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Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth

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The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday.

According to the oil executive, the industry continues to see underinvestment as spending on exploration and new projects has not recovered enough from the recent downturn.

“The big message here has been the industry is not investing enough. Investment is down 50 percent from where it was three or four years ago and hasn’t really recovered,” Jafar told CNBC on the sidelines of an OPEC conference attended by many oil industry executives.

“Actually, what we have seen in this meeting is we need to add another Iraq or North Sea every year and it is not clear where it is coming from,” Crescent Petroleum’s chief executive noted.

Currently, the global oil industry has an image problem, with the majority of the public thinking that it’s a dying industry and “not important anymore,” Jafar said, but added that oil and gas still meets 60 percent of global energy output, compared to the 3-percent share met by renewables.

Earlier this month, BP’s Group Chief Financial Officer, Brian Gilvary, said that “We’re not seeing under-investment coming through yet.”

In March, Saudi Aramco’s president and chief executive Amin Nasser warned that the industry would need to invest more in exploration, after record-low discoveries last year.

According to Nasser, the industry—which has already lost US$1 trillion in investments during the downturn—needs more than US$20 trillion over the next 25 years to meet rising demand for oil and gas.

More recently, higher oil prices and lowered development and project costs have led to cautious optimism and measured risk-taking within the industry that is set to see an uptick in global oil investment this year, energy consultants Wood Mackenzie say.

By Tsvetana Paraskova for Oilprice.com



290 Comments on "Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth"

  1. MASTERMIND on Tue, 26th Jun 2018 7:26 pm 

    Jesus fucking christ..Davy and greg you two are fucking losers..squealing all day at people yow dont know and will never meet..

    Give it a rest for gods fucking sake..People like you two are the reason most sites have moderators..There is always someone who ruins everything for everyone..

  2. Davy on Tue, 26th Jun 2018 7:27 pm 

    shut up kid, at least we have shut out some of your useless redundant drivel. that is one good thing about this stupidity.

  3. Duncan Idaho on Tue, 26th Jun 2018 7:28 pm 

    “You look at prices of stocks, real estate, anything. We’re going to have to mean revert to a normal real rate of interest with a normal term premium that’s existed for 250 years. We’re going to have to get back to that. We’re going to have to get back to a sustainable fiscal policy and that probably means the price of assets goes down in the very long run.”

  4. Makati1 on Tue, 26th Jun 2018 7:30 pm 

    Greg, Davy is so mentally fucked up, he cannot last much longer. A mental breakdown is in his future or maybe a school shooting or other”terrorist” act? I’m glad I am not his neighbor or a family member.

    He is a stalker. No one here tries to find out so many details about the other contributors as he does. Imagine someone actually spending time trying to find out where I, a stranger, live. I’m about 8,500 miles from Missouri. He never met me and never will. He is the last person on this planet that I would want to meet or befriend.

  5. JuanP on Tue, 26th Jun 2018 7:30 pm 

    Delusional Davy “I have prevented this board from becoming an extremist magnet and you hate that. I have achieved my goals and you hate that. You can’t stand the fact that 5 of you at one time come at me and you can’t run me off. This has been going on for years too. This is not the first time several of you extremist have ganged up on me and like last time I have handed you your asses. You would think you dumbasses would learn. What a bunch of pussies that have to gang up to do a fight.”

    I really enjoy reading your delusions! You are completely disconnected from reality. Do you actually believe the crap you write? I find hard to believe that you can talk yourself into believing all that crap. You are either a compulsive liar, a lunatic, or both? What do you see yourself as?

  6. Makati1 on Tue, 26th Jun 2018 7:31 pm 

    Duncan, yes and the fall will destroy America.

  7. GregT on Tue, 26th Jun 2018 7:32 pm 

    I am not going to shut up Davy.

    My username is not greggie, grehhger, grehggie, or grehgster. I do not appreciate being called a pussy, a loser, stupid, a dumbass, an extremist, anti-American, a moron, or any one of the other hundreds of slanders that you continue to make against me.

    I have absolutely had enough of your constant bullshit Davy.

    Learn how to treat people with a basic level of common courtesy and respect, put an end to the constant personal attacks against both myself and others, or this does not stop.

  8. JuanP on Tue, 26th Jun 2018 7:35 pm 

    Mak “Davy is so mentally fucked up, he cannot last much longer. A mental breakdown is in his future or maybe a school shooting or other”terrorist” act?”

    I hope he doesn’t hurt others, but I have no doubt that Davy’s life will not have a happy ending.

  9. Anonymouse1 on Tue, 26th Jun 2018 7:47 pm 

    When ‘we’ quit sending food to Asia. ‘We’? What exactly do you have to say about what amerika ships where, exceptionalturd?

    Then again, I suppose your ‘farm’, could stop shipping its principle crops, weeds, dandelions, switch-grass and moss to Asia I suppose. That would teach ‘Asia’ not to mess with the excpetionalturd, right? I assume this is what you meant by ‘we’.(you really).

    I am sure the response from ‘Asia’ to your unilateral suspension of agricultural exports to that region will be…..worth watching. I hope you are prepared for a trade war with Asia on your ‘farm’. You could find it difficult getting replacement parts for that old ijunk you use you know. Might want to re-consider your stance on this export ban you are apparently spearheading.

  10. MASTERMIND on Tue, 26th Jun 2018 7:57 pm 

    Oilsands Outage Could Mean North American Oil Shortage: Goldman Sachs

    https://www.huffingtonpost.ca/2018/06/26/syncrude-outage-oil-shortage-north-america_a_23468490/

  11. Boat on Tue, 26th Jun 2018 8:00 pm 

    Why would anybody want to deport an immigrant unless guilty of serious crime. Deportation is crazy talk. These far right heathens need to learn a little compassion.

  12. JuanP on Tue, 26th Jun 2018 8:04 pm 

    This article helped me understand people like Davy and Boat.
    https://www.strategic-culture.org/news/2018/06/26/american-totalitarianism-and-culture-fake-news.html

  13. Makati1 on Tue, 26th Jun 2018 8:08 pm 

    Anon, if the Us stopped shipping food to Asia, the American farm industry will collapse. “Asia” could manage quite well without that Us export. For instance, farm products the Us exports to the Ps is about $3B/yr. That equates to less than $ 0.08 per day, per capita. Hardly noticeable.

  14. Boat on Tue, 26th Jun 2018 8:08 pm 

    Mm

    How much oil is in US storage now. Now subtract 350,000 BPD for a month. This is how you judge oil disruptions. Math. College kids with no learning. And all that debt… mercy.

  15. Makati1 on Tue, 26th Jun 2018 8:15 pm 

    Excellent article, JuanP. I found that to be personally true during my recent visit to the American Police State. It was difficult to discuss current events without having to explain the difference between facts and opinion. Mostly, I just gave up and talked about the weather. lol

  16. MASTERMIND on Tue, 26th Jun 2018 8:20 pm 

    Boat

    I just posted the fucking article..Stop assuming you know everything you little turd..You are going to be eaten in a few years anyways..And when the oil shortage hits you will see hyperinflation like a mother fucker..Get ready to pay 100 dollars for a loaf of bread..

    LMFAO!

  17. Anonymouse1 on Tue, 26th Jun 2018 8:24 pm 

    For certain Mak, the uS needs export markets to ship its overproduced, subsidized frakenfoods to. Otherwise, the uS industry would collapse down to a more appropriate size. All true, but my main concern was this pending trade embargo the exceptionalturd seems to be…..spearheading. I just wonder if the exceptionalturd is prepared for any retaliatory trade measures against the eturds farm they might take, and how ‘Asia’ will survive without the imports from said delusionalists ‘farm’.

  18. MASTERMIND on Tue, 26th Jun 2018 8:40 pm 

    The old get old and the young get stronger..

  19. MASTERMIND on Tue, 26th Jun 2018 8:49 pm 

    China’s economic statistics show troubling inconsistencies

    https://asia.nikkei.com/Economy/China-s-economic-statistics-show-troubling-inconsistencies

  20. Makati1 on Tue, 26th Jun 2018 8:52 pm 

    MM, you are aware that at about age 25, the male human starts to age. You are past peak reproductive age, which is all evolution cares about. You are getting older and your body is already wearing out. I would be careful what you say about age. If you are lucky you too will get there. lol

  21. Makati1 on Tue, 26th Jun 2018 8:55 pm 

    Anon, Asia does not need dandelions and crabgrass or goat shit from Davy’s “farm”. We have our own goats, and most of our “weeds” are edible. I have never seen one dandelion here in my 10+ years. I hope I never do. Nor is there poison ivy. A great place to live. lol

  22. MASTERMIND on Tue, 26th Jun 2018 9:15 pm 

    Madkat

    If I was you I would be worried about pooping my paints at night..

    LMFAO!

  23. GregT on Tue, 26th Jun 2018 9:47 pm 

    Test

  24. MASTERMIND on Tue, 26th Jun 2018 9:49 pm 

    This world is going to shit so fast I can’t imagine why anyone would want to have kids anymore..

  25. GregT on Tue, 26th Jun 2018 9:52 pm 

    Then go and see your doctor and get a vasectomy MM.

  26. Makati1 on Tue, 26th Jun 2018 9:53 pm 

    MM, If I were you, I wold be worried about how I was going to survive another year. But then, you are a coward and cannot face the future so you plan to off yourself at the first signs of pain.

    You have a very delusional picture of old age obviously. I have never know anyone who needed to worry about “pooping their pants at night” once they were about one year, or so, old. My family lives into their late 80s and early 90s and never have such problems. Nor will I.

  27. GregT on Tue, 26th Jun 2018 9:56 pm 

    “If I was you I would be worried about pooping my paints at night..”

    Incontinence is not uncommon amongst people 20 years of age and older MM. Be careful what you wish for.

  28. Anonymouse1 on Tue, 26th Jun 2018 9:57 pm 

    The exceptionalturd is giving ‘Davyturd’a rest, and flinging poo as his favorite, and equally dumb and foul, alter-ego, ‘mushmind’ I sees….

  29. GregT on Tue, 26th Jun 2018 10:33 pm 

    “The old get old and the young get stronger”

    Young or old, everyone gets older MM. Strength doesn’t have as much to do with age, as it does with how much physical exercise one gets, however the longer a person remains out of shape, the harder it is to get back into shape.

    You do have a daily physical exercise routine, right MM?

  30. MASTERMIND on Tue, 26th Jun 2018 10:42 pm 

    They hated Jesus because he told them the truth..

    https://imgur.com/gallery/Qlm2rHw

    LMFAO!

  31. MASTERMIND on Tue, 26th Jun 2018 10:55 pm 

    ANTIFA TORCHES MCDONALD’S

    https://www.youtube.com/watch?v=RPV-FKY8nuo&feature=youtu.be

  32. Makati1 on Tue, 26th Jun 2018 11:30 pm 

    For MM…

    http://www.youthdiapers.com/youth-incontinence-supplies

    LOL

  33. MASTERMIND on Tue, 26th Jun 2018 11:43 pm 

    Madkat

    My nephew is going to be coming out of diapers, right as you are going into them..

    LMFAO!

  34. MASTERMIND on Tue, 26th Jun 2018 11:44 pm 

    Anarchism is our future!

  35. GregT on Tue, 26th Jun 2018 11:46 pm 

    “Anarchism is our future!”

    One can only hope.

  36. GregT on Tue, 26th Jun 2018 11:54 pm 

    “My nephew is going to be coming out of diapers, right as you are going into them”

    If you really do have a young nephew MM, which is highly doubtful, now would be a very good time to grow some balls.

  37. Makati1 on Wed, 27th Jun 2018 12:23 am 

    Nah, Greg, he doesn’t have any. Never will. He only has immature putdowns like Davy. He cannot seem to understand that the world is not as he sees it or wants it to be. He lives in a parallel world like Davy where only his delusions have substance.

    He cannot face reality or the future, whereas, I look forward to it and the challenges it will present. I hope to watch the Us fall. It cannot happen soon enough. The rest of the world will give a sigh of relief when it happens, I think.

  38. Cloggie on Wed, 27th Jun 2018 1:50 am 

    Millimind screams “Anarchism is our future!”

    Historically, anarchism is the breakdown of the old order, a brief period in time, characterized by lawlessness, murder and mayhem… until a new order is imposed.

    The old order, aka the US empire, will collapse and make way for an identitarian (“racist”) multipolar world order. DJT is the undertaker of the US empire, like Gorbachev was the undertaker of the Soviet empire.

  39. MASTERMIND on Wed, 27th Jun 2018 8:42 am 

    Madakt

    The collapse will be global..You are just scared because you are a weak old man..You are in a “Deep State” of denial..And you are asleep at the wheel..Typical for an old crabby prune..

    LMFAO!

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