Daily Standup Top Stories
UK Climate Chiefs Admitted Net Zero Plan Based On Single Year Of Data
Britain’s climate watchdog has privately admitted that a number of its key net zero recommendations may have relied on insufficient data, it has been claimed. Sir Chris Llewellyn Smith, who led a recent Royal Society study on […]
Egypt’s Gas and LNG: Global Challenges and Global Ambitions
Egypt has a long and storied history across thousands of years. It has seen the world develop from a hunter-gatherer society to the modern globally connected world. Egypt has long relied on the presence of […]
The Davos consensus is finally cracking
The bulk of reports percolating out of the WEF’s annual meeting have been scornful, revealing a proposed programme of enlightened elite global governance that is not going as planned. Geopolitics is back with a vengeance; the […]
The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how.
U.S. oil production has been holding at or near record highs since October, topping the previous peak from 2020, even though the number of active domestic oil drilling rigs is down by nearly 30% from […]
Oil Strategists Do Not Expect Mid East Tensions to Reduce Crude Supply
In an oil and gas report sent to Rigzone recently, Macquarie strategists said they do not expect current Mid East tensions to reduce crude supply, “even with large changes to normal shipping routes already underway”. […]
Highlights of the Podcast
00:00 – Intro
01:23 – UK Climate Chiefs Admitted Net Zero Plan Based On Single Year Of Data
03:08 – Egypt’s Gas and LNG: Global Challenges and Global Ambitions
05:06 – The Davos consensus is finally cracking
07:47 – The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how.
09:20 – Oil Strategists Do Not Expect Mid East Tensions to Reduce Crude Supply
10:28 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat podcast. Today is Tuesday, January 23rd. Welcome. Sit down. Buckle up and put your tray table up. We’re going over to the pond. First store and around the corner. UK climate chief admits net zero plan based on a single year of data. Are you shocked? Let’s go to the next story. Egypt’s gas and LNG global challenges and global ambitions. Great, great story from the folks over there at RBC. Uh, the Davos, uh, consensus is finally cracking. This is pretty cool story coming around the corner. Next is the U.S. is breaking oil production records with fewer drilling rigs. Here’s how. And then the last one coming around the corner Michael and I have been talking about for years. We don’t understand why the price of oil is not higher. Oil strategies do not expect Mid East tensions to reduce crude supply. I don’t know. Uh, who knows if it’s even going to raise the price. [00:01:22][67.4]
Stuart Turley: [00:01:23] But let’s go to the first article. UK climate chiefs admit net zero plan is based on a single year of data. I’ll tell you, the Royal Society study that was, uh, doing this, I believe they did 37 years in this royal as, uh, society, um, uh, weather data modeling. He said that, uh, Chris Stark conceded that his comment relied on modeling is of entirely valid concern when we sit back and take a look. If you’re going to be a climate activist, please let’s use facts and not something within the last five minutes. If we, as energy experts around the world, want to eliminate humanity from poverty, we need to rely on physics, facts and sustainability. And if you can’t provide facts, uh, by looking at one year, you underestimate storage and grossly overestimate the need for everything else. That’s exactly what the committee climate change has done. So we can only print so much money, and then we can come in and say, wait a minute. Renewables are the cheapest deliverable ever. That’s not true because the wind doesn’t always blow and the sun doesn’t always shine. But you have to be able to go and produce all of the energy for the worst possible moment, which adds the cost. Uh, so I think this is pretty funny article. You need to go ahead and check it out. [00:03:07][104.1]
Stuart Turley: [00:03:08] Let’s go over to the next one. Egypt’s gas and LNG global challenges and global ambitions. This is over at, uh, the folks over there at our, uh, our back. They are fabulous. We’ve got doctor, uh, Robert Brooks and Cyrus Brooks, who I’ve had the pleasure of interviewing both of them, and they are phenomenal. They are a natural gas, uh, commodities firm that they have around the world, uh, market fundamental analysis tool. You got to go check them out. Egypt has, uh, 62% of their grid is supported by natural gas. And, uh, Mr. Hauser, if you could fly in, uh, Israeli gas fields, this is the Leviathan field. And you take a look at Cyprus, you take a look at, uh, Israel and Egypt. Those pipelines coming over, uh, are, uh, the proposed existing LNG plant and then the existing LNG plant and then the optional new pipelines right now from the Leviathan field, they have to go to Israel and then over to, uh, Egypt. And it would sure make a lot more sense just to go straight over. So if it does, uh, happen, it would make sense. Now for local consumption, if you take a look at they have plans to assist in the development on the offshore Gaza marine field, uh, approved by in Israel. Uh, and if it would, it would help Gaza achieve energy independence as well. There’s a lot going on in this article, and we need to go ahead and follow up back, uh, with, um, Rbac and really help, uh, go through this in more. [00:05:06][117.8]
Stuart Turley: [00:05:06] However, taking a look at LNG, uh, exports, this could actually be a big player there. The Davos consensus is finally cracking. This is a funny story when we take a look about the fallout of Davos. There are several different things I think, that we’re seeing in a society that, uh, Davos is really kind of concerned that their narrative has been broken. One of the leaders is said, we’ve lost the media. No, you didn’t lose the media and the media. The people left the media, the wide mainstream media, and people are tired of it. So you took it to the two far to the next level in order to go ahead and say, wait a minute, this is the way we’re going to go. People are now tired of that. Uh, it also took $40 billion and Ellen to go ahead and give everybody their own voice. And people are not watching TV. They’re not watching, uh, streaming services. They’re watching podcasts. Um, and so the bulk reports, uh, percolating out of the WEF, uh, have been scornful, revealing a pro, uh, proposed program of enlightened elite global governance is not going quite as planned. That’s a great way to say it. Stephen Schwarzman, CEO of the financial services Blackstone, amused that he didn’t think the United States were prepared for further deficits and open borders. They are also believing that Trump is going to be the Republican nominee and stands, ah, really, really good chance of being elected. It’s not whether or not you’re a Democrat or you’re Republican. The Americans want American first. I don’t really care if you’re a Republican or if you’re a Democrat. I am a Christian male, and I am wanting absolutely America and our children first. If you’re a Democrat and you’re a Republican and you don’t have God country children first, I really don’t really care about you anymore. And that is the way the rest of the United States is coming along. So, uh, when we take a look at Davos, this is a really good article on, uh, what’s coming around the corner. [00:07:46][159.5]
Stuart Turley: [00:07:47] Now, the U.S. is breaking oil production records with fewer drilling rigs. Here’s how. Uh, you take a look at this. Uh, has been holding or at near record highs since October, uh, since the previous, even though the number of active domestic oil rigs is down by 30% from four years ago. So drilling efficiencies is what it’s all about. In the Permian Basin, average lateral lengths defined by the horizontal sections of a well grew over 250% over 10,000ft from 2010 to 2022, while an average oil production per rig grew from 126 barrels per day in 2010 to 1211 barrels per day in 2022. That is significant. So not only having the longer laterals, not having to drill as many holes is making the economies of scale and the efficiencies better off. So, um, that is the good old American knowhow and uh, being able to get that done. Hats off to all the folks in the Permian. This is one that Michael and I have been talking about a bunch, and we’re just kind of scratching our heads. Oil strategist do not expect Mideast tensions to reduce crude supply. There’s a couple reasons for that. [00:09:19][92.7]
Stuart Turley: [00:09:20] Let’s jump into the article here. Uh, rig zone just reported. Uh, the strategists do not expect current Mideast tensions to reduce the Kurds. Uh, crude supply, even with changes to normal shipping routes, are already underway. Part of this is due to the, um, the fact that Russia has been pumping up and already selling everything that they can. Iran really has been taking advantage of shipping everything it can. Both of those are almost pretty immune from the Red sea. The only ones that are in trouble are going to be the U.S. and or any of the other folks. So that is why, in my opinion, uh, we’re seeing a movement away from the US petrodollar and. Uh, it’s only going to go to rubles and the one and any of those kind of things. So you’re really looking at not impacting like it would have been in the past. [00:10:27][67.4]
Stuart Turley: [00:10:28] So with that, uh, I’d like to thank everybody, all of our subscribers. And Michael will be back tomorrow. Please let us know any questions you have. Uh, we’ve got some new sponsors coming up. We’ve got some new, uh, podcast dropping. We just, uh, dropped NCM technology with Sharon Mundt, CEO. And it is a phenomenal podcast. So reach out and we look forward to seeing you soon. Thanks. [00:10:28][0.0][609.0]
