Category: Drill, Baby, Drill

“The IEA’s bold assertions have had a rendezvous with reality”

Climate Cult Drill, Baby, Drill 8 Comments

Bloomberg: IEA Now Says Oil Consumption Could Keep Growing to 2050

The International Energy Agency further tempered its stance on an imminent peak in oil demand, reinstating a scenario in which global consumption keeps growing to the middle of the century.

While oil demand was set to plateau or fall this decade in all three scenarios the IEA examined last year, the latest report reintroduces a “Current Policies Scenario” in which consumption rises 13% by 2050. The stronger outlook hinges on a slower pace of electric vehicle adoption.

The revival of the CPS after a five-year hiatus marks the latest revaluation of oil’s long-term prospects by the agency and the wider energy industry. It also comes at a time when the White House is held by an administration that both champions fossil fuels and attacks renewable energy sources.

Forecasts from the Paris-based IEA — established following the 1973 oil shock — are used globally as a benchmark by governments and energy companies for planning policy and investments. The agency’s analysis may provide sobering reading for delegates gathering in Brazil this week for the United Nations-sponsored climate talks known as COP30.

The report on Wednesday is another shift in tone for the agency, which in September said that billions of dollars need to be invested in new oil and gas supplies — having previously drawn fire for saying that such investment was incompatible with climate goals. Republican lawmakers have assailed the agency and sought to cut its funding.
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If you can’t build a big pipeline, do you build small?

Drill, Baby, Drill 4 Comments

So it looks like a minor pipeline expansion of the Enbridge Mainline is in the works:

Enbridge has no plans to apply for national interest project as it tackles expansions.

And one of the companies that feeds those pipelines is Canadian Natural Resources:

Canadian Natural president awaiting more detail on Ottawa’s climate plans

And here’s a nice little video showing life on a drilling rig.

 

Drill Baby, Drill

Alternative Subsidy Drill, Baby, Drill Ethical Energy 4 Comments

Industry analyst Anas Alhajji;

More than 200,000 people are attending ADIPEC this year. The expo is the largest energy expo on earth. It would take a person two days to go through it. The large presence of Russian and Chinese companies is noticeable.

The most important takeaways are these:

∙ There is no energy transition, only energy addition
∙ Energy reinforcement, not replacement.
∙ Demand for oil will continue to grow
∙ OPEC: Investment of $18.2 billion is needed to meet oil demand by 2050.
∙ Innovation is more important than regulation
∙ AI is changing the energy industry

More from AOIPEC: U.S. Secretary Doug Burgum Defends Fossil Fuels, Challenges “Energy Transition” Narrative

Oil’s Well

Drill, Baby, Drill Gradually Then Suddenly It's Probably Nothing 3 Comments

An economy in recession doesn’t need as much oil as one that grows. Who knew? More evidence that the marginal consumer is throwing in the towel.

Investors and analysts have spent much of the year embracing the view that the oil market, which has been in oversupply mode, is heading straight for a glut through 2026 — and that glut could reach as high as 4 million barrels per day (b/d) and depress global prices even further along the way.

We won’t be screwed again

Drill, Baby, Drill 13 Comments

The Churchill Falls agreement in the 1970s was one of the most lopsided imaginable, with Quebec getting thousands of megawatts of energy for a fixed price that today is so negligible to be almost considered free. Yet Newfoundland has all but starved in the decades hence. That agreement is now being renegotiated and was a major point in Tuesday’s election.

In other words, the Newfies just voted for a government that’s not going to let them get screwed again.

And for perspective, at 5428 megawatts, Churchill Falls is capable of producing more power than every single generator in Saskatchewan – coal, natural gas, wind, solar, hydro, biomass and the kitchen sink – combined.

Progressive Conservatives win majority government in Newfoundland and Labrador, with Quebec power deal a major issue

Also:

B.C. Premier Eby says lifting the tanker ban would sink billions in ‘real’ projects

Change is a constant in the universe, but many oilfield services are feeling the brunt of it

Drill, Baby, Drill 20 Comments
This is the heart of the Viewfield Bakken, just two miles west of Stoughton with Highway 13 on the north edge. Count all the wells in this two-section block highlighted in yellow. Half of those wells cover the other side of the road. The remaining are within these two sections. It is now possible to essentially replace all of those wells with just one, singlular open hole multi-lateral with two mile-long laterals. And three mile-long laterals are on their way, which would add one more section. In this case, there are 23 lease pads within that block (not counting the ones on the north side of the road). Similar exposure to the reservoir can now be done with just one lease pad. Google Earth.

My stomach has been tied up in knots for months as to whether I should write this story. In Saskatchewan, most of the oilfield jobs are in the oilfield services. And I’ve had more conversations than I can count as to “why things are slow.” It’s not just oil prices, which aren’t great. There is a major technological change that is happening that is impacting much of the industry. I finally decided people need to know what is actually going on in as fulsome way as possible.

I’ve always told my kids, “Do you want me to sugar coat things or tell it to you straight?” They’ve always wanted it straight. So that’s what I’m doing here.

The ‘next big thing’ is big multi-lateral wells – but the impact is devastating to many oilfield services

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