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Page added on March 5, 2018

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Energy leaders gather in Houston for the ‘Oil Man’s Davos’

Business

Around 4,000 leaders of the global energy industry will gather in Houston, Texas today for the CERA Week forum — the annual event that has been called the “Oil Man’s Davos.”
Top of the agenda, under the theme “Tipping Point — Strategies for a new energy future,” will be the new dynamics of the oil industry, with the emergence of the US as an energy-exporting power and a realignment of the traditional exporters under the new-found alliance between Saudi Arabia and Russia, the two biggest oil producers.
There will be a big contingent from the Kingdom and the other energy players in the Gulf. The Saudi Aramco team will be led by Amin Nasser, the chief exec-
utive, with a UAE delegation under energy minister Suhail Al-Mazrouei.
The creation of Daniel Yergin, the energy expert best known for his Pulitzer Prize-winning book “The Prize,” the event is in its 37th year, having been launched when Yergin and partners started Cambridge Energy Research Associates, an energy policy think- tank, in 1983.
Yergin said: “Nasser will deliver a keynote that will be of intense interest. He will have a most attentive audience. I will introduce him by pointing to the historic significance of having the CEO of Aramco speaking in Houston.
“The oil industry is being reshaped by the new relationship between OPEC and non-OPEC producers, and the rebound of shale, which has its own dynamics. Investors are making new demands on shale producers. We will hear a lot about the need for long-term investment,” he added.
“Last year the big discussion was about peak demand, this year it has shifted to energy transition. But what does that mean and when will it happen? There will be a lot of debate about renewables and climate policy,” Yergin said.
The announcement of President Trump on introducing tariffs on steel and aluminum, signaling a possible “trade war” between the US and the rest of the world, will also figure high on the agenda.
“There will be a lot of concern about the impact of trade battles on energy flows. The question is: What is happening to globalization?” Yergin added.
There will also be intense interest in the effects electronic vehicles will have on energy trends, with demand for traditional petrol engines set for long-term decline.
“There will be a huge focus on the new mobility and how that will affect cars and oil demand. There are key questions around the timings of electronic vehicles. I’m very much looking forward to hearing Mary Barra, the chief executive of General Motors. People will hang on every word,” Yergin said.
There will be a big emphasis on innovation and technology in the energy industry, with 180 speakers at the events in Agora, the conference’s high-tech center. “It shows you where the head of the energy is at: Innovation,” said Yergin.
Leading policymakers will also be present at the meeting, including Rick Perry, US energy secretary, Fatih Birol, executive director of the International Energy Agency, and Mohammad Barkindo, secretary general of Opec.

arabnews



7 Comments on "Energy leaders gather in Houston for the ‘Oil Man’s Davos’"

  1. Davy on Mon, 5th Mar 2018 6:38 am 

    It should be a wonderful meeting if Yergin is involved…cough cough.

  2. rockman on Mon, 5th Mar 2018 10:13 am 

    Davy – I thought about attending but had planned to see the new “Black Panther” movie.
    Guess which way I’ll go. LOL

  3. Anonymous on Mon, 5th Mar 2018 9:26 pm 

    I’m sure Yergin is bumming that no peak oilers decided to shovel out the $8500 per head for attending the conference. He seems to be sitting pretty compared to ASPO and TOD.

  4. MASTERMIND on Mon, 5th Mar 2018 9:40 pm 

    The End of the Oil Age is Imminent!

    Recently, the HSBC oil report stated that 80% of conventional oil fields were declining at a rate of 5-7% per year. This means that there will be an oil shortage of ~30 million barrels per day by 2030 and ~40 million barrels per day by 2040.
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

    What is mentioned far less often is that annual oil discoveries have lagged annual production since the 1980s.
    https://imgur.com/a/6dEDt

    Now, this problem has nothing to do with the recent decline in the oil price, which started in 2014. This has been an on-going problem for the past 30 years. Now, the IEA is predicting oil shortages by ~2020 due to declining exploration.
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Here, the IEA blames this problem on the low oil price. But, this problem started in the 1980s. The problem is geological: we are running out of conventional cheap oil. Shale and tar sands are not the answer, either. Those resources are far too expensive, compared to conventional oil, because the global economy is based on cheap conventional oil. Expensive oil is not a replacement for cheap oil.

    Based upon the HSBC report and the IEA, the End of Oil Age will start around ~2020: there will be a dramatic economic depression due to exhaustion of cheap oil. This will cause a global economic collapse.

  5. MASTERMIND on Mon, 5th Mar 2018 9:41 pm 

    Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently….

    https://imgur.com/a/6dEDt
    http://www.nature.com/nature/journal/v481/n7382/full/481433a.html
    http://www.sciencedirect.com/science/article/pii/S0301421509001281
    http://www.sciencedirect.com/science/article/pii/S030142151300342X
    http://www.sciencedirect.com/science/article/pii/S0016236114010254
    http://www.geo.cornell.edu/eas/energy/the_challenges/peak_oil.html
    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

  6. MASTERMIND on Mon, 5th Mar 2018 9:42 pm 

    As M. King Hubbert (1956) shows, peak oil is about discovering less oil, and eventually producing less oil due to lack of discovery.
    https://imgur.com/a/6dEDt

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Saudi Aramco CEO sees oil shortage coming as investments, oil discoveries drop
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

    Peak Oil Vindicated by the IEA and Saudi Arabia

  7. Anonymous on Tue, 6th Mar 2018 1:08 pm 

    You probably made the right call, Rock. Looking at some of the videos and it looks very stuffy. Lot of OPEC ministers and super big companies. The recent NCIS conference on US LTO was much more focused and much more interesting. With some debate and less platitudes, more specific content.

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