Valor | Energy Connection – Aug. 26, 2024

August 26, 2024 Edition

At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.

1. Exxon Projects 2050 Oil Demand to Equal Current Levels, Surpassing BP’s Estimate by 25%
2. Summary: Exxon Mobil expects global crude demand to remain above 100 million barrels per day through 2050, a forecast 25% higher than BP’s, supporting its ambitious production growth plans.
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• Texas Upstream Employment Shows Uptick Amid Record Permian Production
• Summary: Employment in Texas’ upstream oil and gas industry rose by 1,600 jobs in July versus June, according to the Texas Independent Producers and Royalty Owners Association (TIPRO).
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• New Zealand to Push Through Law to Reverse Ban on Oil and Gas Exploration
• Summary: New Zealand announced it will pass laws by year-end to lift the ban on offshore oil and gas exploration and quickly remove regulatory barriers to LNG imports amid energy shortages. The law would end the ban, in place since 2018, on exploration outside onshore Taranaki, an energy-rich region on the country’s North Island as the right-of-centre government plans to lure investment to the country’s oil and gas sector.
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1. Oil Prices Surge Nearly 3% Amid Middle East Tensions and Libyan Production Cuts
2. Summary: Oil prices surged nearly 3% on Monday due to escalating Middle East tensions and production cuts in Libya, raising concerns over global supply. Oil prices jumped after Libya’s eastern-based government announced the closure of all oil fields on Monday, halting production and exports.
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• Billions Flow into U.S. Offshore Wind Despite Ongoing Setbacks
• Summary: The US aims to significantly expand its offshore wind capacity with strong government support, but the industry has faced setbacks like project delays and financial challenges for major players. Despite this, foreign investors such as Equinor and Vestas remain committed, drawn by the potential for growth and government incentives.
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• U.S. Oil and Gas Rig Count Falls for Second Week
• Summary: New data from Baker Hughes on Friday shows a decline in the total number of active oil and gas drilling rigs in the United States this week, dropping by 2 to 586. This is down from 642 rigs at the same time last year.
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