Monday, March 18, 2024
CERAWeek Day I: Aramco sets its stall in Houston
Tuesday, March 05, 2024
Quickfire visit to the Economist Sustainability Week
In a day packed with interesting sessions, three of which this blogger found time to attend, the expected conjecture was that there aren't any viable commercial models to leave things as they are in a world facing climate change. So, should you buy that supposition, the next inevitable question is how to finance the energy transition? To this end, an afternoon session - Financing net zero: assessing and accelerating green finance - really stood out.
Some of the profound discussion slants included - how are companies building on the progress of previous years and what strategies are they implementing to boost the deployment of green finance further? What kinds of green investment funds are helping to "finance an inclusive climate transition"?
The panel included Heather Buchanan, Chief Executive and Co-founder, Bankers for Net Zero, Nicki Harrison, Director, Sustainable Finance, Europe, Environmental Defense Fund Europe, Evelina Olago, Managing Director of Client and Strategy, Just Climate, and, of course, The Economist's very own global energy and climate innovation editor Vijay Vaitheeswaran.
There was plenty of interesting chatter among the panellists about asset managers making informed decisions based on data, predictive analytics, IIoT, and all the rest, as well as genuinely linking transition finance to greener pathways, including green bonds and equity investments.
But all is not plain sailing, and quite frankly no one expects it to be so. For starters corporate balance sheets are stretched. We are in a high interest rate climate, and will likely remain so near-term. Both will trigger caution when it comes investing petrodollars towards green causes. Private equity players - typically keen backers of viable cleantech forays - are also holding back given the uncertain climate.
However, products and services aimed at decarbonisation continue to strengthen, said the panellists. But they also made one key observation that chimes with market intel obtained by the Oilholic - the anti-ESG backlash (or movement if you wish) has indeed had a chilling effect of late on financing greener initiatives.
That is particularly true in the US in an election year that is going to be a rematch between incumbent Joe Biden and the man he ousted from the White House - Donald Trump. Therefore, a lot may depend on the post-November discourse, and a possible Trump presidency could materially alter the green finance landscape both in the US and abroad.
And on that thought, it's time to say goodbye. There are two energy site visits coming up plus the little matter of CERAWeek in Houston. So more musings to follow soon. Keep reading, keep it here, keep it 'crude'!
Saturday, January 20, 2024
Getting going in 2024 after a break!
Wednesday, October 11, 2023
Media missives from ADIPEC 2023
Yours truly also hit the airwaves to discuss the various soundbites coming out of the conference and various developments in Abu Dhabi, all in the midst of a very volatile crude oil market riddled with demand concerns, supply-side tightening and geopolitical complications. The final broadcasting call before departing was with Asharq Bloomberg News, with this blogger's week out in Abu Dhabi peppered with plenty of other missives via the keyboard for Forbes, the Motley Fool, and of course via this blog.
All blog entries for each ADIPEC day may be found here.
Some commentary on Shell's share price direction via the Motley Fool may be found here. And here are selected Forbes copies in chronological order based on soundbites and insight from ADIPEC 2023.
- Emirati COP28 President Calls For A "Just, Orderly, Equitable And Responsible" Energy Transition, October 2, 2023.
- India "Will Manage" And Won't Panic If Oil Rises Above $100, Says Energy Minister, October 3, 2023.
- Abu Dhabi To Unveil World’s Fourth Largest Solar Farm "Very Soon", October 4, 2023.
- Oil Futures Slump Further On Uncertain Global Demand Outlook, October 5, 2023.
- Abu Dhabi In First Wind Farm Launch As 2GW Solar Project Nears Completion, October 8, 2023.
- 4 Middle East Geopolitical Scenarios That May Hike Oil Market Risk Premiums, October 9, 2023.
- Scaling Technology And Willpower Critical For 'Fast-Tracking' Global Energy Transition, October 10, 2023.
Thursday, October 05, 2023
ADIPEC Day IV: Reflections at sunset in Abu Dhabi
And that makes sense, as there is likely to be immense interest and intrigue when you bring together the various energy strands of oil, natural gas and renewables; and discuss everything from power markets to the future of shipping, whilst at the same time deliberate the obvious need to decarbonise.
We came together on day one with the rallying cry of "Decarbonising. Faster. Together", we conclude proceedings perhaps with a call for evolution, understanding and collaboration.
Evolution, as we explore new horizons offered by the spirit of human ingenuity in coming up with solutions for a low carbon economy. Understanding, that oil and gas will have to play a role for a good few decades yet, if not more, to ensure that energy poverty doesn't become the by-product of a slapdash rush to decarbonise. As for collaboration, need the Oilholic spell it out? Because if we don't work together, collaborate, partner and prepare for the road ahead, we will fail.
Away from these pensive thoughts, this blogger also took time out on the final day to visit ADIPEC's wonderful Marine & Logistics Zone. It's here that the crew of ADNOC's support shipping fleet took one around a number of vessels currently being run on biodiesel, made from used and recycled cooking oil collected from restaurants around Abu Dhabi! Thank you to all the crew who spared their valuable time for the trip, and it was an experience the Oilholic will treasure.
Paid a visit to @ADNOCGroup's biodiesel powered fleet of support vessels outside #ADIPEC2023's Maritime & Logistics Zone just before event ends. Had a very interesting talk / walk around vessel Ameer Alkouloub with the crew. Thank you! #OOTT #sustainablefuels #EnergyTransition pic.twitter.com/QNYC2yhwrf
— Gaurav Sharma (@The_Oilholic) October 5, 2023
With the time of departure here, this blogger would like to say that it was great to be back at ADIPEC after a three-year hiatus caused by the briefest of forays into the world of banking. It was great seeing old friends and making new ones in the buzz of this amazing event once again, and a privilege to be a part of it. Finally, and most importantly, my sincere thanks to the amazing team at dmg events who made it all happen and for their most wonderful hospitality.
Well that's a wrap from Abu Dhabi folks. It'll be time for the big flying bus home to London Heathrow. Keep reading, keep it here, keep it 'crude'!
Monday, October 02, 2023
ADIPEC panel sessions to be hosted by yours truly
The Oilholic will be moderating and speaking on the following panel sessions at ADIPEC 2023. Join if you can for some fantastic industry dialogues with great subject matter experts.
October 3, 2023: Decarbonisation Strategic Conference
Tuesday, October 3, 2023 @11:45am UAE
Carbon tax vs. subsidies: What is the best regulatory method to accelerate emissions reduction?
(Click image to enlarge for details)
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October 2-4, 2023: Digitalisation in Energy Innovation Sessions
The twin transition: policy alignment between the green and digital agendas
Panel:
Andrei Covatariu, Co-Chair, Task Force on “Digitalization in Energy”, Vice-Chair of the Group of Experts on Energy Efficiency, United Nations Economic Commission for Europe
Allyson Anderson Book, Chief Sustainability Officer, Baker Hughes
Leonid Zhukov, VP of Data Science, BCG-X and Director of BCG Global AI Institute, BCG
Gaurav Sharma, Energy Market Analyst & Senior Contributor, Forbes
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Tuesday, October 3, 2023 @14:00pm UAE
EV charging: driving new energy business models powered by data insights
Tuesday, December 07, 2021
Glimpses of the 23 WPC 2021 in Houston
The 23rd World Petroleum Congress (WPC) – widely regarded as the oil and gas industry's most prestigious and high profile global event – returned to Houston, Texas, US this week. It's taking place from December 5-9, 2021. Often described as the "Olympics" of the energy business, the World Petroleum Congress has been held since 1933 when London hosted its first round.
From 1991 onward, the event has gone on to be held every three years. After a COVID-19 enforced delay in 2020, which pushed the event forward by a year to December 2021, Houston hosted the event for a second time, having previously hosted the 12th WPC in 1987. This blogger is privileged to be here and delighted to bring you some glimpses of this prestigious event.
The 23rd World Petroleum Congress (23 WPC) floor in Houston, Texas, US |
Exhibition floor of the 23 WPC |
ExxonMobil's stand at the 23 WPC exhibition |
NASA's Space Exploration Vehicle on display at the 23 WPC |
Sonya Savage, Minister of Energy of Alberta, Canada (left) calls for an honest conversation on the need for oil & gas as the world transitions to a low carbon economy |
Boston Dynamics' RoboDog 'Spot' vows visitors at the 23 WPC |
It is all about keeping the youth interested & having viable STEM pathways to avert a talent gap crisis in the oil & gas business, as deliberated by this panel |
Saudi Aramco CEO Amin Nasser (right) visits the 23 WPC exhibition floor |
Friday, April 02, 2021
Murban futures launch, OPEC+ and Q1 2021
Wednesday, August 12, 2020
Joining Citi Private Bank
Some personal news: After 16 years of scrutinizing #oil, #energy markets, felt I needed a change. Delighted to accept such an opportunity @Citi Private Bank at VP-level. I remain a 'crude' man but broadening analytical scope to EMs, circular economy, impact investing & more #OOTT
— Gaurav Sharma (@The_Oilholic) August 11, 2020
It has been a fantastic 'crude' journey for the Oilholic in the energy market and this blog has been with yours truly every step of the way for over a decade. Thank you all for your support. While long may that continue, commentary here would be a little tempered and slightly irregular as this blogger has taken up a Vice President / Lead Analyst's position at Citi Private Bank.
Things won't be coming to a close here, but whatever appears on this blog would be in a private capacity only. That also applies to any commentary published here in the past prior to Aug 1, 2020. That's all for the moment folks! Keep reading, keep it 'crude'!
© Gaurav Sharma 2020.
Saturday, April 04, 2020
A catalogue of ‘crude’ missives on oil market turmoil
- With whole countries in lockdown mode, forecasters now reckon a fifth of global crude demand could be wiped out - Forbes, Mar 26, 2020.
- The Oilholic's thoughts on why a resurrection of OPEC+ would be too little, too late for the oil market - Forbes, Mar 27, 2020.
- Oil futures are in record contango - Forbes, Mar 29,2020.
- Oil benchmarks ended Q1 2020 around 66% lower and lack of storage space is becoming apparent - Forbes, Mar 31, 2020.
- US shale explorer Whiting Petroleum becomes the first casualty of the current oil price slump as it files for bankruptcy - Forbes Apr 1, 2020.
- Moody's announces series of predictable negative outlooks on major oil and gas companies - Forbes, Apr 1, 2020.
- How Saudi belligerence has pushed VLCC rates to comedic highs - Rigzone, Apr 1, 2020.
- And finally, how a Donald Trump tweet sent oil futures soaring but the gains are unlikely to last - Forbes, Apr 2, 2020.
Wednesday, March 25, 2020
Coronavirus lockdowns & crude oversupply
Friday, March 06, 2020
OPEC+ in waiting mode as Russia plays hardball
As the #OPEC+ waiting game continues, it was a pleasure discussing #oil market direction with @Cibereporter of @euronews. No matter what OPEC does, demand scenarios following #CoronavirusOutbreak are looking pretty dire #OOTT #oilandgas pic.twitter.com/VoYvp6HhjN— Gaurav Sharma (@The_Oilholic) March 6, 2020
It was a pleasure rounding off #OPEC commentary on @CGTNEurope's Global Business broadcast with @AP TV crew. Thanks for having me on the program. Q1, Q2 looking pretty uncertain for the #oil market #OOTT #oilandgas pic.twitter.com/qIAJ2QQ6qm— Gaurav Sharma (@The_Oilholic) March 5, 2020
Tuesday, December 24, 2019
Ten years of 'crude' blogging & a big thank you!
Boy does time fly! When yours took this blog live and put his first post up on December 24, 2009, Barack Obama had been in the White House for less than a year; Gordon Brown was still in Downing Street; the global economy was limping back from the financial crisis; the US shale revolution's impact hadn't been felt; OPEC had held its latest minister's meeting in Luanda, Angola instead of its secretariat in Vienna, Austria; and Brent and WTI futures closed at $76.31 and $78.05 per barrel respectively, with a premium in the latter's favour! That's a 10-year decline of $9.84 (-12.9%) for Brent and $17.5 (-22.42%) for WTI versus this European morning's prices in Asia.
As the years go by, here's hoping this blog is (and will be) as much fun for those reading it as it is for the one writing it. So keep reading, keep it 'crude' and once again thank you for all your support.
Saturday, December 21, 2019
Key energy industry interviews of 2019
Thursday, December 19, 2019
Post OPEC quips & LatAm, Shale outlook
Here are yours truly's thoughts on the final communiqué from OPEC via Forbes, and another take on the Aramco IPO via the same publication plus a ReachX podcast touching on the issue of the company's valuation kerfuffle.
"The flat development of US light tight oil production is also possible in lower price scenarios, but we would likely see an initial period of multi-quarter production decline, with output stabilising at a lower level," said Mladá Passos, product manager of Rystad Energy's Shale Upstream Analysis team. Plenty to ponder about as 2020 approaches, but that's all for the moment folks. Keep reading, keep it 'crude'!
Tuesday, November 12, 2019
ADIPEC Day II: Oil & Gas 4.0 sessions & more
Toyota Mirai, this time at Saudi Aramco's stand, following one yesterday at Shell's stand.
What do you know - an IOC and a NOC flagging an alternative fuel - now the Oilholic has really seen it all.
ADIPEC panel session on dowstream innovation
- Abdulaziz Alhajri, Executive Director Downstream Directorate, ADNOC
- Thomas Gangl, Chief Downstream, Operations Officer, OMV
- Philippe Boisseau, CEO, CEPSA
- François Good, Senior Vice President Refining & Petrochemicals Orient, Total
- Catherine MacGregor, President, New Ventures, TechnipFMC