INDUSTRY NEWS
Key Oil Demand Landmark Expected This August
In a new report sent to Rigzone this week, analysts at Standard Chartered announced that they expect a “key landmark in the post-pandemic recovery” will be reached this August “when we forecast demand will set a new all-time high of 102.24 million barrels per day”.
‘Shark Tank’ investor Kevin O’Leary wants to lower gas prices by building a $14 billion oil refinery
"We haven't built a refinery in America in decades because we can't permit it … And the task I've decided I'm going to take on is I'm going to build a refinery in America," O'Leary said on Tuesday.
Mad Dog Phase 2 Centerpiece in Gulf of Mexico Starts Oil Production
Argos has a gross production capacity of up to 140,000 barrels of oil per day and will increase BP’s gross operated production capacity in the Gulf of Mexico by an estimated 20 percent, according to the company, which said it expects to “safely and systematically ramp up production from Argos through 2023”.
State courts are no place for climate lawsuits
More than a dozen cities across the country have filed “public nuisance” lawsuits, claiming that a handful of large and profitable energy companies are responsible for climate change and should pay ruinous damages relating to the alleged effects of global warming in their towns.
OPEC+ Cuts Sent Bullish Bets On Brent Soaring
Speculators and traders added as many as 73,000 contracts to the net long position – the difference between bullish and bearish bets – in Brent Crude, the second-highest increase in such bets, per data from ICE Futures Europe cited by Bloomberg.
The Biggest Losers Of $100 Oil
Oil at $90 and $100 will hit the economies of the large oil importers. A renewed rise in energy prices could keep inflation in the U.S. and Europe stubbornly high and further complicate interest-rate policies of the central banks, which have just signaled that the end of the hike cycle may be near.
Is This The Next Permian Mega Deal?
The Wall Street Journal reports that ExxonMobil, (NYSE: XOM), and Pioneer Natural Resources, (NYSE: PXD) are in preliminary discussions about a merger. There has been a good bit of M&A activity the last year or so in shale country. Quite a bit of which was in the Eagle Ford play in South Texas.
Saudi Motives for 2020 Shakedown Revealed
Saudi Crown Prince Mohammed Bin Salman’s order to flood oil markets three years ago during a dispute with Russia ultimately gave the kingdom confidence to be more assertive in shaping OPEC+’s policies, the energy minister said in a recent TV interview.
Oil steady, notches 3rd weekly gain after shock OPEC+ cuts
Oil prices were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.
EnCap Looks To Sell $3B In Permian Oil And Gas Assets
The assets under sales consideration include Novo Oil & Gas Holdings, and Forge Energy II. Novo Oil & Gas LLC, focused in the Permian’s Delaware Basin, was estimated by Enverus last year to hold fewer than five years of higher-quality inventory at sub-$45 oil, with sources estimating the company’s valuation at more than $2 billion. It holds around 17,000 net acres with an estimated production rate of 60,000 boepd.
EnCap Looks To Sell $3B In Permian Oil And Gas Assets
The assets under sales consideration include Novo Oil & Gas Holdings, and Forge Energy II. Novo Oil & Gas LLC, focused in the Permian’s Delaware Basin, was estimated by Enverus last year to hold fewer than five years of higher-quality inventory at sub-$45 oil, with sources estimating the company’s valuation at more than $2 billion. It holds around 17,000 net acres with an estimated production rate of 60,000 boepd.
Rural America Needs Permitting Reform
For far too long, we’ve sat idle and let bureaucrats in Washington and radical activist lawyers hamstring American workers by suing at every opportunity, long after decisions have been made and permits have been issued.
Biden Downplays OPEC Cut
“It’s not going to be as bad as you think,” Biden said Monday during a trip to Minnesota, where he was asked about the decision.
OPEC+ announces surprise oil output cuts
Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.
California Screamin’
California’s headlong rush to renewables has resulted in soaring electricity prices –- up nearly 15% last year alone -- but the state’s CO2 emissions aren’t falling.
Rising Costs Are Hurting U.S. Oil And Gas Production Growth
Respondents in the energy survey complained about higher costs for the ninth quarter in a row, suggesting inflation was still very much a problem for the oil patch. The breakeven price across the U.S. oil patch has risen from $34 per barrel last year to $37, with the price range necessary for producers to cover their operating expenses at between $29 and $45 per barrel.
Is It Time To Refill The Strategic Petroleum Reserve?
There is a narrative that I hear from time to time that President Biden made billions of dollars for the country by selling oil from the Strategic Petroleum Reserve (SPR) last year at high prices and buying it back at low prices. The only problem is that the story is only half true.
John Kerry rushes to defense of climate activist leaders who use private jets
In an interview with Yahoo News, Kerry took issue with criticism levied against leaders who fly on private jets despite lofty climate ambitions, saying those individuals are "working harder" than most to fight climate change. He also echoed an argument defending private jet travel he has previously used, suggesting so-called carbon offsets justify such high-carbon-footprint travel.
U.S. Natural Gas Demand Exceeds Supply As LNG Exports Jump
High export demand for LNG and higher domestic natural gas consumption pushed U.S. gas demand to higher levels than supply last year, resulting in the highest average Henry Hub spot price since 2008, the Federal Energy Regulatory Commission (FERC) said in its 2022 State of the Markets report.
The EIA Is Dead Wrong About The Future Of U.S. Shale
In early March, the Energy Information Administration forecast that U.S. crude oil production would rise by close to 600,000 barrels daily this year to a record high of 12.44 million barrels daily. On the surface of it, the industry looked like it had every motive to boost production: demand was strong, especially from overseas, oil prices were higher than breakeven levels across much of the shale patch, and the federal government wanted more oil getting extracted.