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Exploration & Production
Saudi Oil Minister: ‘Drill, Baby, Drill’ Gone Forever for US Shale
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, took aim at U.S. shale producers following the OPEC+ meeting on March 4, saying: “‘Drill, baby, drill’ is gone forever.”
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MarketsSee More
OPEC+ Broadly Extends Oil Supply Cuts into April
OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million bbl/d, and would decide in coming months when to gradually phase it out.
Oil Prices Soar to Near 14-month High as OPEC+ Extends Output Cuts
Both Brent and WTI contracts surged more than 4% on March 5 after OPEC and allies, together called OPEC+, extended oil output cuts into April, granting small exemptions to Russia and Kazakhstan.
OPEC+ Considering Oil Output Roll Over for April
OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters on March 3.
WTI Crude Oil Hits Highest Since 2019 as Refineries Restart
Analysts said WTI crude increased late in the day as more Texas oil refineries started to return to service, including Valero Energy’s Port Arthur plant and Citgo Petroleum’s Corpus Christi plant.
BusinessSee More
Energy ESG: Building a Case for an ESG Ready Future
How are boardrooms across the energy industry looking at their executives these days in terms of measuring their success? Akin Gump partners share what oil and gas producers need to do to prepare for an ESG ready future.
Exxon Mobil, Macquarie in $11.7 Million Lawsuit over Gas Contract
The lawsuit filed by Exxon Mobil’s natural gas business said last month’s massive winter storm and declarations of emergencies in Texas prevented it from fulfilling its supply commitment to Macquarie, the second largest U.S. gas marketer.
Former Apollo Partner Greg Beard Preps $200 Million Energy SPAC: Sources
Greg Beard, who previously headed Apollo’s global natural resources group for nearly a decade, will file for an IPO for a SPAC in the coming weeks, one of the sources said.
Saudi Aramco Seeks Extension on $10 Billion Loan: Sources
Saudi Aramco’s profits plummeted last year, but it stuck to a promised $75 billion annual dividend, most of which goes to the Saudi government.
TechnologySee More
Chevron, Schlumberger Partnership to Build California Carbon Capture Plant
The announcement follows similar investments in renewable energy made by Chevron within the past week including a geothermal pilot project in California as the U.S. oil major expands its exposure in low-carbon technology.
Norway’s Seadrill Writes Down $2.9 Billion on Its Oil Rigs
Offshore drilling rig contractor Seadrill said on March 4 it had taken an additional $2.9 billion non-cash impairment on its assets due to a bleak outlook for the sector, which has reduced demand for its drilling rigs.
Oceaneering Wins Integrated Rig Services Contract for Gulf of Mexico Development
Oceaneering International Inc. said that its Subsea Robotics (SSR) and Offshore Projects Group (OPG) have been awarded an integrated rig services contract on March 2 for covering the Khaleesi/Mormont and Samurai fields in the U.S. Gulf of Mexico.
Aquaterra Energy Inks Multimillion-dollar Riser Deal for Well Intervention
Aquaterra Energy has secured a multi-million-dollar riser contract on March 2 with a marine vessel owner and operator for deeper water well intervention projects mainly in the Asia Pacific region.
Exploration & ProductionSee More
Saudi Oil Minister: ‘Drill, Baby, Drill’ Gone Forever for US Shale
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, took aim at U.S. shale producers following the OPEC+ meeting on March 4, saying: “‘Drill, baby, drill’ is gone forever.”
Norway Offers 84 Exploration Blocks in 2021 Licensing Round
The so-called predefined areas (APA) licensing rounds were introduced in 2003 to facilitate exploration in the most geologically known parts of the Norwegian continental shelf.
Israel to Link Leviathan Gas Field to Egypt LNG Plants, Minister Says
Israel and Egypt have agreed to build a pipeline to connect Israel’s offshore Leviathan natural gas field to LNG terminals in northern Egypt, the Israeli minister said on Feb. 21.
Continental Resources Sees Homecoming in Powder River Basin Acquisition
Continental Resources’ acquisition of Powder River Basin assets in Wyoming is a homecoming of sorts for the company, says Founder and Executive Chairman Harold Hamm.
TransactionsSee More
Noble Midstream Agrees to Chevron Buyout in $1.32 Billion All-stock Deal
Chevron said it had reached the buyout agreement with Noble Midstream on March 5, roughly a month after announcing a slightly smaller offer to buy out the pipeline operator.
Energy A&D Transactions from the Week of March 3, 2021
Here’s a snapshot of recent energy deals including Permian Basin acquisitions by U.S. Energy Development comprising interests in oil development projects in the Delaware Basin.
On the Market Oil and Gas Quicklist (Week of March 3, 2021)
Here’s a quicklist of oil and gas assets on the market including certain a Samson Resources nonop / royalty package across several states plus an operated acquisition / farm-in opportunity in Wyoming’s D-J Basin.
Marketed: Cameron Oil & Gas Operated Working Interest, Eddy and Lea Counties, New Mexico
The Oil & Gas Asset Clearinghouse LLC is partnering with Cameron Oil & Gas Inc. to market an operated working package that includes 82 wells in New Mexico’s Eddy and Lea counties.
Policy & RegulationsSee More
Biden Climate Adviser: Trump’s Deregulation Efforts Failed
Gina McCarthy, former EPA chief, also dismisses the assumption that Biden’s climate plan must come at the cost of a vibrant energy sector.
Porter to Target Big Oil as House Natural Resources Chair
Congresswoman wants to increase royalty rate to 18.75%, and minimum lease auction bids to $5 per acre.
House Democrats Introduce Wide-Ranging Climate Bill
Measure would decarbonize the electric grid by 2035.
Bill Gates Urges Reducing ‘Green Premium’ in Energy Transition
Oil and gas companies can play a role in the energy transition and bring a particular skillset to help reduce carbon emissions, such as sequestering carbon and burying nuclear waste, Bill Gates says.
MidstreamSee More
Canada Looking at All Options to Keep Line 5 Pipeline Operating
Deadline for shutdown order from the state of Michigan is approaching.
TC Energy, Ex-Columbia Execs Must Face Lawsuit over $10 Billion Deal
Judge rules that top execs will stand trial in suit by investors.
Enbridge Subsidiary Launches Green Hydrogen Injection Project
Gazifère, an Enbridge subsidiary, and Evolugen, the Canadian operations arm of Brookfield Renewable, revealed plans on Feb. 25 to build and operate one of Canada’s largest green hydrogen injection projects in Quebec.
Tailwater Capital Strikes Midstream Deal With NorTex
The NorTex Midstream deal follows the acquisition of Tall Oak II and III by Tailwater Capital last month in Oklahoma’s Arkoma STACK.
