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Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth

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The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday.

According to the oil executive, the industry continues to see underinvestment as spending on exploration and new projects has not recovered enough from the recent downturn.

“The big message here has been the industry is not investing enough. Investment is down 50 percent from where it was three or four years ago and hasn’t really recovered,” Jafar told CNBC on the sidelines of an OPEC conference attended by many oil industry executives.

“Actually, what we have seen in this meeting is we need to add another Iraq or North Sea every year and it is not clear where it is coming from,” Crescent Petroleum’s chief executive noted.

Currently, the global oil industry has an image problem, with the majority of the public thinking that it’s a dying industry and “not important anymore,” Jafar said, but added that oil and gas still meets 60 percent of global energy output, compared to the 3-percent share met by renewables.

Earlier this month, BP’s Group Chief Financial Officer, Brian Gilvary, said that “We’re not seeing under-investment coming through yet.”

In March, Saudi Aramco’s president and chief executive Amin Nasser warned that the industry would need to invest more in exploration, after record-low discoveries last year.

According to Nasser, the industry—which has already lost US$1 trillion in investments during the downturn—needs more than US$20 trillion over the next 25 years to meet rising demand for oil and gas.

More recently, higher oil prices and lowered development and project costs have led to cautious optimism and measured risk-taking within the industry that is set to see an uptick in global oil investment this year, energy consultants Wood Mackenzie say.

By Tsvetana Paraskova for Oilprice.com



290 Comments on "Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth"

  1. MASTERMIND on Tue, 26th Jun 2018 5:00 am 

    KillTheRichAndBuildABetterWorld

    Nice handle! Just wait till the oil starts to run out here shortly..They are going to feel the fucking pain..

  2. Davy on Tue, 26th Jun 2018 5:04 am 

    I am not a coward like you grehggie. I have my little farm and permaculture life in a place that you have to work to make a living. I will make my last stand here. I don’t live the BC life with the doctor wife and $MIL house like you up in Salmon Run, BC. A place that is a jet set retreat already and yet you come on here and point fingers and talk social justice. When is the last time you seen a poor person you rich bastard. You don’t have them up there in the snob capital of the world. What a joke. As for mm and his blood in the streets, his type will be quickly exterminated when the venture down here. Everyone has guns and sticks together.

  3. MASTERMIND on Tue, 26th Jun 2018 5:21 am 

    Game Over – Oil Prices Are Going Higher

    The global economy looks like the Titanic right now. The iceberg is the incoming oil price spike and the complacent investment community won’t even know what hits them.

    https://seekingalpha.com/article/4183852-game-oil-prices-going-higher?page=2

  4. MASTERMIND on Tue, 26th Jun 2018 5:27 am 

    Davy

    The old get old
    And the young get stronger
    May take a week
    And it may take longer
    They got the guns
    But we got the numbers
    Gonna win, yeah
    We’re takin’ over
    Come on!

  5. Davy on Tue, 26th Jun 2018 5:39 am 

    mm, you are getting dumber and more unstable. What exactly is your “leave” for? What kind of mental illness do you have? It appears to me to be a manic episode. You are acting occasionally delusional. Maybe it is drug addiction.

    This collapse if and when it comes is not about old and young it is about family and community. When SHTF family and community draw together around here. Collapse will be local as is decline. Your type will be quickly eliminated either by your own hands, security forces, or those you mistakenly confront. It is the dumbest and irrational of the population that will go first.

  6. MASTERMIND on Tue, 26th Jun 2018 5:44 am 

    Greg and Davy

    My generation is going to rise up soon and burn you fuckers on the stake..

    There’s a storm coming..you can feel it in the air..

  7. MASTERMIND on Tue, 26th Jun 2018 5:50 am 

    Davy

    Slandering me won’t save you..Maybe you can thump a drum and sing koombaya with your permie friends, when the lynch mobs find you..Once the word gets out that stores are running out of food..people will go on google earth and you will be the easy targets..You will be neutralized..One way or another we will have our vengeance, in this world or the next..

  8. Davy on Tue, 26th Jun 2018 5:51 am 

    Your generation is lost already and this points to a coming collapse. The young are the future and looking at your generation we see no future. You are dumbed down and lazy. You expect handouts and need safe spaces. Many are drugged up and addicted to violent gaming. In your case you are mentally ill and it appears unmedicated. Your issues appear to be mental illness because you are unable to reality test. You are the type to hurt yourself. You are likely a burden on society already. Are you considered disabled and getting support now?

  9. Davy on Tue, 26th Jun 2018 5:58 am 

    Slandering you? If you were smart you would listen to me but you are stupid. The stupid will die first. Some might get lucky and some will learn the hard way. The dramatic changes coming will require wisdom to navigate. You have none and your type will be the problem. You have no interest in helping others. Your interest is in taking and killing others. When times get hard and difficult there will be no time to accommodate your type. A future world of pain and suffering will not accommodate anti-social people will like you.

  10. MASTERMIND on Tue, 26th Jun 2018 6:17 am 

    Davy

    It was your job to leave a better world for your kids and future generations..and you failed..and you will pay for your mistakes..

  11. Davy on Tue, 26th Jun 2018 6:34 am 

    I have left a better world and I am living it now. We all failed and we will all pay for it, you included.

  12. JuanP on Tue, 26th Jun 2018 7:57 am 

    Delusional Davy “I have left a better world and I am living it now.”

    Psychologists call this type of thinking “delusions of grandeur”. Davy has, according to his previous comments maybe improved a little corner of the world a tiny bit using his family’s money to do it, while causing a much bigger amount of damage throughout his life, particularly by consuming and breeding unsustainably. Good job on that, exceptionalist! He is NOT leaving a better world or living in it as he ridiculously claims. There is nothing Davy could do to make this world better; none of us has that kind of power.

  13. JuanP on Tue, 26th Jun 2018 8:02 am 

    Femtomind “The old get old
    And the young get stronge”

    Both the young and the old get older, MM. You make no sense! Unfortunately, you probably won’t get this until you are too old, too. Youth is wasted on the young! Everything changes and nothing stays the same.

  14. JuanP on Tue, 26th Jun 2018 8:09 am 

    Femtomind “Davy
    It was your job to leave a better world for your kids and future generations..and you failed..and you will pay for your mistakes..”

    What a ridiculous notion, MM! How can any person leave a better world for kids and future generations? I have been living in a world that keeps getting worse going on fifty years soon. Am I responsible, too? It was already getting worse before I was born. Humans have been unsustainably destroying our surrounding environments since we exist as a species. How about you? Aren’t you to blame, too? We lack the capacity to make a better world, both as individuals and as a species; it simply goes against our evolved nature. You will eventually understand this!

  15. Davy on Tue, 26th Jun 2018 8:18 am 

    “Psychologists call this type of thinking “delusions of grandeur”.
    How so? In my little world I have improved this farm from an overgrazed cattle farm to a permaculture farm with habitat that supports a wide variety of wildlife. I have a sustainable grazing sytem with low stocking rates that actually contributes to the mosaic of polyculture habitats. I would call that improving our world in a small little way and how it should be. IMA do you have psychological references for “delusions of grandeur” assertion. While you are at it reference what psychologist call your behavior of unprovoked attacks.

    “Davy has, according to his previous comments maybe improved a little corner of the world a tiny bit using his family’s money to do it, while causing a much bigger amount of damage throughout his life, particularly by consuming and breeding unsustainably. “
    Family money was used on the family farm. On my farm it was all my money. More than money, which you seem to be obsessed with, it was hard work. Please, you don’t know a friggen thing about my life. You don’t know what I have consumed. I had three kids and two were twins. I think the playboy living in Miami Beach living off the parent’s stipend is more unsustainable and damaging. The greater Miami area which you participate in is one big disaster area for wild life in the world. You are part of one of the worst examples of overconsuming and over breeding

  16. Davy on Tue, 26th Jun 2018 8:22 am 

    “What a ridiculous notion, MM! How can any person leave a better world for kids and future generations?”
    What a ridiculous notion they can’t. It is scale that matters. In your case you can’t because you are participating in a natural disaster area so anything you do just contributes to this disaster even if you contribute. Move away from Miami bony juan and do nature some good.

    “I have been living in a world that keeps getting worse going on fifty years soon. Am I responsible, too? It was already getting worse before I was born.”
    A playboy living it up in Miami is an example of somebody making it worse.

  17. GregT on Tue, 26th Jun 2018 9:54 am 

    “I will make my last stand here.”

    You already told everyone here about your Italy plan Davy.

  18. GregT on Tue, 26th Jun 2018 10:03 am 

    ” When is the last time you seen a poor person you rich bastard. You don’t have them up there in the snob capital of the world. What a joke.”

    The only rich person around here that I am aware of, is a stock broker from New York City. I am told that he’s built an off grid mansion up in the mountains about 30 km up the road. I’ve never seen him, or his doomstead.

  19. MASTERMIND on Tue, 26th Jun 2018 10:20 am 

    Davy

    I bet your dick doesn’t even get hard anymore, you old has been..Is that why you always talk about others being neutered? A Freudian slip..

    LMFAO!

  20. MASTERMIND on Tue, 26th Jun 2018 10:24 am 

    A new world is dawning, and the US will no longer lead it

    https://theconversation.com/a-new-world-is-dawning-and-the-us-will-no-longer-lead-it-98362

  21. Davy on Tue, 26th Jun 2018 10:33 am 

    “You already told everyone here about your Italy plan Davy.”

    Google it and paste it so we can see it and then we will discuss your comment. Otherwise you are just prick teasing with distortions and lies which you are now pretty much doing routinely. The reason for this grehgster is the end justify the means so lying is perfectly acceptable behavior to discredit me. Yet, you are the one that howls and gnashes his teeth if I call someone a stupid name. You are pathetic

  22. GregT on Tue, 26th Jun 2018 10:35 am 

    And Davy,

    We have no cellphone service, no cable TV, no high speed internet, and there are at least a hundred people up the road from me that do not even have utility supplied electricity. The power lines end about 3K up the road from me. No water supply, no sewer, no police, no fire department, no building department, and when it snows heavily in the winter it can take a week before the road is even cleared. Most of the time the locals clear the road with their own tractors.

  23. Davy on Tue, 26th Jun 2018 10:39 am 

    “The only rich person around here that I am aware of, is a stock broker from New York City”
    You forgot about yourself grehgster. You yourself said that BC is a destination of the rich looking for hideaways. Vancouver is one of the wealthiest cities in the world. You are just lying through your teeth by diminishing the fact that your province is wealthy. More of the typical behavior that has taken you to the lowest kind of behavior. The rest of your gang is just like you. You are all braggarts and extremist who all lie through your teeth and it is justified by ends justifies the means behavior. You guys live by double standards and hypocrisy. What is so pathetically funny is every one of you have this high self-respect thing. You demand respect and make a big effort to protect your appearance. Disgusting

  24. GregT on Tue, 26th Jun 2018 10:48 am 

    “You yourself said that BC is a destination of the rich looking for hideaways. Vancouver is one of the wealthiest cities in the world.”

    I don’t live anywhere close to Vancouver Davy, and yes, there are many remote hideaways all up and down the BC coast, accessible only by boat, or by air. No roads in or out. The ones that I am familiar with, are all owned by uber wealthy Americans.

  25. Davy on Tue, 26th Jun 2018 10:52 am 

    “ We have no cellphone service, no cable TV, no high speed internet”

    What is your point? Lots of rich people like living that way this is why your area is a magnet for rich people wanting to leave all that you described. Why is it so hard for you to admit you are a rich bastard living in a rich province and your efforts to discredit me as rich are just backfiring in your face.

  26. MASTERMIND on Tue, 26th Jun 2018 10:52 am 

    Greg

    I would go to Vancouver Island to hide out if I could..You will find some kind people their..

  27. MASTERMIND on Tue, 26th Jun 2018 10:54 am 

    Davy

    I bet you stroke out while I breed your daughters! I am going to have more kids than Stanford!

  28. Davy on Tue, 26th Jun 2018 10:55 am 

    “I don’t live anywhere close to Vancouver Davy”

    gregster you live in BC this is near enough to Vancouver. Quit your games. Beside you are the sneaky little shit that won’t tell anyone where you live but try extra hard to pinpoint where I live like the stalker you are

  29. Duncan Idaho on Tue, 26th Jun 2018 11:03 am 

    I like fly fishing the Skeena—–
    Yea, BC is one of those possibly survivable places for a while.

  30. GregT on Tue, 26th Jun 2018 11:05 am 

    “Why is it so hard for you to admit you are a rich bastard living in a rich province and your efforts to discredit me as rich are just backfiring in your face.”

    BC is a very large province Davy, with 4.6 million people in total. 2.6 million of which live in the Vancouver/ lower mainland area, and about a million on Vancouver Island. Within an hours drive from Vancouver, British Columbia is mostly wilderness with very few people, and those people in general are not at all wealthy.

  31. GregT on Tue, 26th Jun 2018 11:13 am 

    “I like fly fishing the Skeena—–”

    You obviously understand what I’m talking about then Duncan. I’ve also fly fished the Skeena, and many of it’s tributaries. An entire vast wilderness with no people, and lots of bears.

  32. JuanP on Tue, 26th Jun 2018 11:22 am 

    Delusional Davy appears to have lost it once more. He has been coming unhinged daily for months now, if not years. The sad fuck is obviously getting worse. He is fast losing whatever connection to reality he may have had left. He is completely incapable of accepting facts that contradict his biases, hallucinations and delusions and is condemned to spend the rest of his days in an alternative reality because he lacks the courage and integrity needed to confront the truth. This is quite sad for someone who claims to be a truth seeker above anything else.

  33. GregT on Tue, 26th Jun 2018 11:23 am 

    Although admittedly, the River itself between Terrace and Rupert, can be quite the zoo when the salmon are running.

  34. GregT on Tue, 26th Jun 2018 12:10 pm 

    “Google it and paste it so we can see it and then we will discuss your comment. Otherwise you are just prick teasing with distortions and lies which you are now pretty much doing routinely.”

    “Davy on Fri, 12th Jun 2015 7:58 am”

    ” I now have an Italian wife so I will go to Northern Italy with her every other year. She is from the Alps in a beautiful small village near Austria. This is another option for me with climate change or collapse. They have a wonderful cattle culture there I could easily fit into.”

    http://peakoil.com/enviroment/population-and-resources

  35. Davy on Tue, 26th Jun 2018 12:13 pm 

    Delusional Davy appears to have lost it once more. He has been coming unhinged daily for months now, if not years. The sad fuck is obviously getting worse.
    Come on bony juan, you are the one that in the past month has the altered personality. You even created bony joe as your sock puppet to attack me. I am just doing the normal Davy. Try harder with your drama it’s not working with reality.

    “He is fast losing whatever connection to reality he may have had left. He is completely incapable of accepting facts that contradict his biases, hallucinations and delusions and is condemned to spend the rest of his days in an alternative reality because he lacks the courage and integrity needed to confront the truth.”
    Translation: an attack word salad.

  36. Davy on Tue, 26th Jun 2018 12:17 pm 

    I know your stats gregster and for fun I have been doing some deeper research on your province.

  37. Davy on Tue, 26th Jun 2018 12:22 pm 

    “Davy on Fri, 12th Jun 2015 7:58 am”

    where is the plan you where beating me over the head with?

  38. Davy on Tue, 26th Jun 2018 12:26 pm 

    BTW, I have not been to Europe going on 3 years now. I am avoiding long trips if I can get out of them. I was in OK last week buying goats. I prefer staying local and making any trips part of my farm effort.

  39. GregT on Tue, 26th Jun 2018 1:15 pm 

    “I know your stats gregster and for fun I have been doing some deeper research on your province.”

    BC isn’t my province Davy. It does not belong to me.

    Just another one of your delusions.

  40. GregT on Tue, 26th Jun 2018 1:22 pm 

    “where is the plan you where beating me over the head with?”

    Nobody was ‘beating you over the head’ with anything Davy.

    You said:

    “This is another option for me with climate change or collapse.”

    Option:

    : something that may be chosen: such as
    a : an alternative course of action

    Options are part of a plan Davy.

  41. MASTERMIND on Tue, 26th Jun 2018 1:38 pm 

    Davy and Greg

    Remember me when you are sitting in a cannibal’s pot, waiting for the water to boil..

  42. Cloggie on Tue, 26th Jun 2018 1:47 pm 

    Not too many cannibal’s in Russia, cultural thingy. Divershitty has not much traction there.

    https://russia-insider.com/en/media-criticism/how-world-cup-destroying-american-power/ri23925

  43. GregT on Tue, 26th Jun 2018 1:48 pm 

    Hey MM,

    I thought you’d be interested. I saw a black helicopter hovering around the area this morning.

    What does it mean MM? I’m not really all that savy with your conspiracy theory stuff, like the ‘cannibal’s pot’ thingy.

    Do cannibals still even exist MM? I’m not so sure about that one either.

  44. GregT on Tue, 26th Jun 2018 2:03 pm 

    Interesting take in that article Cloggie, and the photography? Outstanding!

    https://russia-insider.com/en/media-criticism/how-world-cup-destroying-american-power/ri23925

  45. JuanP on Tue, 26th Jun 2018 2:06 pm 

    Delusional Davy “Come on bony juan, you are the one that in the past month has the altered personality. You even created bony joe as your sock puppet to attack me. I am just doing the normal Davy. Try harder with your drama it’s not working with reality.”

    I like quoting the exceptionalist since there is nothing I could possibly say that would discredit him more than his own words. Davy considers his behavior normal!

  46. Anonymouse1 on Tue, 26th Jun 2018 2:09 pm 

    The exceptionalturd is not a ‘farmer’, nor does he ‘farm’. If he were either one of those things, he wouldn’t be here, because real farmers, work. All day long. They dont have time for blowing virtual kisses all day long to idiots like the narrativeman and cloggenyid. The eturd, otoh, spends the bulk of his day(here), cutting and pasting, flinging poo, and generally making an ass of himself.

    It is a full-time ‘job’ for him, and the only one he has.

    No trips to ‘Italy’, no Italian ‘wife’, no private jets, no rich parents, none of these ever existed.

    Even hobby farming, if he had the resources and status to fall into the category (he doesn’t), takes up a fair bit of time itself.

  47. MASTERMIND on Tue, 26th Jun 2018 2:10 pm 

    New American Civil War? Some people think it’s already begun

    https://www.rt.com/usa/430957-america-new-civil-war-trump/

  48. JuanP on Tue, 26th Jun 2018 2:10 pm 

    Cloggie, The eyes of the world are on Russia for a whole month! It would take trillions spent in Western MSM propaganda to undo the benefits for Russia of all the positive publicity Russia is getting right now. This is a very big blow to all the countries trying to paint Russia as evil, particularly the USA and UK. Decades of Western BS propaganda undone in one month by exposing humanity to the real Russia. Russia is hosting one of the most important sports events in human history, and doing a great job of it.

  49. Davy on Tue, 26th Jun 2018 2:15 pm 

    Asperger, repeat after me “this is a digital world and not the same as the world I am inhabiting.”

  50. Davy on Tue, 26th Jun 2018 2:16 pm 

    Bony Juan, what did you do with bony joe? I would like to talk to him

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