drilling. So arexRick Perry, Ryan Zinke, and Wilber Ross.
Unfortunately, the prospects for renewed offshore drilling are not looking good. Exxon has recently announced that it is redirecting 50 percent of its worldwide exploration budget to US Shale drilling (on land). Shale drilling is relatively low cost and very low risk (no dry holes).
The North Dakota shale oilfields are taking off again. I know people who are being called back.
[QUOTE=tugsailor;195953]Tillerson is bound to be good for US oil drilling. So arexRick Perry, Ryan Zinke, and Wilber Ross.
Unfortunately, the prospects for renewed offshore drilling are not looking good. Exxon has recently announced that it is redirecting 50 percent of its worldwide exploration budget to US Shale drilling (on land). Shale drilling is relatively low cost and very low risk (no dry holes).
The North Dakota shale oilfields are taking off again. I know people who are being called back.[/QUOTE]
Maybe non-OPEC countries need to reduce their Crude Oil production, or at least slow any growth, to get oil prices to raise and, eventually deep water exploration to return.
But why would they, unless they are net-exporters, like Norway. (USA is not yet a net Exporter I believe??)
As long as everybody is pumping for their bare life, while blaming OPEC for the low prices, we will not see any change above present rate of $50-55/Bbls., which make shale oil production in the US economical, while deep water is not.
With the change towards LNG and renewables, the demand for oil is not expected to grow much in the future, so the best advise is: Get with it and let dying industries do just that.
It will not happen overnight, but it is unavoidable that the world will switch away from oil, regardless of what Trump does and tweets. He may be able to slow development in USA, but not in the rest of the world.
Even Saudi Arabia is preparing for the day that oil is no longer king: https://www.pv-magazine.com/2016/06/15/saudi-arabias-first-global-tender-seeks-100-mw-of-solar-pv_100024989/
Looks like this fellow is just as pessimistic as me when it comes to recovery of the oil price: http://splash247.com/bp-boss-warns-oil-price-unlikely-rise-next-five-years/
He’ll be good for Exxon shareholders.
It looks like Exxon is making a move on BP.
[QUOTE=AHTS Master;196045]It looks like Exxon is making a move on BP.[/QUOTE]
That’s been a rumor since 2010. I wonder if something may actually happen now. And will it pass anti-trust scrutiny?
Hopefully, anti-trust will block the proposed Exxon / BP merger
I certainly hope anti-trust blocks it