September 2021 Petroleum Technology Luncheon
Presentation Material

“California Oil & Gas Regulatory Update”
Joint LASPE - CCCOGP Meeting

Uduak "Joe" Ntuk,
State Oil and Gas Supervisor

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Crude Price Up, Energy Shifting, Past Peak Oil?, Steve Cheung returns to LASPE Board

Dear Colleagues,

We find ourselves in a place I did not expect to see, but the price of crude oil has risen to a level we have not seen since 2018; i.e., over $80/bbl. This comes as welcome news for our colleagues throughout California in E&P and will hopefully bring a period of stability and stave off additional transition our of the industry.

Over the last couple of months, we have also seen trends in energy shifting and something most people did not anticipate, coal use and production have increased and some shuttered coal mines are even planning on reopening to help meet demand, while there has been a lot of news in the past few months of other mines closing down permanently. In a past Message from the Chair, I mentioned an article by Med Kamal where he discussed the future need for petroleum engineers and all the others that exist throughout the Oil & Gas industry. Many have said we are past peak oil, or at least peak employment in the industry, but such a prediction seems likely to be incorrect; check out this article with the opinions of a former SPE President Nathan Meehan discussing the state of the industry.

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