The first is the most likely. This means assets must be kept in good working order. Those demanding the industry do more with less better think this through and appreciate not only will the oilpatch require capital to sustain demand-driven growth through reserve replacement, but to keep everything in good working order to operate safely and efficiently.
The current direction of taxes and regulations do not anticipate this outcome. The industry must rely on common sense, which outside of industry and capital providers, is in increasingly short supply. The other option is worse.
Technology and regulations combine to provide economically viable alternatives to petroleum. Now the industry must face decommissioning liabilities for assets no longer commercially profitable to operate. Who is going to finance a company or industry going out of business?
The numbers are big. Take one example, Suncor Energy Inc. But of course, Suncor is a serious company with no immediate plans for obsolescence.
Global spare oil capacity in U.S. hands after Saudi outage
This stays about the same through As was proven in the recent Redwater Energy Corp. There is nothing wrong with Suncor. It is a responsible company. But there is something terribly wrong with how the world regards the future of the oil business. Whether the world decides to stay in or get out of the oil business; governments, regulators and opponents must learn to read an income statement and balance sheet before dispensing any further advice on how the petroleum industry conducts itself.
This industry supplied the energy mankind demanded for generations and paid as much in taxes and royalties as governments could extract. Often governments took too much then had to give some back to keep the lights on.
Look on the bright side
Now it is being asked to do much more with much less and perhaps, if the greens get their way, nothing at all. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction. Oil And Gas Lease Sale.
Vitol: world's biggest energy trader emerges from the shadows | Business | The Guardian
What does the future hold? Trump's Twitter sledgehammer is right on cue, again. The United States has become…. He has… More Info. As for actually running out of oil, that issue has run its course. At least for now. The fork in the road has two options, neither attractive. But from a much different perspective.
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Join the world's largest community dedicated entirely to energy professionals and enthusiasts. Mark Urbanski on May 08 said:. Yes, everyone agrees that the old oil line under the great lakes is a bad idea already. More Info. China, a major consumer of crude oil, imported And its H1 imports of crude represented an 8. It is largely expected that the two oil majors will process even more crude oil this month, as refinery maintenance slows. Previous Post. Next Post. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
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