Credit: Shutterstock photoConocoPhillips ( COP ) ERAWEEK DAY 2
--Saudi Aramco Chief Executive Officer Amin Nasser -- skirted over Aramco IPO plans in his address, also didn't touch on surging US shale output, concentrating instead on the theme that the oil sector needs more investment to avoid medium-to-long-term shortage.
--US Interior Secretary Ryan Zinke -- suggested that a Trump Administration's priority is to limit regulations to speed up the process of building oil and gas infrastructure. "We want to make sure we incentivize capture, and to do that we need pipelines. The permitting process has to be supportive of infrastructure."
--Schlumberger chief Paal Kibsgaard -- the US shale sector has made strides but needs to do more to reach the optimistic forecasts for growth. Said the "tier 1" shale producers can produce economic barrels at $40 to $50 per barrel, but for the "teir 2 and tier 3" plays "there is more to do" to achieve the 1mln - 1.5mln bpd growth forecast over the next couple of years at those kind of prices.
--ConocoPhilips chief Ryan Lance -- says the company produces about 25 per cent of its 1.2mln bpd average output from shale sector, but that the company is investing 50 per cent of its capex on the sector and growing its importance within the company's portfolio....Says US output growth will mop up most demand for next couple of years, "which will require Opec restraint to continue."
(First Oil reports are produced by MT Newswires' global team of oil reporters. This story is also disseminated in real time to energy industry professionals via the First Oil Chat service on the ICE Instant Message application.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
