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"Sentinel’s silence was a symptom of a bigger disconnect in the gulf. What once was a race to build a series of deepwater terminals prior to the pandemic—including the involvement of household names such as Phillips 66 and Chevron—has now turned into silence over stalled projects that may never come to fruition.
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There simply isn’t enough crude demand or customer support to justify building them any longer, even though U.S. oil output is hovering near all-time highs, energy analysts said. At best, projects could be revisited in 2027, when and if the U.S. oil industry rebounds from a weaker price environment, said Keland Rumsey, East Daley Analytics energy markets analyst."
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Stuff To Think About
According to Rystad Energy it COSTS the United States $9.00 per MMBTU to freeze natural gas into LNG, ship it, and thaw it out in Europe where it can be sold for $13.56 per MMBTU. That's a $4.56 per MMBTU margin (profit). THAT is why America is being drained of its natural gas resources, for less than 5 bucks profit,
realized mostly by the midstream and downstream sector.
Upstream, for instance in the Permian Basin, the tight oil sector is going to have drill tens of thousands of wells at $10MM each to supply the midstream/downstream sector with feedstock. Upstream E&P will have to borrow that money to drill those tens of thousands of wells and add that new debt to $185 B of existing debt the Permian Bain still holds.
Once again, America is exporting its hydrocarbon future to foreign countries, BELOW COSTS.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.
