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CERAWeek Update: Oil still main driver of OPEC economies: Barkindo


OPEC Sec-General Barkindo (center) pointed out the lack of industry investments anywhere else other than shale at a joint session with IEA's Fatih

Play video: Ecopetrol Can Learn From U.S., CEO Bayon Says

- Rick Perry sees venezuelan crude crisis worsening
- Shell sees Permian output growing by 30% annually

By Javier Blas / Bloomberg

Petroleumworld 03 12 2019

OPEC officials sat down to dinner with senior executives from North America's booming shale oil industry on the sidelines of CERAWeek by IHS Markit, the annual gathering in Houston of some of the energy industry's biggest names.

On the first day of the week-long event, topics of discussion included geopolitics, environmental regulations and Royal Dutch Shell Plc's hunt for acquisitions in the biggest U.S. shale oil field.

Time stamps are Houston.

Oil Still Main Driver of OPEC Economies: Barkindo (7:01 p.m.)

Even as OPEC members seek to diversify their economies, Mohammad Barkindo, secretary general of the cartel, noted that oil production “will continue to be the dominant source of not only energy but also revenue.”

Meanwhile, International Energy Agency Executive Director Fatih Birol noted that electric vehicles are not yet a huge threat to oil demand.

Rebalancing Market a ‘Work in Progress': Barkindo (6:04 p.m.)

Bringing oil supply and demand back into equilibrium remains a “work in progress,” Barkindo said.

“We are getting there,” the IEA's Birol said as he and Barkindo shared the stage with industry historian Daniel Yergin.

Shell Sees Permian Output Growing by 30% Annually (4:39 p.m.)

Shell will grow production from its existing Permian Basin assets, which currently produce about 145,000 barrels of oil equivalent a day, by about 30 percent a year for the foreseeable future, Gretchen Watkins, its U.S. president, said in an interview.

Cash flow from shale assets, which includes fields in Canada and Argentina, will reach $1 billion to $2 billion by 2021, she said.

OPEC to Break Bread With Shale Competitors (4:04 p.m.)

The dinner meeting between OPEC officials and shale drillers is due to take place Monday night, Barkindo said in an interview with Bloomberg News. It will be the third consecutive year that rival producers have gathered on the sidelines of CERAWeek. The event has become an informal communication channel between the cartel and fast-growing shale producers.

The dinner will follow an afternoon gathering behind closed doors of OPEC officials and some of the leading lights of American finance, including Michael O'Dwyer, a senior natural resources banker at Morgan Stanley.

India Warning Companies Away From Venezuelan Oil (3:39 p.m.)

The Indian government is warning companies to halt purchases of Venezuelan oil or face undisclosed consequences, said M.M. Kutty, the nation's secretary of petroleum and natural gas.

Shell Says It Can Be World's Top Power Producer (3:09 p.m.)

Shell plans to become the world's biggest power company despite electricity's historically narrow margins.

The world's second-largest oil explorer by market value is spending up to $2 billion a year on its ‘new energies' division, mainly to grow in a power sector it envisions delivering 8 percent to 12 percent annual returns, according to Maarten Wetselaar, director of Shell's integrated gas new energies unit.

“We believe we can be the largest electricity power company in the world in the early 2030s,” Wetselaar said in an interview with Bloomberg TV on Monday. “We are not interested in the power business because we like what we saw in the last 20 years. We are interested because we think we like what we see in the next 20 years.”

Pemex's Top Execs Skip CERAWeek Conference (2:45 p.m.)

Petroleos Mexicanos Chief Executive Officer Octavio Romero and his finance chief, Alberto Velazquez, won't attend CERAWeek, according to a company representative who asked not to be identified, citing internal policy. No additional details were disclosed.

EPA To Sign E15 Proposal This Week, Wheeler Says (2:41 p.m.)

The U.S. Environmental Protection Agency expects to ratify a new rule governing ethanol use in gasoline this week, Acting Administrator Andrew Wheeler said during a meeting with reporters.

Wheeler said he also hopes to have small-refinery exemptions to the new rule out in the next week or two.

Perry Sees Venezuela Worsening Until Regime Ends (1:42 p.m.)

U.S. Energy Secretary Rick Perry said the decline of oil output from Venezuela will continue until there's a change of leadership.

The International Energy Agency said Monday it expects Venezuelan output to fall to 800,000 barrels a day this year. Power outages in the nation have slowed production that was already stunted in the aftermath of U.S. sanctions on Petroleos de Venezuela SA, the state-owned oil company.

“I think that until there is a change of leadership there, that being able to get their oil and gas production back in a positive direction is going to be threatened,” Perry told reporters at a press gathering.

Original article



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Story by Javier Blas from Bloomberg.

bloomberg.com 03 11 2019


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