That's One Month of 2021 Already Over With..

By Alexander Bencini

The Mid-Week Energy Blog - 27 January 2021

In this article: All eyes were on 2021 and now we find ourselves already one month down into the new year! It's been a busy week of headlines with global vaccine distribution (or the attempt to) stapling itself to the top of all major newspapers around the world. A big energy decision has taken place between the United States and Canada, Iraq is looking to console itself within OPEC by adhering to cuts and a new oil and gas discovery off China reminds us all that there is still plenty out there to explore and discover.

Price Check: WTI Crude is now $53.03 (02:30AM GMT+6) having sat above $50 since January 5th 2021.

Here are this week's headlines:

OPEC has agreed to lower its oil production after breaching its OPEC+ agreement last year (dependent on the Kurdish Government also agreeing):

OPEC+, an alliance between the Organization of Petroleum Exporting Countries and others such as Russia, agreed in April to slash output and bolster oil prices, which had been hammered by the spread of the coronavirus. Read more on Bloomberg.

Image source: TC Energy

After a highly anticipated inauguration ceremony, President Biden proceeded to cancel the Keystone XL pipeline. Our very own Trent Jacobs explores reactions and repercussions in JPT.

The pipeline was planned to stretch nearly 1,200 miles from Alberta to a hub in Nebraska where up to 830,000 B/D of crude would then flow into existing transportation networks that terminate at storage facilities and coastal refineries in Texas and Louisiana.

When the project was announced in 2010 it quickly became the center of political and environmental controversy. This culminated in the rejection of the project’s permit applications by US President Barack Obama in 2015 who said then that the pipeline would undermine his administration’s climate change agenda. Read the full article on JPT

Other Articles I'm Reading:

• Mubadala, ADNOC and ADQ form alliance to accelerate Abu Dhabi Hydrogen leadership (Mubadala Press Release)
• Does vaccination rollout lift hopes for oil price recovery in 2021? (Arabian Business)
• New gas and oil field with 50 million cubic meters equivalent of oil discovered in South China Sea (Global Times)
• Norway Awards 61 Offshore Licenses in Latest Auction, Including Arctic Blocks (JPT)

This Week on SPE Live:

Recent Broadcasts:

Tuesday, 19 January - A Conversation with ... ATCE 2021 Program Chair

Sunday, 24 January - The Changing Nature of Oil as a Commodity?

Tuesday, 26 January - Market Outlook - Where are we 2021?

Tuesday 26th's SPE Live in particular should be of interest to everyone following the energy markets. Mark Finley from the Baker Institute Center for Energy Studies and Carole Nakhle from Crystol Energy came together to explore the current dynamics of the energy transition, OPEC+, and what they expect lies ahead—for the oil and gas industry in light of the new US Administration. What role will President Biden's fiscal and climate policies support oil prices?

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

ATCE 2021:

The SPE Annual Technical Conference and Exhibition (ATCE) will be returning to Dubai on the 21–23 September 2021 at the Dubai World Trade Centre. The Call for Papers is currently open, so if you still haven't submitted your paper - now is the time to do so.

Click here to submit your paper today.

MemberSPEak:

This month we met Fatemah, based in Malaysia, and Mary, situated in Nigeria. It's always a pleasure for us to hear our member's experiences and memories with the SPE and this conversation was no different. Whilst the global pandemic has restricted international travel, it was brilliant to hear how our two members are still focused on increasing their learning, remotely; from home.

For Entertainment Purposes: 

Music on Right Now:

Sarah, the Illstrumentalist - Salamanca

Choosing music for our multimedia offerings is sometimes the most time-consuming task, as getting the 'right fit' for the video we are looking to portray can be difficult. This one worked a treat for a SPE/IADC Virtual International Drilling Conference and Exhibition promotional video we created.

In My Video Queue: 

White Tiger - Streaming on Netflix

I'll never forget reading this New York Times Bestseller over a decade ago - delighted that Netflix has now brought it to the big screen. Definitely worth a watch!

That's it for this week.

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

About the Society of Petroleum Engineers

SPE is the largest individual-member organization serving managers, engineers, scientists and other professionals in the upstream segment of the oil and gas industry.

Learn more at https://www.spe.org/en/.

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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.