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

• Billionaire of the Week: John Fredriksen

• UN Sounds Net-Zero Alarm on Oil, Gas Production

• Upcoming Oil and Gas Events

• Tweet of the Day

Billionaire of the Week: John Fredriksen

“An old-fashioned adventurer”

He is one of the richest men in oil.

He’s the owner of one of the biggest tanker companies in the world—Frontline.

He used to be a majority owner of offshore drilling major Seadrill.

He started as an oil trader.

After he left school at 16 to work.

“He’s an old-fashioned adventurer,” one maritime lawyer says of the billionaire.

“The money’s great, but what he really enjoys is the cut and thrust of the game.”

Follow the money, follow the oil

Fredriksen got his start in Lebanon in the 60s.

He started as a trader.

From oil trading, he quickly expanded into shipping.

In the 1980s, he even shipped oil to Iran during the war with Iraq.

Later, he expanded into offshore drilling with Seadrill, fish farming, and LNG carriers.

If it’s an energy commodity and it’s liquid, Fredriksen has vessels to carry it across the world.

An industry trendsetter

Fredriksen doesn’t like talking to the media.

On one of the rare occasions he did, he said, “Basically, I’m a trader.”

He buys low and sells high, and in that, he sets the tone for the whole industry.

Other shipping magnates watch what he does and do the same.

Back in 2012, for instance, Fredriksen started building fuel tankers.

Rivals got word of it and placed orders for 21 vessels of their own.

To date, Fredriksen is worth $13.7 billion.

And he probably still enjoys the cut and thrust of the game, even at 79.

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UN Sounds Net-Zero Alarm on Oil, Gas Production

The UN environmental agency has warned oil and gas production plans are incompatible with net-zero targets.

Outrageously, oil and gas output in 2030 will be 110% higher than what is consistent with those targets.

Paris Agreement doom and gloom

The Paris Agreement on emissions aims to limit the rise in global average temps to 1.5-2 degrees Celsius.

According to the UNEP, projected oil and gas production will produce emissions that would make that impossible.

Assuming it’s human activity emissions causing the rise in global temperatures, of course.

Two Norwegian statisticians recently showed that the assumption is wrong.

Not that anyone at the UNEP or its partners in the warning cares, of course.

These partners, by the way, are all climate change NGOs.

Could they be biased?

"We need countries to commit to a phase-out of all fossil fuels to keep the 1.5C goal alive," the lead author of the warning said.

Unfortunately, many people might have to die to keep that goal alive.

What’s more important – people or emissions?

Access to energy is literally a vital need.

Think heating and cooling, transport, and healthcare.

Currently, the overwhelming amount of energy for these needs comes from oil, gas, and coal.

Take them away, and you’ve got severe energy shortages.

And you’ve got deaths from exposure and heat.

The guys at UNEP and its friends from the climate NGOs would probably blame it all on climate change.

Upcoming Oil & Gas Events

• November 9: Deepwater Executive Summit, Hyatt Houston West, Houston, TX

• November 13: LOGA State of the Industry Series, Le Pavillion Lafayette, LA

• November 14: LOGA State of the Industry Series, Petroleum Club of Shreveport, Shreveport, LA

• November 15-16: Petroleum Alliance of Oklahoma Fall Conference and Auction, Oklahoma City, OK

• November 16: 29th Annual Executive Oil Conference and Exhibition, Midland Country Horseshoe Arena, Midland, TX

Around the Global Patch

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🇷🇺 Russian government raises tax demand on Gazprom.

Tweet of the Day

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