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US News Handelsblatt Energy Sipple: Demand Up, Investing Down: Oil could be temporarily scarce

22:20  17 january  2022
22:20  17 january  2022 Source:   handelsblatt.com

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The demand for oil and gas is rising again. However, the conveyor companies introduce themselves on the energy transition. Short term can be problematic.

Trotz Klimawende steigt die Nachfrage für fossile Rohstoffe weiter.  © DPA Despite the climatic, demand for fossil raw materials continues to increase.

A year ago, the fossil raw material giants have already explained the end of the oil age in view of the business forecasts under pressure by the energy transition. But since then, the market shows significant recovery. "What we see here is the answer to the corona crisis. Demand is rising again, so the prices are increasing, "explains Philippe Ducom, Europe boss of the US oil company EXXON Mobil, on Monday at the Handelsblatt Energy Sipple in Berlin.

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This is not a contradiction. Ducom explained that the industry has been standing in front of one of the biggest challenges for generations: "We have to breastfeed the energy hunger in the world, but at the same time see. How we reach the goal of climate neutrality. "For this, the company wanted to invest 15 billion US dollars by 2027 in hydrogen, CO2 storage and biofuels. Most of the funds at Exxon Mobile and the competition still flows in oil and gas.

Currently, a good deal can be made with promotion and sale fossil energy. The price of a barrel of the North Sea Hotel Brent has increased by 50 percent last year and thus no longer as high as three years. On Monday, a barrel of $ 85.90 cost.

Where due to the Corona-related economic crisis was still a minus of more than $ 35 billion at the end of 2020, EXXON Mobil, Chevron, Shell, BP and Total Energies now make up 53 billion dollars profit. The end of the fossil energy sources oil and gas is at least postponed with the economic upswing. "We also need gas over the next few years, that's out of question," Wintershall boss Mario said more on the Handelsblatt Energy Sipple. The Kassel company would therefore continue to focus on the natural gas business.

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The characters are first on gray instead of green. No wonder: At the high energy prices , the billion generes deserve strong . The International Energy Agency (IEA) has even surprisingly adjusted its forecast for oil demand 2022. The demand dynamics are stronger than many market observers thought in view of the milder consequences of the omikron variant of the coronavirus, says IEA boss Fatih Birol.

Less investments in exploration - so far

At the same time, the organization of the oil-exporting countries (OPEC) continues to keep the range of oil market. Although demand is already on a pre-crisis level, the OPEC to September wants to further throttle oil production. Markets and consumers must therefore be for high oil and energy prices longer.

also because the large oil companies with regard to the strict climate protection pads with investments in drilling projects are now reserved. The Analysis House Rystad Energy assumes that investments therefore do not keep up with the increase in demand.

New highs for corona new infections and incidence

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actually gave Shell , BP , Chevron , Exxon and Total Energies in the first nine months 2021 significantly less for their exploration projects than a year ago. This could tip the price situation at least at short notice. In the long term, however, there is enough oil, assure the promoters: "We have to continue to invest in oil production," said Exxon Mobil European Chief Duchom.

also experts expect that the economy of "Big Oil" will only be short-lived. As early as this year, investments could rise again - if companies have recovered completely from the pandemic and both demand and prices are still high.

Although all major corporations offered in the industry, significantly more in wind, sun and bioenergy. Whether the investments are really increasingly flowing in renewable energies rather than in new oil and gas projects, in view of business development needs to show.

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