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

• Oil Is Here To Stay: Saudi Minister

• Billionaire of the Week: Mukesh Ambani

• Upcoming Oil and Gas Events

• Tweet of the Day

Oil Is Here To Stay: Saudi Minister

Days after Chevron joined Exxon in a megamerger push, the IEA said oil demand was about to die.

Saudi Arabia’s energy minister had an immediate response to that.

That response was that oil and gas were here to stay.

Sometimes, things need to be stated bluntly

"Exxon, Chevron didn't buy because they want to have stranded assets,” Abdulaziz bin Salman said.

Indeed, it would be hard to believe Exxon and Chevron went shopping just because they had a few spare billions in their wallets.

No. They went shopping because they knew oil would be needed for decades.

And they wanted to secure more production assets as soon as possible.

Because the world is running out of untapped reservoirs.

Saudi, meanwhile, is also spending billions.

On boosting its production capacity.

This means they are certain oil demand is not going to go down anytime soon.

What a shocker.

There is no alternative

For all the promotion of “alternative energy sources,” oil and gas remain unmatched.

They’re much more power-dense, for one thing.

For another, you can’t make plastics or heart valves from electricity, even the greenest kind.

Chevron and Exxon know this.

Bin Salman knows this.

The only ones who don’t seem to be aware of these facts are the people predicting a bright hydrocarbon-free future for all.

They also clearly forget that this future can’t materialize without the hydrocarbons they want to kill.

It’s quite nicely ironic.

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Billionaire of the Week: Mukesh Ambani

From yarn to petrochemicals

The company that made the name Ambani known worldwide, Reliance Industries, was started by his father and an uncle.

It had nothing to do with oil at the start, in the late 1950s.

At the time, Reliance started as a trading venture for yarn and spices.

When Ambani joined the company, he got to work expanding it.

Oil refining and petrochemicals were among his first ventures.

Patience and a sharp business sense

Ambani joined his dad’s company in the early 80s.

It took decades to turn it into the enormous conglomerate Reliance is now.

But turn it he did.

To date, Reliance is not just India’s biggest refiner and one of the biggest oil and gas producers.

The company also has a massive presence in telecoms and infrastructure.

It is the largest retailer in India and is about to close a deal for Disney’s business in the country.

At the oil helm

Mukesh and his brother Anil worked alongside their father until his death in 2002.

After that, they split the business.

Mukesh remained head of the energy businesses of the conglomerate.

And he continued expanding them.

To date, Reliance owns the biggest refining complex in the world, capable of processing 1.4 million barrels of oil daily.

Ambani also has green ambitions, planning to spend $10 billion on all things transition.

But make no mistake, he is an oilman: he’s spending the same amount on expanding the company’s oil-to-chemicals business.

Upcoming Oil & Gas Events

• November 1: Oil and Gas Electrification Symposium, Longmont, CO

• November 2: LOGA State Industry Series, Benedict’s Plantation, Mandeville, LA

• November 6: Louisiana Energy Golf Open, Oakbourne Country Club, Lafayette, LA

• November 6-8: IPAA Annual Meeting, JW Marriott San Antonio Hill Country Resort and Spa, San Antonio, TX

• November 7: LOGA State of the Industry Series, Petroleum Club of Houston, Houston, TX

Around the Global Patch

🇳🇴 Norway's declining hydrocarbon production.
🇺🇦 Ukraine opens half of gas storage to foreign traders.
🌍 Europe's November LNG imports soar 30%.

Tweet of the Day

Thanks for reading today's Oil Patch!

Stay oily, my friend.

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