INDUSTRY NEWS
UAE Energy Minister: Stop Vilifying And Then Venerating Oil Producers
Oil producers who felt like outcasts at the COP 26 climate conference last year are now being treated like superheroes because their supplies are in strong demand, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.
Shell Starts Up Production From Gulf Of Mexico Subsea Tieback
Oil supermajor Shell has announced the start of production at PowerNap, a subsea development in the U.S. Gulf of Mexico with an estimated peak production of 20,000 barrels of oil equivalent per day (boe/d).
Majority of Americans support restarting Keystone XL pipeline
The exclusive poll of Americans conducted by Maru Public Opinion for Postmedia found that 71 per cent of Americans think Biden should give an executive order to “green light the restart of the building of the Keystone XL pipeline that would transport oil from Canada’s oil sands region through the Midwest to refineries in Texas.”
Exxon Weighs Taking Bitcoin Pilot to More Countries
Exxon Mobil Corp. is running a pilot program using excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency-mining operations and is considering doing the same at other sites around the globe, according to people familiar with the matter.
Biden’s war on domestic oil production expands to Wall Street
President Joe Biden may say he wants domestic oil producers to invest the money necessary to increase domestic oil production, but when it comes to actual government action, the Biden administration this week again made it more expensive to produce domestic energy.
Russia’s Invasion Of Ukraine Is A Catastrophe For Its Oil Industry
A quick look at the numbers will show just how intertwined Europe and Russia are, and how the Russians have taken aim at the goose that lays the golden eggs. Here are the numbers, all rough and all changing fast.
California Hits New Gasoline Price Record
Yesterday’s average price for regular gasoline in the state was $5.87 per gallon, the week ago average was $5.78 per gallon, and the month ago average was $4.77 per gallon, according to the AAA. The year ago average was shown to have come in at $3.88 per gallon.
Oil Majors’ Exit From Russia Easier Said Than Done
Despite pledges from numerous international oil majors to leave Russia, this is easier said than done, and companies from the U.S. and the UK are still stuck with their Russian assets, Patrick Pouyanne, CEO at TotalEnergies, said on Wednesday.
Big Oil Is No Longer “Unbankable”
It’s an open secret within energy circles that the eventual death of oil and thermal coal won’t come from environmentalists or even directly from renewable energy, but rather when big banks decide to stop financing it, rendering it ‘unbankable’. And the U.S. oil and gas sector came dangerously close to meeting that fate after Wall Street banks started disavowing oil and gas lending at the height of the ESG (environmental, social, and governance) craze.
West Texas Intermediate surges above $112
West Texas Intermediate for April delivery rose $7.42 to settle at $112.12 a barrel in New York. The more active May contract rose $6.88 to settle at $109.97. Brent for May settlement increased $7.69 to settle at $115.62 a barrel.
Halliburton, Schlumberger, Baker Hughes Freeze Russian Ops
Oil and gas giants such as BP, Equinor, Shell, and ExxonMobil opted to completely abandon their businesses in Russia while some companies like TotalEnergies just decided to stop further investment in the country as its current projects were deemed too valuable to abandon.
The Majority Of Americans Wants To Revive Keystone XL Pipeline
The poll showed that most Americans would now approve President Biden issuing an order to “green light the restart of the building of the Keystone XL pipeline that would transport oil from Canada’s oil sands region through the Midwest to refineries in Texas.”
Investigate Russia’s covert funding of US anti-fossil fuel groups
In 2014 – the same year Russia annexed Crimea – then-North Atlantic Treaty Organization (NATO) Secretary-General Anders Fogh Rasmussen warned that Russia was covertly working to undermine European and U.S. fossil fuel production.
Oil Prices Ease As U.S. Rig Count Jumps
While drilling activity has picked up in the United States over the last few months, U.S. production—a corollary to drilling rigs but with months of lag—has not. U.S. weekly production of crude oil stayed the same for the fifth week in a row at 11.6 million bpd, according to the latest Energy Information Administration for the week ending March 4.
Russian Oil Sales Going Underground
It’s still possible to buy Russian oil, but most in the market -- including banks, shipping firms and refiners -- are self-sanctioning. That’s expected to lead to the emergence of a two-tier structure, traders said.
Why LNG Won’t Fully Replace Russian Gas In Europe
The increase in LNG imports appears to be one of the quickest ways to reduce dependence on Russian natural gas. The plan to build import terminals suggests this plan is long-term. However, as an analysis from Energy Intelligence strongly suggests, the chances for success of this specific part of the REPowerEU plan are quite slim.
World is watching how Permian handles water, other issues
As Permian Basin producers coax oil and natural gas out of the Earth, they also face the challenge of managing the water that follows, as well as other impacts on the ground.
Russia’s Huge Oil Tanker Fleet Struggles To Find Buyer Destinations
Several Russia-owned tankers have been idle at sea for more than a week along European and North American coasts as countries have either banned imports of Russian oil or Russian vessels docking at their ports, all this while many traders and buyers refuse to deal with Russian crude.
UK To Phase Out Russian Oil Imports By End Of 2022
The phasing out of imports will not be immediate as the deadline for a full stop on Russian oil imports is set for the end of the year. This allows the UK more than enough time to adjust supply chains, supporting industry, and consumers.
Oil Prices Crash By 11% As UAE Calls On OPEC To Open The Taps
In a complete oil industry turnaround, The UAE’s ambassador to Washington has said in a statement to the press that they “favour production increases and will be encouraging Opec to consider higher production levels.”