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CERAWeek Day 1 : The opening

Por Todd Peterson/Petroleumworld

Petroleumworld 03 12 2019

Monday is opening day of a week full of information and interaction covering the energy world and much more. Today the focus is more geopolitical but still very energy focused.
The day started with an opening from Carlos Pascual, Senior VP HIS Markit and a panel of executives from the Center for Strategic and International Studies, The Brookings Institute, Morgan Stanley to talk Geopolitics, Also was Angela Stent a professor, for Eurasian Studies who recently wrote a book. After, she was so kind to autograph her book “Putin’s World: Russia Against the West and the Rest”.

Daniel Yergin in his opening tackled Fuels of the Future: The new rivalry with the CEO’ of Royal Dutch Shell pl, Total S.A. and Cheniere. Mr. Yergin followed up with technology and a presentation and dialog with, Andrew R. Jassy CEO, Amazon Web Services (AWS). AWS is one of the fastest growing business lines for Amazon and one of the most important. The cloud service AWS provides will help people in ways yet to be imagined and artificial intelligence will help lead the way.

The luncheon speaker was Andrew Wheeler, Administrator of US Environmental Protection Agency (EPA). As part of the Trump administration he pointed out how their policy has help transform the economy by increasing production, protecting the environment, making the USA the largest producer of energy and very importantly lowering the cost of energy for Americans.

The EPA was followed by Eldar Saetre CEO, Equinor one of the largest international oil and gas companies in the world based in Norway. For decades they were known as Statoil. Mr. Saetre reminded the audience of Norway’s leadership in environmental protection, leadership in offshore and technological advancements in areas including shale. Their policy is that it is better to be a leader than being led by regulations.

In a sperate session Lisa Davis of Siemens talked about the company’s strategy to invest in and hire individuals in the digital area. The challenge being that there is a shortage of candidates with educational or experience in the field. Siemens is on of the leaders in engineering and technology for 170 years. On the same panel was Miyanaga san President and CEO of Mitsubishi Heavy Industries (MHI). MHI is over 100 years old and a world leader in engineering, electrical equipment, ship building, aerospace, LNG to name a few and one of the core companies of the Mitsubishi Group. Miyanaga san talked about their project to develop offshore Japan a wind farm. There are many challenges as the ocean around Japan I different from other places were wind has been developed. Because of the coast of Japan new technology will be needed to construct deeper pilings to support the turbines. No small challenge.

We also heard from Dr MM Kutty, Secretary of Petroleum & Natural Resources of India. He described a very impressive description of current demand in his home country. First is that India is one of the fastest growing economies on the planet, growing almost 8% per year.

It is also one of the fastest growing energy consumers with natural gas consumption growing about 4-5%. He also described a large potential of domestically produced energy. In other words, India is going to be a major player in the world energy industry.

There was another presentation by Hou Qijun, VP, China National Petroleum Corporation (CNPC). CNPC has a history going back decades. There mission started supplying the domestic market. They have since grown into a international company. They are now the largest producer of oil and gas in China.

Towards the end of the day the attendees heard from several USA politicians. Their message was positive and negative. Two Senators, Lisa Murkowski from Alaska and Joe Manchin from West Virginia. Both are on Natural Resource and Energy committees. Big jobs to be sure. The good news is that some progress has been made in the past such as opening ANWR, relaxing burdensome regulations and helping coal. The bad news is that with the current discourse in Washington little will get done until there is a change.

The head of OPEC and the Energy Information Agency where among the last to speak. OPEC sees a bright future for oil consumption. The IEA also sees oil and gas playing an important role for many years to come. Renewables will impact oil and gas production and consumption but not for many many years. As the USA continues to ramp up production it will be interesting to see how OPEC will have such an influence on global prices.




Story by Todd Peterson from Petroleumworld


petroleumworld .com 03 11 2019


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