INDUSTRY NEWS
Venezuela, Guyana Agree Not to Use Arms While Talks Continue
After staging a referendum that purportedly showed overwhelming support for Venezuela to take control of the Essequibo, Maduro has rattled regional allies by calling for the 61,600 square-mile area, rich in oil and other resources, to become a Venezuelan state, threatening to shut down oil producers who do business there.
Biden’s Oil Purchase Is a Mere Drop in the Strategic Petroleum Reserve
The Department of Energy is planning to buy just 3 million barrels of crude oil but the SPR was actually depleted by 291 million barrels since the start of the Biden administration, particularly earlier in this year as the administration tried to lower gasoline prices for consumers.
Oxy’s CrownRock Buy Promotes it to Major Leagues of Midland Basin
While it might not make it king of the Midland Basin, Occidental’s purchase of private CrownRock from Lime Rock Partners and the Dunn family does promote the company into the major leagues within the play, Enverus Intelligence Research Senior Vice President Andrew Dittmar stated in a commentary sent to Rigzone.
China dominates the processing of key minerals
In 2010, China accounted for 95% of the world’s rare earth oxides.
Crude Oil Exports: An Opportunity for America
Expanded U.S. production of tight formation oil creates economic opportunities that have not existed for over five decades. These opportunities, however, could be missed if available market options are not pursued. Exports need to play a key role to keep the development of U.S. production on course. Federal government policy decisions will determine whether it will support or impede U.S. energy development.
U.S. Record-Breaking Oil Output One More Blow to OPEC
The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels. This is happening despite cost inflation and lower international oil prices. And U.S. shale drillers have no plans to drill less.
Occidental in talks to buy Permian producer CrownRock
Occidental Petroleum (OXY.N) is one of the finalists in the auction for CrownRock, an energy producer in the west Texas area of the Permian basin, with a bid of more than $10 billion, a person familiar with the matter told Reuters on Wednesday.
Duke Energy disconnects CATL batteries from Marine Corps base Camp Lejeune
A number of Republican and Democratic lawmakers have sounded the alarm over potential security threats posed by Chinese storage batteries, arguing the United States risks building a critical dependency on its top rival for the devices that may have cyber vulnerabilities and put energy grids at risk.
A new strategy to unlock hidden value in Texas oil fields
Nexera is in a period of transformation, with plans going forward that involve multiple high impact drilling and acquisition opportunities. While many of the company’s wells now under its supervision would be considered “stripper wells,” (a well that is nearing the end of its economically useful life), the Nexera team intends to enhance this with high impact re-entry horizontal wells, with much larger production potential than what they currently own and operate.
South America’s Offshore Oil Boom Will Challenge OPEC’s Dominance
In a mere five years, Guyana went from first discovery to first oil. This is an incredibly short timespan that is unprecedented in a global energy sector where it can take a decade or longer to develop billion-dollar world-class oil discoveries and bring them to production. Guyana is now a major regional petroleum producer, pumping an average 350,000 barrels per day at the end of September 2023, and described by industry analysts as the world’s most exciting frontier oil play.
Life Without Oil
46% of oil goes to making gasoline, but what makes up the other 54%?
Gulf of Mexico oil spill believed to be among nation’s largest
Thanks to rough waters in the Gulf of Mexico, most of the oil appears to have been dissipated and evaporated, U.S. Coast Guard Capt. Kelly Denning said Tuesday during a press conference. “At this time there have been no reports of shoreline impacts.”
China’s Global Economic Dominance Begins to Wane
Then the reversal began. In 2022, China’s share of the world economy shrank a bit. This year it will shrink more significantly, to 17 per cent. That two-year drop of 1.4 per cent is the largest since the 1960s.
ESG Moment of Truth Turns Tables for Big Oil
The Wall Street Journal addressed a substantial outflow from ESG funds in a recent article, which noted that investors were leaving these funds at such a pace that fund managers were changing the names of the funds, removing terms like "ESG" and "sustainable."
OPEC Slams IEA over ‘Moment of Truth’ for Oil
Days after the International Energy Agency (IEA) said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency for vilifying the industry and for playing down energy security and affordability.
Brent crude oil closes below $80 ahead of OPEC+ meeting
Prices tumbled midweek when OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.
Gulf of Mexico Oil Spill Set to Be the Largest Since Deepwater Horizon
The initial report of the spill came last Thursday when Main Pass Oil Gathering Co., the pipeline operator, observed a decrease in pipe pressure. It remains uncertain whether Main Pass is indeed the origin of the spill since multiple operators operate in the vicinity.
Every Company Leaving California: 2020-2023
Go where the work is, as they say. For the first time in thousands of years, that trend is reversing. With the internet (and remote work layered on top), you now have the ability to bring your work (your livelihood, really) with you to any location. Now, cities and states offer remote work incentive programs.
The LNG export boom just hit a snag in Texas
After years of legal battles, a federal court struck down a key permit for Sempra Energy’s new plant in Port Arthur, Texas last week, calling the state’s decision to approve it “arbitrary and capricious.”
Houthi Ship Seizure Threatens Oil Market Stability
The Iran-aligned Houthi rebels of Yemen have seized a cargo ship linked to an Israeli company in the Red Sea in the latest flare-up in the Middle East that could roil the oil market ahead of the OPEC+ meeting next weekend.