IEA Turns Back on Hydrocarbon Development

RP Weekly Recap | May 17 – 21

Summary

The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report “Net Zero by 2050 – A Roadmap for the Global Energy Sector”, the IEA suggests the world cannot make any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050. According to the report, by the end of 2021, governments should refuse to approve any new oil and gas fields, as well as any new unabated coal power plants and by the end of 2025, new sales of fossil fuel boilers should be phased out. Those are just a few of the more than 400 milestones in the IEA’s report that was released Tuesday, laying out a roadmap the world should follow to reach net-zero carbon emissions by 2050. Check out this story and more in this week’s recap of all things happening in oil and gas! 


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 165,660,046 (up from 156,233,888 last week)
  • Number of Cases (USA): 33,060,909 (up from 32,880,252 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

Global Market News


Employment Updates


United States Rig Count

  • Up 2 from last week for a total of 455
  • Up 42.7% from one year ago
  • Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Chevron is no newbie to the oil and gas business, but how do their financials stack up to peers in the industry and their own financial history over the last three years? Find out with RARE PETRO’s newest segment, Energy Market Report Card. Or, check out the review in Video Format!

  • Episode Four of Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn about hydrocarbon’s role in food security.

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncover the first-quarter losses of Domestic E&P Companies as a direct result of hedging programs that erred on the side of caution that now leave many hemorrhaging.

  • This week’s Periodical uncovers the anticipated $7 Billion in first-quarter losses of Domestic E&P Companies as a direct result of hedging programs in an investigation into which companies choose to hedge early for guaranteed revenue protection and those that hold out or hold off to risk the market volatility in hopes of even more revenue.

  • Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises! 

  • 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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