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March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

[1/5] Plants grow through an array of solar panels in Fort Lauderdale, Florida, U.S., May 6, 2022. REUTERS/Brian SnyderMarch 6 (Reuters) - U.S. imports of solar panels are finally picking up after months of gridlock stemming from implementation of a new law banning goods made with forced labor, according to two Chinese solar companies. The gains are a relief to major Chinese suppliers including Trina Solar (688599.SS) and Jinko Solar (JKS.N), who are finally getting products into the lucrative U.S. market after long delays. Trina rival Jinko Solar Holding Co Ltd (JKS.N) has also had shipments released from detention, a source close to the company said. It would not specify how many of those were solar products.

☆ CERAWEEK Biden climate law will stumble without permitting reform, industry warns
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

HOUSTON, March 6 - The Biden administration's climate law, which provides hundreds of billions of dollars in clean energy incentives to fight global warming, won't be fully effective without permitting reform, executives told the CERAWeek energy conference on Monday. "If the permitting reform doesn't happen, the IRA may not get its full use and benefit," Bold Baatar, who runs the copper business at mining giant Rio Tinto Plc (RIO.AX)(RIO.L), told the Houston conference. White House Energy Adviser John Podesta told the conference permitting reform was high on the administration's agenda. "The permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks," Podesta said. "I was a little bit nervous, because when John Podesta kept talking about permitting reform, he only talked about renewables," Sullivan told the conference.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

For 100 of those applicants, the Energy Department has hired staff to provide business development advice and "intense mentorship," Jigar Shah, head of the Energy Department's Loan Programs Office, told Reuters on the sidelines of the CERAWeek energy conference in Houston. Given the rapidly evolving technologies in the clean energy space, Shah said the department might shorten loan terms. If we think that that's a risk, then we just change the terms of the loan," Shah said. The LPO office would like more applications from electric utilities and oil and gas companies for projects designed to reduce emissions, as well as geothermal companies, Shah said. Commercial debt markets are "less interested in the more innovative approaches that (wind companies) are taking.

☆ CERAWEEK-BP says fuel efficiency has more impact on oil demand than EVs
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowHOUSTON, March 7 (Reuters) - Fuel efficiency in new light vehicles is having a bigger impact on fuel demand than rising sales of electric vehicles, BP Chief Executive Bernard Looney said at an energy conference on Tuesday. "That is locked in, and that's having a bigger impact on oil demand than electric vehicles," Looney said at the CERAWeek energy conference. Around 3 percent of the global vehicle fleet is EVs, he said. With more efficient vehicles and many more electric vehicles on the road, fuel demand could fall by 5 million to 10 million barrels per day by 2040, Looney said. The existing global light vehicle fleet consumes about 32 million bpd, he said.

☆ CERAWEEK-US oil output to grow by 500,000 bpd in 2023 - Occidental Petroleum exec
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

Companies Occidental Petroleum Corp FollowMarch 7 (Reuters) - U.S. oil production will grow by about 500,000 barrels per day this year, with 80% or 90% of that coming from the Permian basin, Frederick Forthuber, president of Oxy Energy Services at Occidental Petroleum Corp (OXY.N) said on Tuesday at the CERAWeek conference in Houston. Oil output growth in the U.S. has moderated, and is anticipated to remain slower as companies have shifted their focus to investor returns and faced headwinds such as inflation and supply chain constraints. Reporting by Liz Hampton in Denver Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ CERAWEEK - U.S. permit reforms needed to achieve Inflation Reduction Act goals -Conoco CEO
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

The goals of the administration's Inflation Reduction Act will be "procedurally impossible" without streamlined permitting for lower carbon energy infrastructure, Conoco CEO Ryan Lance said in remarks at the CERAWeek energy conference. A major Conoco oil project in northern Alaska, called Willow, has been stalled by court and environmental reviews. Willow holds about 600 million barrels of oil and gas and has the support of Alaskan politicians and native groups. "If we don't get (the oil) from Alaska, it's going to come from someplace. As examples of long-term investments, he cited Conoco's liquefied natural gas projects in the US, Qatar and Australia.

☆ Oxy CEO Vicki Hollub doesn't seem worried about White House pressure on buybacks, oil prices
▼ + stars: | 2023-03-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

That new fiscal approach from the energy patch has not made the White House happy, especially when oil prices and oil company profits were at a peak last year. Gas prices are right where they should be right now, she says, and are likely to stay this way. If there is risk to gas prices this year, it's to the upside. Amid high gas prices last year, the Biden administration released the most oil from the Strategic Petroleum Reserve on record, 180 million barrels. Among the reasons oil prices will remain higher?

☆ Oil chief leading COP28 climate summit urges energy industry to 'up its game' to reduce emissions
▼ + stars: | 2023-03-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"Alongside all industries, the oil and gas sector needs to up its game, do more and do it faster," Abu Dhabi National Oil Company CEO Sultan al-Jaber said during a keynote speech at CERAWeek. The chief executive of one of the world's biggest oil companies, who will lead talks at the COP28 climate summit later this year, called on the energy industry to "up its game" to reduce emissions. The head of the United Arab Emirates' state oil company was seen as a controversial choice to lead the COP28 climate talks in Dubai later this year. The UAE, the third largest producer of the OPEC oil alliance, will host the U.N.-brokered climate talks from Nov. 30 through to Dec. 12. The COP28 summit will see the first global stocktake since the 2015 Paris Agreement.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

☆ U.S. solar panel imports from China grow, alleviating gridlock, officials say
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

[1/4] John Podesta, the White House senior advisor for clean energy, delivers a speech during the CERAWeek energy conference in Houston, Texas, U.S., March 6, 2023. REUTERS/Callaghan O'HareMarch 6 (Reuters) - U.S. imports of solar panels from Chinese suppliers are increasing as customs officials have clarified rules around complying with a new law banning goods made with forced labor, a White House official said on Monday. Trina Solar Co Ltd (688599.SS), a major Chinese solar manufacturer, told Reuters that more than 900 megawatts of solar panels has cleared U.S. customs in the last four months, with less than 1% of those products being detained for examination. Trina rival Jinko Solar Holding Co Ltd (JKS.N) has also had shipments released from detention, a source close to the company said. Reporting by Richard Valdmanis in Houston Editing by Chris Reese and David GregorioOur Standards: The Thomson Reuters Trust Principles.

The secretive dinner has been held almost annually at the CERAWeek energy conference. This year's event will be the first with Haitham Al Ghais as secretary general for the Organization of the Petroleum Exporting Countries. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. Fewer OPEC officials are present at this year's annual CERAWeek conferencing, with ministers from key countries including Saudi Arabia and Iraq absent from the attendee list. Reporting by Liz Hampton and Ron Bousso in Houston; additional reporting by Stephanie Kelly Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ Chevron CEO says natural gas markets fundamentally changed by war
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowHOUSTON, March 6 (Reuters) - The global natural gas market has been more fundamentally changed for the long term by Russia's invasion of Ukraine than the oil market, Chief Executive Mike Wirth on Monday said on Monday. The conflict in Ukraine and ensuing Western sanctions upended global oil and gas markets and disrupted supplies from Russia. Europe has turned away from dependence on Russian gas supplies and has no intention of changing that in the future, Wirth said in remarks at the CERAWeek energy conference. "Gas markets, I think, are structurally changed for the longest," Wirth said. That has left the oil market and logistics tight and vulnerable to any unexpected supply disruption, he added.

☆ CERAWEEK-Chevron CEO says natural gas markets fundamentally changed by war
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowHOUSTON, March 6 (Reuters) - The global natural gas market has been more fundamentally changed for the long term than the oil market by Russia's invasion of Ukraine, Chevron Corp (CVX.N) Chief Executive Mike Wirth said on Monday. The conflict in Ukraine and ensuing Western sanctions upended global oil and gas markets and disrupted supplies from Russia. "Gas markets, I think, are structurally changed for the longest," Wirth said. That has left the oil market and logistics tight and vulnerable to any unexpected supply disruption, he added. A disorderly energy transition could be "painful and chaotic", Wirth said.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

HOUSTON, March 3 (Reuters) - The chief executive of Saudi Arabian state oil company Aramco (2223.SE) will not attend an energy conference organized by S&P Global next week, the event's updated schedule showed. Amin Nasser, head of the world's largest oil company, had been listed as delivering a keynote address at CERAWeek, the largest gathering of high-profile oil executives and energy ministers. Nasser was one of the few high-level Saudi officials on this year's schedule and has been a regular presence at past CERAWeek conferences. The agenda for this year's event is dominated by major oil company executives and U.S. government officials, with fewer Middle East executives and officials. A record 7,000 people have signed up for the week-long event, which will includes discussions of fossil fuels, clean energy and advanced energy storage.

☆ Inside the fierce debate over clean hydrogen, with $100 billion in federal subsidies on the line
▼ + stars: | 2023-03-03 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +13 min

The impact of the tax credit on emissions reductions depends on how federal agencies implement it. On one side of the debate, some energy providers say that making the rules too strict could kill the clean hydrogen industry before it ever gets off the ground. CERAWeek returned in-person to Houston celebrating its 40th anniversary with the theme "Pace of Change: Energy, Climate, and Innovation." This hourly approach to energy accounting has been adopted by Google, which has been a forerunner in adopting clean energy, for example. In the long run, Garabedian says, his stance is about protecting his company, the industry's reputation, and the tax credit.

☆ The Russia-Ukraine war remapped the world's energy supplies, putting the U.S. at the top for years to come
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.

The effort comes as the United States seeks to sustain its liquefied natural gas, or LNG, exports to Europe to displace Russian fuel, while also promoting efforts to fight global warming. A credible market for certified natural gas could help it tackle both goals at once. Crabtree said he hosted a workshop in October with gas industry representatives, including a new industry group called the Differentiated Gas Coordinating Council (DGCC), to discuss standards for certified gas. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere from drilling, processing, shipping and distribution. Palti-Guzman said certified gas could also be key to securing a longterm role for U.S. LNG in Europe where carbon prices last month hit a record 100 euros per tonne.

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