August 13, 2021 – Houston Chronicle
OTC expands wind energy component as oil and gas sector's future looks bleak
By: Chris Tomlinson
The world can no longer burn as much oil and natural gas as it once did and not expect to make life on Earth miserable. Sure, we can capture carbon, and yes, the energy transition will take time. But we must phase out fossil fuels, which necessarily means fewer offshore rigs and less work for the industry.
RBN Energy, an industry consulting firm, notes that between the pandemic and the most active hurricane season on record, oil and gas production in the Gulf of Mexico ebbed to the lowest levels since 2016 with an average 1.65 million barrels a day, 13 percent less than in 2019.
This year and next should show significant growth, with several new projects producing first oil, RBN notes. Royal Dutch Shell also announced plans to move ahead with the Whale deepwater development, which is expected to produce 100,000 barrels a day. Exxon Mobil is expanding off Guyana.
Read the full article here: https://www.houstonchronicle.com/business/columnists/tomlinson/article/OTC-expands-wind-energy-component-as-oil-and-gas-16383794.php
