Press Release – OGV to showcase top digital talent at industry innovation event
Aberdeen based company, Oil & Gas Vision (OGV) will host a 1-day innovation event on 11 April at the Village Hotel in Aberdeen. Recognising an increased demand for digitalisation, “OGV Innovate” will showcase the latest technology and digital offerings for the Oil and Gas industry. The company will welcome 200 delegates to the event, which features 22 exhibitors and 12 guest speakers.As digital transformation expands its reach across the industry, more companies are taking steps to embrace the digital oilfield. The event is an opportunity for exhibitors to share their technology and start conversations with key business leaders.OGV’s innovation day will serve as a networking platform to discuss and promote the industry’s rapidly evolving, digital landscape. The event will bring together CEOs, CIOs, VPs of Operations &Production, Heads of IT, Engineering Solutions & Advanced Analytics Directors and Asset Managers.
OGV Director, Kenny Dooley said “The last year has demonstrated a growing demand for digital solutions within the Oil and Gas industry.
“By developing new technology, companies are creating new possibilities which can ultimately reduce costs and improve efficiency. “
“We are delighted to provide a platform for companies to discuss what is currently available on the market and what lies ahead for the future.”
OGV Innovate boasts an impressive line-up of speakers including James McNab, Radiation Methods SME – Asset Integrity at Oceaneering, Fredrik Tukk, Head of Innovation Partnering at Maersk Drilling, Kevin Gallagher, Digital Transformation at CNOOC International, Derek Crombie, Vice President of Software Development at Lloyds Register, Michael Appelby, Chief Executive Officer at Zybersafe, Chris Ayres, Chief Operating Officer at Opex Group, Gary Panes, Director at EDRMedeso and Dave Williams, Chief Operating Officer at Texo iHub.
The speaker sessions will focus on industry specific topics such as “Changing the corporate culture from within to drive digital innovation” and “Data and system segmentation and protection.”
Exhibitor spaces are now limited, to book a space or to attend the event as a delegate visit www.oilandgasvisionjobs.com/innovate-day
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
This winter, natural gas prices have been at their lowest levels in decades. On Monday, February 10, the near-month natural gas futures price at the New York Mercantile Exchange (NYMEX) closed at $1.77 per million British thermal units (MMBtu). This price was the lowest February closing price for the near-month contract since at least 2001, in real terms, and the lowest near-month futures price in any month since March 8, 2016, according to Bloomberg, L.P. and FRED data.
In addition, according to Natural Gas Intelligence data, the daily spot price at the Henry Hub national benchmark was $1.81/MMBtu on February 10, 2020, the lowest price in real terms since March 9, 2016. Henry Hub spot prices have ranged between $1.81/MMBtu and $2.84/MMBtu this winter heating season (since November 1, 2019), generally because relatively warm winter weather has reduced demand for natural gas for heating. Natural gas production growth has outpaced demand growth, reducing the need to withdraw natural gas from underground storage.
Dry natural gas production in January 2020 averaged about 95.0 billion cubic feet per day (Bcf/d), according to IHS Markit data. IHS Markit also estimates that in January 2020 the United States saw the third-highest monthly U.S. natural gas production on record, down slightly from the previous two months.
IHS Markit estimates that U.S. natural gas consumption by residential, commercial, industrial, and electric power sectors averaged 96 Bcf/d for January, which was about 4.4 Bcf/d less than the average for January 2019, largely because of decreases in residential and commercial consumption as a result of warmer temperatures.
However, IHS Markit estimates that overall consumption of natural gas (including feed gas to liquefied natural gas (LNG) export facilities, pipeline fuel losses, and net exports by pipeline to Mexico) averaged about 117.5 Bcf/d in January 2020, an increase of about 0.2 Bcf/d from last year. This overall increase is largely a result of an almost doubling of LNG feed gas to about 8.5 Bcf/d.
Because supply growth has outpaced demand growth, less natural gas has been withdrawn from storage withdrawals this winter. Despite starting the 2019–20 heating season with the third-lowest level of natural gas inventory since 2009, by January 17, 2020, working natural gas inventories reached relatively high levels for mid-winter. The U.S. Energy Information Administration’s (EIA) data on natural gas inventories for the Lower 48 states as of February 7, 2020, reflect a 215 Bcf surplus to the five-year average. In EIA’s latest short-term forecast, more natural gas remains in storage levels than the previous five-year average through the remainder of the winter.
According to the National Oceanic and Atmospheric Administration (NOAA), January 2020 was the fifth-warmest in its 126-year climate record. Heating degree days (HDDs), a temperature-based metric for heating demand, have been relatively low this winter, which is consistent with a warmer winter. During some weeks in late December and early January, the United States saw 25% to 30% fewer HDDs than the 30-year average. This winter, through February 8, residential natural gas customers in the United States have seen 11% fewer HDDs than the 30-year average.
Source: U.S. Energy Information Administration, based on National Oceanic and Atmospheric Administration Climate Prediction Center data
Headline crude prices for the week beginning 10 February 2020 – Brent: US$53/b; WTI: US$49/b
Headlines of the week
Global liquid fuels
Electricity, coal, renewables, and emissions