Blink, and It's A Year Later Already...

By Alexander Bencini

The Mid-Week Energy Blog - 17 March 2021

In this article: 

Only a year ago, many of us were suddenly setting up makeshift home-offices or studios or finding the right Wi-Fi spot on the sofa. None of us could have predicted that much of the world would still be remote working in 2021.. with the concept of the 'office' changing on a monthly basis. Thankfully though, many of us are now comfortable with our at-home camera setups and have all been caught forgetting to 'un-mute' a few times in our life. Clocking in to the office on time, has now been replaced with daily Microsoft Teams coffee mug competitions, or who has the best green-screen of blurred background. I am sure I'm not alone at double checking my own background before switching on my camera or making sure the dog and cats are out of barking/meowing distance (although they will still open the door to make themselves heard).

I now have a clean desk setup, a comfortable chair, wireless earphones and my own 'ring light' - I'm practically a 2021 influencer. Just don't tell anyone in Dubai that. My key takeaways from the past year are; don't hold yourself back; always take the challenge; and follow what makes you happy in life.

Too many times, we make decisions based on exterior factors rather than those that affect our mental well being on a daily basis. When we get through these dark, difficult days, we should be able to look back in pride and see ourselves in a new light; a new light that was never cast on us in a pre COVID-19 world.

As vaccines continue their paths in the US, Europe and high income countries, let's hope that vaccine pick up continues in more countries globally, at the end of the day; we're only as strong as our weakest link. In the meantime, the energy markets have also been busy over the past week; with the outlook for Chinese demand showing positivity and hydrogen still being the talk of the town.

Here are this Week's Energy Headlines:

Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude inventories unexpectedly fell last week.Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine due to worries over possible side effects. Germany is seeing rising coronavirus cases, while Italy is imposing a nationwide Easter lockdown. Brent crude fell $1.00, or 1.5%, to $67.39 a barrel by 1310 GMT. U.S. West Texas Intermediate (WTI) crude dropped 72 cents, or 1.1%, to $64.08. Read the full article on Reuters.

As the saying goes, the future is now. This is certainly the case offshore Norway, which represents one of the industry’s most influential test beds for impactful innovation. The IADC/SPE Virtual International Drilling Conference held last week helped bolster the argument that if you want to see the bleeding edge of offshore technology, look no further than the Norwegian Continental Shelf (NCS). Operators and service companies in the region used the annual event to showcase drilling innovations that after years of research and development are now poised for widespread use. Among them is an unorthodox alternative to measurement-while-drilling (MWD) from Equinor that uses technology originally conceived for 4D seismic to track drill bits in real time. Read the full article by Trent Jacobs in JPT.

Other Articles I'm Reading:

• Don't believe hydrogen and nuclear hype – they can’t get us to net zero carbon by 2050 (The Guardian)
• OPEC Is Holed Below the Waterline, It Just Doesn’t Know It Yet (Bloomberg)
• Oil demand to reach record by 2026: IEA (Khaleej Times)
• Wind Energy Installation Breaks Records In Pandemic Year 2020 (OilPrice.com)
• Third energy firm declares bankruptcy in Texas snow storm fallout (PT)
• The Future Of Events Through The Eyes Of Industry Professionals (Forbes)

This Week on SPE Live:

Upcoming Broadcasts:

Thursday, 18 March — SPE Tech Talks: Proactive Intervention

Thursday, 25 March — Diversity in Oil and Gas — How to Break the Glass Ceiling?

Recent Broadcasts:

Sunday, 14 March — We had the pleasure of welcoming Adam Sieminski, President, King Abdullah Petroleum Studies and Research Center (KAPSARC) to SPE Live this week. Investment in oil and gas needs to rise significantly over last year’s pandemic-impacted levels to avert a crisis in global energy supply according to the KAPSARC Oil Market Outlook 2021. Whilst global governments have committed trillions to recovery and created a space for policymakers and institutions to put in place a sustainable energy system; we asked Adam is enough was being done in this space? Listen in to Adam's wisdom and insights in the video below:

Tuesday, 16 March — SPE Live: Three Keys to Drive the Energy Transition

If you're not following the series already, take a look at our Live and On-Demand content.

For Entertainment Purposes: 

Music on Right Now:

James Blake — I'll Come Too

Over the past half century, BBC Natural History has brought us incredible footage of our planet and the other animals we share our planet with. Combining their incredible high res. footage with Rockhopper penguins is a beautiful match; allowing viewers to create their own stories to the pulse of the beat. Craving some nature this morning? Check out David Attenborough's Top 5 Moments.

In My Video Queue: 

Eurovision Song Contest: The Story Of Fire Saga - Netflix

Although Eurovision was sadly cancelled in 2020, we were given a brilliant Netflix film starring Will Ferrell and Rachel Mc Adams. I've always had a soft spot for the super cheesy, once a year 'Europe in a microcosm' music event.. whether it was Austria always giving full points to Germany or Cyprus doing the same to Greece.. if you don't know what Eurovision is; then you're missing out.. save the expensive 2021 summer holiday flights and watch the show instead.

That's it for this week.

Wherever you are in the world, thank you for reading and keep safe.

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Alexander Bencini, a multimedia producer for the Society of Petroleum Engineers, based in Dubai and proudly European, enjoys following the ever changing dynamics of the global energy markets. When he's not putting together this blog or brainstorming with his colleagues, Alex enjoys supporting his two football teams - Bayern Munich and the Indianapolis Colts.