Jeff Share, editor of Pipeline & Gas Journal, told attendees of the recent winter PVF Roundtable meeting at the Westin Galleria in Houston that news in the oil-and-gas patch is not all doom and gloom.
Share revealed a P&GJ 2016 survey that indicates 94,799 miles of pipelines are planned and under construction worldwide. Of these, he revealed, 49,848 miles represent projects in the engineering and design phase, while 44,951 miles are in various stages of construction.
The survey shows North America accounts for 34,122 new and planned pipeline miles, by far the world leader in that category.
“Projects are being built and there are more on the way,” he said.
Share also spoke about the future of oil and renewable energy sources. He predicts oil prices could rebound to $50 a barrel by the second half of 2017, while Brent crude and West Texas Intermediate could rebound to $40 and $38 a barrel respectively this year.
On the renewables front, Share referenced a BP report that said a global shale gas revolution will occur over the next two decades. Half of the world’s shale energy growth, he noted, is predicted to come from outside the U.S. by 2035.
He also predicted oil and natural gas will continue to be the dominant fuels through 2050, and cited an EPA prediction where by next summer the U.S. is predicted to be a net exporter of natural gas, something that hasn’t occurred since the 1950s.
“We’ve seen a four-fold increase in LNG exports since 2010,” he said. “When oil and gas prices are high, talk turns to renewables.”
The winter PVF Roundtable meeting drew 425 attendees. Another highlight of the evening was appearances by Texas A & M University representative Don Fazzino and A & M industrial distribution student Eric Santana, who spoke about how receiving one of the PVF Roundtable’s industrial distribution scholarships has changed his life. He’s set to graduate in May.
“I’m so excited to go into the workplace,” he said. “I can’t stress enough how much the fishing (TroutBlast) and golf tournament (Don Caffee Memorial) means (those are the main PVF Roundtable scholarship fundraising events). When I say it’s life-changing, it’s not a cliché. From the bottom of my heart thank-you so much.”
The next Roundtable meeting takes place Tuesday, May 17 at the Westin Galleria. The previous day, the Don Caffee Memorial Golf Tournament will be held at Sweetwater Country Club in Sugar Land, Texas. Proceeds benefit the industrial distribution/engineering programs at Texas A&M and the University of Houston.