Global oil demand will likely recover to its pre-pandemic levels of 100 million bbl/d by 2022 or early 2023, Pioneer Natural Resources CEO Scott Sheffield said on Dec. 1.
UPDATE:
Pioneer’s Sheffield: Few Independents Will Survive Oil Downturn
Demand next year is likely to be around 97 million bbl/d, Sheffield said, speaking at the Reuters Future of Oil & Gas 2020 virtual conference. He added the oil industry will "still need some help from OPEC" with supply cuts of 3 million to 5 million bbl/d next year.
Pioneer, one of the largest independent U.S. shale operators, is putting drilling rigs back to work in the Permian Basin oil field, but plans for oil production growth of zero to 5% in 2021 while demand recovers, Sheffield said.
The company will close its $4.5 billion all-stock buyout of Parsley Energy Inc. in the first quarter of the year. Sheffield said he expects "several more" such mergers in the oil industry.
Recommended Reading
Murphy’s Vietnam Find May Change Investor Views, KeyBanc Analysts Say
2025-01-09 - The discovery by a subsidiary of Murphy Oil Corp. is a reminder of the company’s exploration prowess, KeyBanc Capital Markets analysts said.
CNOOC Makes Oil, Gas Discovery in Beibu Gulf Basin
2025-03-06 - CNOOC Ltd. said test results showed the well produces 13.2 MMcf/d and 800 bbl/d.
DNO ‘Hot Streak’ Continues with North Sea Discovery
2025-03-26 - DNO ASA has made 10 discoveries since 2021 in the Troll-Gjøa exploration and development area.
E&P Highlights: Feb. 24, 2025
2025-02-24 - Here’s a roundup of the latest E&P headlines, from a sale of assets in the Gulf of Mexico to new production in the Bohai Sea.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.