Good morning; here's what the Oilman has for you today:

• Biden Admin Mulls Over Blocking the Sun

• Offshore Oil Set for a Boom

• Upcoming Oil and Gas Events

• Tweet of the Day

Biden Admin Mulls Over Blocking the Sun

Yep. You read that right.

The Biden administration will study ways of reducing the amount of sunlight reaching the Earth in its latest push to cool the planet.

It’s risky, but it may be necessary

The administration commissioned a report on what’s officially called solar geoengineering.

It refers to ways of reducing the amount of solar energy reaching the surface of the Earth.

These ways basically come down to either mimicking a volcano eruption or injecting salt into clouds.

Volcanic eruptions spew large amounts of aerosols in the atmosphere and basically block out the sun.

Salt injection in clouds makes them more reflective of sunlight.

And the EU is doing the same studying, by the way.

What could possibly go wrong?

Wait, didn’t we want more solar energy?

The dangerous part is that solar engineering is being contemplated at all.

Still, it’s fair to note that for now, this contemplation is theoretical only, with a focus on the potential risks.

The hilarious part is that the same people who are pushing for more solar energy are at the same time studying ways to reduce the amount of solar energy that reaches us.

Solar joke aside, intervention into our one single source of life does not sound like a smart move.

According to critics, “these massive interventions may have unforeseen side effects, such as altering vital rain patterns”, per Bloomberg.

There are even people calling for an international non-use commitment.

Yeah, I’d say this is not a good idea.

Which, unfortunately, doesn’t mean our climate-obsessed government will stop studying it.

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Offshore Oil Set for a Boom

Offshore oil and gas is “undergoing a remarkable renaissance” and about to boom with $500 billion in spending.

The upbeat forecast comes from SLB, formerly known as Schlumberger.

And we’ve got U.S. shale to thank for that boom.

Energy security trumps all

In case you’re wondering what happened to all the peak oil demand doomsaying, it’s still around.

But the facts of life are such that oil demand doesn’t care about doomsaying.

Energy security is what will drive the $500 billion in new offshore oil and gas investment, SLB said.

And so will the restraint exhibited by U.S. shale companies in the production department.

Basically, less shale oil = more offshore oil because the oil has to come from somewhere.

Because the world demands it.

Don’t you just hate it when this happens?

Per the report, as quoted by Offshore Magazine,

“Operators worldwide are actively seeking to expedite discoveries, accelerate development cycles, and maximize the productivity of their offshore assets.”

Those sound like pretty urgent investments to me.

Sorry, activists, we need energy, not the promise of.

More windfalls on the horizon for Big Bad Oil?

While SLB predicts a lot more investments in offshore oil over the next five years, the IEA is warning about higher energy prices.

If winter this year happens to be, you know, normal for a winter.

And if China’s economic growth accelerates.

One of these is a bigger if than the other.

Last year, winter was mostly milder than usual, especially in Europe.

That literally saved Europeans from blackouts.

Well, that and U.S. liquefied gas.

This year, they may be less lucky.

And that, folks, is why offshore oil and gas is “undergoing a renaissance”.

Because people need energy, and they need it now.

Upcoming Oil & Gas Events

• July 19-20: 2023 Independent Petroleum Association of New Mexico Annual Meeting

• July 20: Bakken Classic Fishing Derby

Around the Global Patch

🇮🇳 India embraces yuan for Russian oil imports.
🇦🇺 Australian commodity exports: decline after record highs.
🇸🇦 Saudi Arabia's extended production cut boosts oil prices.

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