Oil Prices Could Rise To $65

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Tuesday, September 1, 2020 – Oil prices rose on Tuesday on new manufacturing data from both the U.S. and China, which surprised on the upside. The dollar also weakened, adding some support to crude. Nevertheless, crude is showing few signs of being able to break out from its current range.

Distressed shale assets from the last boom. Many of the M&A deals in U.S. shale following the 2014-2016 oil market downturn are now “unworkable,” according to Reuters. Of the 50 largest acreage purchases between 2016 and 2019, 31 of them only add value if Brent trades above $50 per barrel. For instance, Diamondback Energy (NASDAQ: FANG) paid roughly $54,977 per acre when it purchased Energen in 2018, a deal that would now breakeven if Brent averaged $77 per barrel.

Oil GDP: Nigeria Records Average Oil Production of 1.81 million barrels per day in Q2 2020 - Agusto & Co.
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Gulf of Mexico output remains down. As of Monday, about 53 percent of oil production in the Gulf of Mexico was still shut-in, following the devastation from Hurricane Laura. About 41 percent of natural gas production is shut-in. Personnel remain evacuated from 117 production platforms or 18 percent of the total.

EVs still costly to produce. EVs will remain more costly to manufacture than traditional gasoline and diesel-fueled vehicles for the rest of the decade, according to new research. EV manufacturing costs could average 16,000 euros by 2030, or 9 percent higher than conventional cars.

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Goldman: Oil prices to jump to $65. Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel, according to Goldman Sachs analysts. “There is a growing likelihood that vaccines will become widely available starting next spring, helping support global growth and oil demand, especially jet,” the Goldman analysts said.

The U.S. seizes websites involved in illegal oil trade. The United States announced today that it has seized three websites used by sanctions-violators to trade in crude oil, according to an official press release. The websites were, according to the U.S. government, used by Iran to trade oil with Venezuela—two sanctioned countries that are not allowed to trade oil at all, let alone with each other.

Natural gas prices sink on cooler weather. Natural gas prices sank early on Monday on expectations of lower demand due to cooler weather and lower liquefied natural gas (LNG) feed in the aftermath of Hurricane Laura passing through the U.S. Gulf Coast.

Biden: “I am not banning fracking”: In a speech on Monday in Pittsburgh, Biden dismissed accusations that he would target oil and gas drillers. “I am not banning fracking. Let me say that again. I am not banning fracking. No matter how many times Donald Trump lies about me,” Biden said.

Read Also:  Oil Prices Bounce On Venezuela Turmoil And Saudi Cuts - Report
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UAE overproduces in August. The UAE breached its OPEC+ quota in August, pumping 2.693 million b/d, according to S&P Global Platts.

U.S. SPR damaged from the hurricane. The U.S. Energy Department said on Monday that the West Hackberry site of the Strategic Petroleum Reserve “sustained considerable damage” from Hurricane Laura.

Shipping companies profit amid the downturn. Cost-cutting and removing excess capacity have kept shipping margins in positive territory this year.

Trump Administration Proposes Easing Oil and Gas Permitting in National Forests. The Trump administration on Aug. 31 issued a proposal that would make it easier to permit oil and gas drilling operations in national forests, aligning permitting processes between the Forest Service and the Bureau of Land Management. Environmental groups say the move will sidestep environmental reviews.

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U.S. gasoline demand fizzling. U.S. demand for gasoline surged after bottoming out in April but has flattened out in the past two months below pre-pandemic levels. Stagnating demand raises concerns about the health of the economic recovery. “The easy work has been done,” Noah Barrett, an energy analyst for Janus Henderson Investors, told the WSJ. “That last 10% to 15% of lost demand is going to be really hard to get back.”

Trump admin prepares more sanctions on Venezuela. “We think our sanctions have been extremely effective in reducing income to the regime but we think we can make them more effective. So we are going to be doing some things to tighten up in the near future,” Elliott Abrams, U.S. Special Representative for Venezuela said in a Reuters interview. He did not specify but hinted that the new sanctions would include eliminating exemptions offered to third parties buying Venezuelan oil.

Tesla to sell $5 billion in shares. Tesla (NASDAQ: TSLA) said it would sell as much as $5 billion in shares “from time to time” in order to fund growth. The company has plans to build new factories in Germany and in Austin, Texas, following the recent completion of a plant in Shanghai.

Exxon considers job cuts. According to a memo sent to employees Monday and obtained by Business Insider, ExxonMobil (NYSE: XOM) is considering job cuts. The company is looking at its upstream unit for “organizational efficiencies and lower activity levels,” according to the memo, including job cuts.

Total and Macquarie pursue 2 GW offshore wind in South Korea. Total (NYSE: TOT) will partner with Macquarie Group’s green bank to develop more than 2 gigawatts of floating wind farms off South Korea, the latest push by the French oil and gas giant to diversify into clean energy.

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Latest News

Oil Prices Could Rise To $65 - Brand Spur

First integrated green building cloud data platform launched in Hong Kong

iBEAM to assess 450,000 building and sustainable development project data every year

 

HONG KONG SAR - Media OutReach - 13 May 2021 - BEAM Society Limited ("BSL") announces today the launch of iBEAM – the first-ever locally developed integrated green building cloud data platform in Hong Kong. iBEAM is capable of analysing 450,000 entries of project data related to built environment and sustainable development every year, which would turn into a data warehouse for the prediction of green building development trends and making visionary suggestions for implementing sustainable development in the industry. iBEAM also enables paperless assessment workflow through uploading all building data to a single cloud platform, which enhances transparency, security and integrity of the assessment process while reducing carbon emission, contributing to a greener built environment in Hong Kong.

Data warehouse advocates green building development, provides concrete solutions and creates benefits for the public

The rising awareness on environmental protection and sustainable development has drawn increasing public attention to the overall quality of the built environment. In 2010, "BEAM Plus", a leading, impartial assessment tool designed for the sustainability performance of buildings in Hong Kong was first launched by BSL. BEAM Plus assesses the sustainability of buildings during planning, design, construction, testing, commissioning, management, operation, and maintenance stages. Assessment results are recognised and certified by the Hong Kong Green Building Council. To date, BEAM Plus has certified green building developments encompassing over 18.6 million square metres of space, equivalent to over 2.5 square metres per capita. BEAM Plus is one of the most widely used voluntary green building labelling schemes of its kind in the world on a per capita basis.

Ms Ivy LEE Siu Wing, Chairperson of BSL, shares, "iBEAM will be the first-ever 24/7 project assessment submission platform in Hong Kong. It enables BSL to streamline BEAM Plus assessment process, enhances BEAM Pro experience and its efficiency, and upholds the core values of BSL – integrity, consistency and transparency.

iBEAM is a new generation platform that collects, manages, standardises, submits, reports, discloses and processes data related to built environment and sustainable development. Its major features include:

Intelligent integration platform: With customisable user interface and settings, this platform enables project teams to share information and manage workflow. Where necessary, participating parties can download the data collected for other purposes such as submission of Environmental, Social and Corporate Governance (ESG) reports, and as benchmark data necessary for the application of green finance investments. In the long run, iBEAM will contribute to building a smarter, greener and more resilient city as envisioned in the HK2030+ and the Hong Kong Smart City Blueprint 2.0.

Paperless cloud platform: After uploading the data to the cloud portal, project teams can update or retrieve them by logging in the portal round the clock anywhere. The platform also enables paperless e-form submission of data for archiving and real time processing at both multiple and centralised ends.

Reliable and consistent security platform: After receiving data uploaded by project teams, the platform will automatically execute the approval process and match with assessors, raising the transparency, security and integrity of assessments. iBEAM also centralises and securely executes workflow, from data collection, approval, to online management of BEAM Plus assessment fee.

Mr LIU Chun San, JP, Under Secretary for Development, mentions, "BEAM Society, has been a close partner of the Government to promote green building environment ever since her establishment in the 1990s. The development and adoption of iBEAM is most welcome by the Development Bureau. iBEAM aligns with and supports our two major visions: to develop smart, green and resilient new towns; and Construction 2.0 in adopting innovation including digitalization technology for the construction industry."

Mr Frankie So, Chairperson of iBEAM Project Steering Committee, mentions, "We anticipate an annual uptake of 10,000 users and 200 building assessment applications after the launch of iBEAM, with growth in subsequent years. The system can process 450,000 entries of data from built environment and sustainable development projects every year, and analyse big data such as Green Building Attributes, Management, Site Aspects, Materials and Waste, Energy Use, Water Use, Indoor Environmental Quality, Innovations and Additions, Community Aspects and Outdoor Environmental Quality. It will empower a greener built environment in Hong Kong and create benefits for the public."

Consultations and experience workshops obtain recognition from the industry

BSL commenced the development of iBEAM in April 2020. 5 engagement talks were held throughout the development stage, garnering more than 1,100 industry participations and constructive feedback. Before the launch of iBEAM, BSL has organised the iBEAM Xperience Studio, an experiential workshop that engaged over 100 construction professionals and 14 consultancy firms in the industry.

Read Also:  The World’s Most Powerful Oil Alliance Is Falling Apart

Ms Ivy LEE adds, "iBEAM is a part of a bigger green building journey. Looking ahead, BSL will continue to work closely with the governments of the Greater Bay Area and Hong Kong, as well as our strategic partners, professional and educational institutes. Working hand in hand, we will create a sustainable and liveable environment for mankind."

Please click HERE to download the event photos


Photo 1

(From Left to Right)Mr. So Hung Fai, Frankie, Chairperson of iBEAM Project Steering Committee ,Ms. Guo Jianhua, Director of Department of Educational Scientific & Technological Affairs from the Liaison Office of the Central People's Government in Hong Kong SAR, Mr. Liu Chun San, JP, Under Secretary for Development, Ms. Lee Siu Wing, Ivy, Chairperson of BEAM Society Limited and Sr Prof Wong Bay, Past Chairman of HKGBC officiated at the "Beyond Green with iBEAM" Launch Ceremony.


Photo 2

Ms. Lee Siu Wing, Ivy, Chairperson of BEAM Society Limited said iBEAM is a part of a bigger green building journey. Looking ahead, BSL will continue to work closely with different parties to create a sustainable and liveable environment for mankind.


Photo 3

Mr. Liu Chun San, JP, Under Secretary for Development pointed out BEAM Society Limited has been a close partner of the Government to promote green building environment ever. The development and adoption of iBEAM is most welcome by the Development Bureau.


Photo 4

Mr. So Hung Fai, Frankie, Chairperson of iBEAM Project Steering Committee believed big data will empower a greener built environment in Hong Kong and create benefits for the public.


Photo 5

BEAM Society Limited today(13 May)announced the launch of a pioneering locally developed integrated green building cloud data platform in Hong Kong and the iBEAM launch ceremony was held virtually on the same day.


Photo 6

Group Photo of the Launch Ceremony

About BEAM Society Limited (BSL)

BEAM Society Limited (BSL) is a non-profit organization. Since the development of Building Environmental Assessment Method (BEAM) in 1996, and BEAM Plus in 2010, BSL has committed to administering and developing the BEAM Assessment Tools, offering impartial assessment on building sustainability and training BEAM practitioners - BEAM Professionals (BEAM Pro) and BEAM Affiliates. BSL has become a public body under the Prevention of Bribery Ordinance since 2016.

BSL has committed to improving the overall quality of the built environment in Hong Kong. BEAM assessment tools available include: BEAM Plus New Buildings, BEAM Plus Existing Buildings, BEAM Plus Interior and BEAM Plus Neighbourhood. They assess the impact of overall planning, design, construction and maintenance on the environment.

To get more information about BSL, please visit www.beamsociety.org.hk


#BEAMSocietyLimited #BSL

Oil Prices Could Rise To $65 - Brand Spur
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Latest News

First integrated green building cloud data platform launched in Hong Kong

iBEAM to assess 450,000 building and sustainable development project data every year

 

HONG KONG SAR - Media OutReach - 13 May 2021 - BEAM Society Limited ("BSL") announces today the launch of iBEAM – the first-ever locally developed integrated green building cloud data platform in Hong Kong. iBEAM is capable of analysing 450,000 entries of project data related to built environment and sustainable development every year, which would turn into a data warehouse for the prediction of green building development trends and making visionary suggestions for implementing sustainable development in the industry. iBEAM also enables paperless assessment workflow through uploading all building data to a single cloud platform, which enhances transparency, security and integrity of the assessment process while reducing carbon emission, contributing to a greener built environment in Hong Kong.

Data warehouse advocates green building development, provides concrete solutions and creates benefits for the public

The rising awareness on environmental protection and sustainable development has drawn increasing public attention to the overall quality of the built environment. In 2010, "BEAM Plus", a leading, impartial assessment tool designed for the sustainability performance of buildings in Hong Kong was first launched by BSL. BEAM Plus assesses the sustainability of buildings during planning, design, construction, testing, commissioning, management, operation, and maintenance stages. Assessment results are recognised and certified by the Hong Kong Green Building Council. To date, BEAM Plus has certified green building developments encompassing over 18.6 million square metres of space, equivalent to over 2.5 square metres per capita. BEAM Plus is one of the most widely used voluntary green building labelling schemes of its kind in the world on a per capita basis.

Ms Ivy LEE Siu Wing, Chairperson of BSL, shares, "iBEAM will be the first-ever 24/7 project assessment submission platform in Hong Kong. It enables BSL to streamline BEAM Plus assessment process, enhances BEAM Pro experience and its efficiency, and upholds the core values of BSL – integrity, consistency and transparency.

iBEAM is a new generation platform that collects, manages, standardises, submits, reports, discloses and processes data related to built environment and sustainable development. Its major features include:

Intelligent integration platform: With customisable user interface and settings, this platform enables project teams to share information and manage workflow. Where necessary, participating parties can download the data collected for other purposes such as submission of Environmental, Social and Corporate Governance (ESG) reports, and as benchmark data necessary for the application of green finance investments. In the long run, iBEAM will contribute to building a smarter, greener and more resilient city as envisioned in the HK2030+ and the Hong Kong Smart City Blueprint 2.0.

Paperless cloud platform: After uploading the data to the cloud portal, project teams can update or retrieve them by logging in the portal round the clock anywhere. The platform also enables paperless e-form submission of data for archiving and real time processing at both multiple and centralised ends.

Reliable and consistent security platform: After receiving data uploaded by project teams, the platform will automatically execute the approval process and match with assessors, raising the transparency, security and integrity of assessments. iBEAM also centralises and securely executes workflow, from data collection, approval, to online management of BEAM Plus assessment fee.

Mr LIU Chun San, JP, Under Secretary for Development, mentions, "BEAM Society, has been a close partner of the Government to promote green building environment ever since her establishment in the 1990s. The development and adoption of iBEAM is most welcome by the Development Bureau. iBEAM aligns with and supports our two major visions: to develop smart, green and resilient new towns; and Construction 2.0 in adopting innovation including digitalization technology for the construction industry."

Mr Frankie So, Chairperson of iBEAM Project Steering Committee, mentions, "We anticipate an annual uptake of 10,000 users and 200 building assessment applications after the launch of iBEAM, with growth in subsequent years. The system can process 450,000 entries of data from built environment and sustainable development projects every year, and analyse big data such as Green Building Attributes, Management, Site Aspects, Materials and Waste, Energy Use, Water Use, Indoor Environmental Quality, Innovations and Additions, Community Aspects and Outdoor Environmental Quality. It will empower a greener built environment in Hong Kong and create benefits for the public."

Consultations and experience workshops obtain recognition from the industry

BSL commenced the development of iBEAM in April 2020. 5 engagement talks were held throughout the development stage, garnering more than 1,100 industry participations and constructive feedback. Before the launch of iBEAM, BSL has organised the iBEAM Xperience Studio, an experiential workshop that engaged over 100 construction professionals and 14 consultancy firms in the industry.

Ms Ivy LEE adds, "iBEAM is a part of a bigger green building journey. Looking ahead, BSL will continue to work closely with the governments of the Greater Bay Area and Hong Kong, as well as our strategic partners, professional and educational institutes. Working hand in hand, we will create a sustainable and liveable environment for mankind."

Please click HERE to download the event photos


Photo 1

(From Left to Right)Mr. So Hung Fai, Frankie, Chairperson of iBEAM Project Steering Committee ,Ms. Guo Jianhua, Director of Department of Educational Scientific & Technological Affairs from the Liaison Office of the Central People's Government in Hong Kong SAR, Mr. Liu Chun San, JP, Under Secretary for Development, Ms. Lee Siu Wing, Ivy, Chairperson of BEAM Society Limited and Sr Prof Wong Bay, Past Chairman of HKGBC officiated at the "Beyond Green with iBEAM" Launch Ceremony.


Photo 2

Ms. Lee Siu Wing, Ivy, Chairperson of BEAM Society Limited said iBEAM is a part of a bigger green building journey. Looking ahead, BSL will continue to work closely with different parties to create a sustainable and liveable environment for mankind.


Photo 3

Mr. Liu Chun San, JP, Under Secretary for Development pointed out BEAM Society Limited has been a close partner of the Government to promote green building environment ever. The development and adoption of iBEAM is most welcome by the Development Bureau.


Photo 4

Mr. So Hung Fai, Frankie, Chairperson of iBEAM Project Steering Committee believed big data will empower a greener built environment in Hong Kong and create benefits for the public.


Photo 5

BEAM Society Limited today(13 May)announced the launch of a pioneering locally developed integrated green building cloud data platform in Hong Kong and the iBEAM launch ceremony was held virtually on the same day.


Photo 6

Group Photo of the Launch Ceremony

About BEAM Society Limited (BSL)

BEAM Society Limited (BSL) is a non-profit organization. Since the development of Building Environmental Assessment Method (BEAM) in 1996, and BEAM Plus in 2010, BSL has committed to administering and developing the BEAM Assessment Tools, offering impartial assessment on building sustainability and training BEAM practitioners - BEAM Professionals (BEAM Pro) and BEAM Affiliates. BSL has become a public body under the Prevention of Bribery Ordinance since 2016.

BSL has committed to improving the overall quality of the built environment in Hong Kong. BEAM assessment tools available include: BEAM Plus New Buildings, BEAM Plus Existing Buildings, BEAM Plus Interior and BEAM Plus Neighbourhood. They assess the impact of overall planning, design, construction and maintenance on the environment.

To get more information about BSL, please visit www.beamsociety.org.hk


#BEAMSocietyLimited #BSL

Oil Prices Could Rise To $65 - Brand Spur
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