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sdholloway56
Senior Advisor

China moving on Iraq oil and gas

https://oilprice.com/Energy/Crude-Oil/The-Superpowers-Battling-Over-Iraqs-Giant-Oil-Field.html

Gas in particular. From a carbon point of view actually a good thing since it was formerly mostly stranded and thus flared off.

With this and the opening of the Siberian pipeline, a major emphasis of this administration- closing the trade gap with LNG sales- looks more than ever like a pipe dream.

Our NG sector is in dire straits as displayed by the coming bankruptcy of Chesapeake and tanking Apache.

BTW, it was a better world when Saddam was penned in and acted as a counterbalance to Iran.

2 Replies
elcheapo
Veteran Advisor

Re: China moving on Iraq oil and gas

All the better reason that green

Energy/renewable energy is

Important....and get this crazy

Idea of wanting to become an

Energy (non-renewable) exporter.

 

sdholloway56
Senior Advisor

Re: China moving on Iraq oil and gas

The only times that the oil business isn't a complete disaster is when somebody imposes some discipline on the entire industry- the old Standard Oil, Texas Railroad commission or OPEC as examples.

Fracking was a disrupter of that status quo and not entirely bad in that regard. But for the financial and environmental damage created the only way it was beneficial on a larger scale was as a bridge to renewables. We're going to burn a lot of oil and gas on the way to a greener future- there's no other way.

Of course the "industry" doesn't see it that way. They're making investments in 30-50 year assets like pipelines. Although the amount lost if those are ultimately decommissioned is a pittance compared to what has already been lost in fracking.