Join us for the 4th installment of the Reservoir Correlation and Distribution Webinar Series coming up on the 5th of July 2017 on Deltaic Reservoirs.
This webinar will cover delta depositional processes and classification, reservoir body geometries, stacking trends and correlation challenges. Examples from amongst others NW Borneo, Egypt, Niger Delta, Madagascar, North Sea and Spain, including stratigraphic trap examples will also be provided.
When does the webinar take place?
Date: 5th July 2017
Time: 3PM (Singapore/Malaysia time zone) / 11AM (UAE time zone)
Duration: 60-minutes webinar
Special: Receive an e-certificate of attendance
Early Bird Fee: USD75
Normal Price: USD90
p/s: Unable to meet the webinar schedule? Not a problem. We will replay the webinar for you in another time slot that will be convenient for you.
EARLY BIRD PROMO! We are also offering an exclusive Early Bird Price of USD75 and its limited to the first 10 pax that registers!
HOW TO REGISTER FOR THE EARLY BIRD PROMO?
Key in this discount code: DELTAIC17OFF here: https://goo.gl/kVEUtU and enjoy our Early Bird Fee!
ALSO! It's NEVER TOO LATE to join the entire Webinar Series of Reservoir Correlation and Distribution (comprising of 6 modules). By registering for the Webinar Series, you will get immediate access to all the previous webinars.
What’s included in the Reservoir Correlation and Distribution Webinar Series?
Hurry Hurry! REGISTER NOW & SAVE!
Feel free to drop me a comment if you require any additional info and do not forget to share this to friends and colleagues who would benefit!
Looking forward to receiving your registration!
About Your Expert Speaker: Maarten Wiemer Maarten has over 35 years’ experience as Exploration Geologist for Shell globally. He has field experience in Egypt, NW Borneo, MENA, China, Madagascar, North Sea, Oman and The Netherlands. His expertise includes Seismic Stratigraphy, Reservoir Characterisation, Prospect Maturation, Play Based Exploration. He developed and delivered the current course in Malaysia, Bangalore, Singapore, Cairo and The Netherlands.
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Headline crude prices for the week beginning 10 June 2019 – Brent: US$62/b; WTI: US$53/b
Headlines of the week
Midstream & Downstream
A month ago, crude oil prices were riding a wave, comfortably trading in the mid-US$70/b range and trending towards the US$80 mark as the oil world fretted about the expiration of US waivers on Iranian crude exports. Talk among OPEC members ahead of the crucial June 25 meeting of OPEC and its OPEC+ allies in Vienna turned to winding down its own supply deal.
That narrative has now changed. With Russian Finance Minister Anton Siluanov suggesting that there was a risk that oil prices could fall as low as US$30/b and the Saudi Arabia-Russia alliance preparing for a US$40/b oil scenario, it looks more and more likely that the production deal will be extended to the end of 2019. This was already discussed in a pre-conference meeting in April where Saudi Arabia appeared to have swayed a recalcitrant Russia into provisionally extending the deal, even if Russia itself wasn’t in adherence.
That the suggestion that oil prices were heading for a drastic drop was coming from Russia is an eye-opener. The major oil producer has been dragging its feet over meeting its commitments on the current supply deal; it was seen as capitalising on Saudi Arabia and its close allies’ pullback over February and March. That Russia eventually reached adherence in May was not through intention but accident – contamination of crude at the major Druzhba pipeline which caused a high ripple effect across European refineries surrounding the Baltic. Russia also is shielded from low crude prices due its diversified economy – the Russian budget uses US$40/b oil prices as a baseline, while Saudi Arabia needs a far higher US$85/b to balance its books. It is quite evident why Saudi Arabia has already seemingly whipped OPEC into extending the production deal beyond June. Russia has been far more reserved – perhaps worried about US crude encroaching on its market share – but Energy Minister Alexander Novak and the government is now seemingly onboard.
Part of this has to do with the macroeconomic environment. With the US extending its trade fracas with China and opening up several new fronts (with Mexico, India and Turkey, even if the Mexican tariff standoff blew over), the global economy is jittery. A recession or at least, a slowdown seems likely. And when the world economy slows down, the demand for oil slows down too. With the US pumping as much oil as it can, a return to wanton production risks oil prices crashing once again as they have done twice in the last decade. All the bluster Russia can muster fades if demand collapses – which is a zero sum game that benefits no one.
Also on the menu in Vienna is the thorny issue of Iran. Besieged by American sanctions and at odds with fellow OPEC members, Iran is crucial to any decision that will be made at the bi-annual meeting. Iranian Oil Minister Bijan Zanganeh, has stated that Iran has no intention of departing the group despite ‘being treated like an enemy (by some members)’. No names were mentioned, but the targets were evident – Iran’s bitter rival Saudi Arabia, and its sidekicks the UAE and Kuwait. Saudi King Salman bin Abulaziz has recently accused Iran of being the ‘greatest threat’ to global oil supplies after suspected Iranian-backed attacks in infrastructure in the Persian Gulf. With such tensions in the air, the Iranian issue is one that cannot be avoided in Vienna and could scupper any potential deal if politics trumps economics within the group. In the meantime, global crude prices continue to fall; OPEC and OPEC+ have to capability to change this trend, but the question is: will it happen on June 25?
Expectations at the 176th OPEC Conference
Global liquid fuels
Electricity, coal, renewables, and emissions