(281) 558-7686 [email protected]

The Race To Save $100 Billion – A Digital Revolution In Oil

OilPrice.com: In a new in-depth study, Rystad Energy estimates that as much as $100 billion can be eliminated from E&P upstream budgets through automation and digitalization initiatives in the 2020s. Service companies are reinventing themselves to help operators unlock these savings. In 2018, $1 trillion was spent on operational expenditures, wells, facilities and subsea capital expenditures across more than 3,000 companies in the upstream space. There are varying degrees of potential savings within offshore, shale and conventional onshore activity budgets, but in total, around 10% of this spend can be erased through more efficient and productive operations thanks to automation and digitalization. “Many key industry players are setting optimistic goals, but the realization of these initiatives largely depends on how freely data is shared amongst companies and how commercial strategies are deployed to drive this development. Because of this, it could be years before we see full adoption. However, based on our analysis of 2018 capital spend and operational budgets, we believe savings could easily reach $100 billion,” says Audun Martinsen, head of oilfield services research. Read...

Saudi Arabia Has a New Energy Minister: What It Means for Oil

Bloomberg.com: By Anthony Dipaola - September 8, 2019, 1:25 AM MDT Updated on September 8, 2019, 8:43 PM MDT Saudi Arabia’s King Salman Bin Abdulaziz named his son Prince Abdulaziz as the country’s energy minister, replacing Khalid Al-Falih, who led three years of active OPEC diplomacy to forge a global alliance with producers such as Russia to limit production in order to prop up prices. Will this change the policy, or will it affect Saudi Aramco’s plan for an initial public offering? Who is the new minister in charge? Prince Abdulaziz served as deputy petroleum minister for a dozen years and most recently as minister of state for energy since 2017. He is an older half-brother of the influential Crown Prince Mohammed bin Salman, though the pair aren’t believed to be close and are quite far apart in age. Prince Abdulaziz’s years in the ministry prepare him for the top...

Nothing on Earth Can Replace Helium — and It’s in Peril

Liquid helium has helped build billion-dollar industries and generate multiple Nobel Prizes. Now our supply is running low. NYTIMES.com: By Joseph DiVerdi - Dr. DiVerdi is a chemistry professor. - Sept. 4, 2019 Liquid helium is a quiet engine of American research and business. It is essential to a broad range of technologies, from cutting-edge quantum computing to M.R.I. scanners in hospitals. It has fostered the development of billion-dollar industries, fueled essential lifesaving medical tools, supported work leading to more than 5,000 patents and helped generate multiple Nobel Prizes. In short, it is crucial to innovation. Read...