INDUSTRY NEWS
This Large U.S. Driller Just Made A Big Move Into LNG
Devon Energy, (NYSE: DVN), announced a deal with Delfin Midstream (privately held) on Monday September, 5th, to buy into a Floating Liquefied Natural Gas-FLNG vessel, yet to be FID'd and constructed. The financial terms were not released, but this certainly involves a major cash commitment from Devon.
Biden Officials Weigh Buying Oil at Around $80
The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.
Record U.S. LNG Exports To Europe May Not Last
That U.S. LNG was not going to be enough was clear from the beginning. As energy analyst David Blackmon, for example, has repeatedly warned since March, there is plenty of natural gas in the ground in the U.S., but far from all of it is being extracted.
UK Lifts Shale Gas Fracking Ban in Bid to Boost Fuel Supply
The lifting of the moratorium on so-called fracking was part of a package of measures announced on Thursday to tackle soaring energy prices that are hammering households and businesses. Even with the renewed government support, the shale gas industry still faces an uncertain road, with significant opposition from local communities and challenges related to the country’s geology.
Permian Contributes $153B And 700,000 Jobs To U.S. Economy
The Permian Basin’s economic impact on Texas and the nation is growing. By 2050, the region is expected to contribute up to $260 billion in gross product and more than 1,000,000 jobs to the nation’s economy, according to a new report from The Perryman Group and the Permian Strategic Partnership (PSP).
Manchin Plan to Fast-Track Energy Projects Heads for Showdown
Manchin secured a pledge from congressional leaders to advance the legislation, but the proposal is already drawing fierce opposition from environmental activists and progressive Democrats, and the outcome is far from certain.
Why Europe’s Dependence On U.S. LNG Is Risky
Europe now receives 65% of total U.S. LNG exports. But there are growing concerns that trading one dependency for another carries another kind of risk. Putting all your eggs in the U.S. LNG basket means banking on Mother Nature. U.S. LNG supplies might not be vulnerable to Russia, but they are vulnerable to extreme weather and harrowing hurricane seasons that disrupt output and exports.
Russia Won’t Restart Nord Stream Pipeline Until Sanctions Are Lifted
he gas crisis in Europe took a turn for the worse at the end of last week, when Russian gas giant Gazprom said after three-day maintenance ended on Friday that Nord Stream would remain shut until “operational defects in the equipment are eliminated,” upping the ante in its gas war against Europe.
Canada invokes pipeline treaty with U.S. over Wisconsin Line 5 dispute
Canada has invoked a 1977 pipeline treaty with the United States for the second time in less than a year, in this case to prevent a shutdown of Enbridge Inc's Line 5 pipeline in Wisconsin, Foreign Minister Melanie Joly said on Monday.
Stop dithering, Canada, and give the world what it wants — more natural gas
Canada is an energy powerhouse with the ability to satisfy much of the world’s growing energy needs for decades to come. We are blessed with an abundance of oil and natural gas, both produced to the highest environmental standards anywhere in the world.
California Declares Grid Emergency
The California Independent System Operator issued a level-1 energy emergency alert around 3:10 p.m. local time Wednesday after tapping all of its available power supplies. The notice, which comes after officials asked homes and businesses to conserve, is a warning that the state is anticipating power shortages.
Oil Markets On Edge As Fed Signals More Rate Hikes To Come
Markets fear that aggressive interest rate hikes from central banks, including the Fed, would slow down economies – and oil demand growth – for a prolonged period of time. Oil prices were headed early on Wednesday for a third consecutive month of losses, which began in June with the first large Fed rate hike.
Russia Gives Power Burn a Whole New Meaning
Russia is giving the term ‘power burn’ a whole new meaning by flaring its gas instead of exporting it to Europe via the Nord Stream pipeline.
U.S. Natural Gas Jumps To $10 For The First Time Since 2008
U.S. natural gas prices have soared in recent weeks as Europe scours the world for non-Russian gas supply—mostly U.S. LNG—to fill gas storage sites in time for the winter heating season.
EPA says it is looking for “super-emitters” of methane gas in Texas’ Permian Basin
Reducing methane emissions is a top priority in the Texas oil and natural gas industry, Todd Staples, president of the Texas Oil and Gas Association, said in an email statement.
Bidding War Between Asia and EU on Who Gets Most USA LNG
That’s what Matteo Illardo, a Europe analyst with RANE, said in an audio clip sent to Rigzone this week, adding that production is “almost at maximum level in the U.S.”.
Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil
Such record gas prices are hitting industries in Germany and the rest of Europe, with companies announcing production halts or curtailments "until further notice" amid soaring energy costs. Industries have warned that reduced production and operations could lead to a collapse of supply and production chains.
West Texas Gas Export To Mexico In May Hits All-Time High
Natural gas pipeline exports from West Texas to Mexico averaged 1.6 billion cubic feet per day (Bcfpd) during May 2022 – the most pipeline exports from West Texas on record, according to U.S. Energy Information Administration (EIA).
Oil Jumps On Massive Crude Inventory Draw
Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12.
EIA forecasts record Permian oil, gas production in August
In its productivity report, the EIA said oil production will rise 78,000 barrels a day to a record 5.554 million barrels a day in August. At the same time, natural gas production is expected to rise 166 million cubic feet a day to more than 20.54 million cubic feet a day.