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Home»Finance»Occidental CEO Warns US Is at Risk of Losing Energy Independence
Finance

Occidental CEO Warns US Is at Risk of Losing Energy Independence

November 22, 2024No Comments2 Mins Read
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Occidental CEO Warns US Is at Risk of Losing Energy Independence
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(Bloomberg) — Occidental Petroleum Corp. warned that US power independence is vulnerable to slipping away if shale output plateaus and begins to say no.

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“It’s going to begin to roll over, and when that occurs, that’s when the US is in danger for shedding our power independence,” Chief Govt Officer Vicki Hollub mentioned in a presentation at Hart Vitality’s Govt Oil Convention in Midland, Texas, on Thursday. “That would come within the subsequent 5 years that we begin to see that plateauing occur.”

The US is pumping greater than 13 million barrels a day, exceeding each different nation and up nearly 45% in only a decade. The worldwide oil market is carefully watching to see if American explorers can drill sufficient new wells to offset the pure decline in growing older shale discoveries.

Holllub mentioned President-elect Donald Trump understands the enterprise case for utilizing carbon dioxide to scrape extra crude from the underside of oilfields, a method generally known as enhanced oil restoration that Occidental has employed for years.

“He understands that if you happen to lose all your power independence, geopolitically we’d be weaker in that form of state of affairs than we’re immediately,” Hollub mentioned. “What he needs is he needs us to get essentially the most out of the reservoirs that we’ve right here within the US.”

Within the coronary heart of the Permian Basin, bankers and different executives mentioned the way forward for the world’s busiest shale patch, which at present produces about 6 million barrels a day.

Permian crude output “will peak at barely above 7 million barrels a day on the finish of this decade,” mentioned Pete Bowden, world head of commercial, power and infrastructure funding banking at Jefferies Monetary Group Inc. “However thereafter will decline extra steadily than most specialists anticipate.”

There’s anyplace from 10 to 25 years of drilling stock left within the Permian’s Delaware sub-basin, in accordance with a presentation from ConocoPhillips, citing knowledge from trade guide Enverus. Within the Midland sub-basin that has been producing oil for greater than a century, the drilling stock is seen within the vary of eight to fifteen years.

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©2024 Bloomberg L.P.

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