RP Weekly Recap | July 12 – 16
European Union policymakers unveiled their most ambitious plan yet to tackle climate change, aiming to turn green goals into concrete action this decade, and in doing so lead the way for the world’s other big economies. Following in the footsteps of the IEA’s bombshell report on global oil and gas development in May, the European Commission, the EU executive body, proposed details on how the bloc’s 27 countries can meet their collective goal to reduce net greenhouse gas emissions by 55% from 1990 levels by 2030 and give humanity “a fighting chance” to combat climate change. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 189,259,053 (up from 185,787,398 last week)
- Number of Cases (USA): 33,986,543 (up from 33,679,990 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Colorado Oil Industry Awaits First New Well Location Permit of 2021
- Wall Street Opens Back Up to Oil and Gas – But Not for Drilling
- Eagle Ford Producers Penn Virginia, Lonestar to Combine in $370 Million Deal
- Plains All American, Oryx Midstream to Merge Permian Basin Assets
- EIA Inventory Report Sends Oil Prices Higher
- Ranger Expands Wireline Business with PerfX Acquisition
- Patterson UTI Scoops Up Pioneer Energy Services
Global Market News
- EU Presents Climate Targets To ‘’Give Humanity A Fighting Chance’’
- OPEC Reaches Compromise With UAE Over Oil Production
- Oil & Gas Share Of Russia’s GDP Dropped To 15% In 2020
- Shell Inks Five-Year Deal to Supply PetroChina with Carbon Neutral LNG
- Shell Unveils Carbon Capture Project in Canada’s Alberta Province
- Huge Dividend Cripples World’s Largest Oil Company
- Canada’s Oil Sands Need $60 Billion To Achieve Net-Zero Emissions
- Brazil Plans To Be 5th-Largest Crude Exporter By 2030
- World’s Recoverable Oil Resources Shrinks By 9%
- China Oil Imports Fall To Lowest In 2021
- Private Investors Shun India’s Coal Projects
- Nigeria Approves New Petroleum Bill After 20-Year Delay
- Greenland Ditches Oil Exploration Efforts After 50 Years Of Failure
- Angola Receives 45 Bids For Oil Blocks
- Report Shows 8K New USA Oilfield Services Jobs
- U.S. Unemployment Claims Fall to 360,000, A New Pandemic Low
United States Rig Count
- Up 5 from last week for a total of 484
- Up 91.3% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode Sixteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with David MacNeill, the founder, President, and CEO of Wellbore Integrity Solutions!
- Tune in for the first episode in our educational series where we consult experts in the field on many different technical disciplines. In our first episode, your host Tavis uncovers the fact that scientists, philosophers, and engineers have been predicting the eventual peak of oil production for decades, but each estimate has been incorrect. Was 2019 the year of peak oil? What are factors contributing to a decline in production? What are the newest estimates for peak oil? Tune in to Peak Oil: The Continuous Climb to find out!
- Founded in 2007, Oasis Petroleum has done a stellar job of making a name for itself in the Williston Basin. How do they financially stack up to a past version of themselves and other peers in the area? Find out with RARE PETRO’s Energy Market Report Card! Or check it out in Video format HERE!
- Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round.
- Our latest episode of the Periodical Podcast is available now! Be sure to check out our discussion highlighting the record-toppling, early-season heat waves well into the triple digits that have spread across the western portion of the United States straining electricity grids as severe drought constricts hydroelectric power generation. As the summer months continue, electricity security is beginning to bear its ugly face yet again as states like California and Texas brace for a difficult season.
- Our latest Periodical highlights last Friday’s OPEC meeting to discuss production cuts that ended as quickly as they began. Russia and Saudi Arabia want to see sustained production cuts to show the world that they’re committed to their pledges, but the UAE wants to produce more oil as soon as possible. The group needs unanimous approval, so the UAE’s decision could be a major roadblock.
- As Always, A New Monday Madness Podcast!
- Is oil valuable? Depends on who you ask! Some argue it only became valuable when we learned how to use it. Join your host Tavis Kilian for episode five of Hydrocarbon History as he explores the birth of the modern oil and gas industry!
- Episode 11 (Tackling the Data Monster Pt. 2) of the Modern Mobile Oilfield is available now! This series is a collaborative effort between world-renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms!
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