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Partnerships ‘Incredibly Important’ to Oil Industry’s Low-Carbon Future, BP CEO Says
Oil and gas companies attaining global sustainability goals will depend on partnerships formed across sectors—like BP’s deal with Amazon, says CEO Bernard Looney during CERAWeek.
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MarketsSee More
What’s Affecting Oil Prices This Week? (March 1, 2021)
Growing optimism, growing risks? The price of Brent crude closed last week at $64.63 after reaching $66.78 on Feb. 25, but was still up for the week by 2.73%, Stratas Advisors says in its latest oil price forecast.
Oil Prices Jump More Than $1 as US Output Slow to Restart
Morgan Stanley expects Brent crude prices to climb to $70/bbl in the third quarter on “signs of a much improved market” including prospects of a pick-up in demand.
US, Canadian Crude Exports to India Surge
In January, oil from the US and Canada accounted for 11% of India’s imports.
Texas Oil Refiners Will Take Weeks to Recover From Winter Storm
The refinery shutdowns will depress prices for U.S. crude oil and widen the spread between U.S. and Brent crude, Paul Sankey of independent energy researcher Sankey Research said.
BusinessSee More
Oil and Gas Investor Cover Story: Animal Spirits
It’s not the Keynes kind; it’s the Jack London kind. E&P executives are restless, according to a Dallas Fed survey, and they’re going mano a mano for market share. Will it manifest in consolidation? Where to next for the sellers? For some, it’s a new land rush: energy transition.
Pickering Energy Partners Doubles Down on Energy Transition with SailingStone Merger
The new partnership expands Pickering Energy Partners’ current investment platform to include SailingStone’s energy transition, global natural resources and ESG investment experience and strategies.
S&P Revises Woodside’s Outlook to ‘Negative’ on Energy Industry Risks
However, S&P Global Ratings reaffirmed Woodside’s long-term issuer credit rating of “BBB+” on hopes that the energy company’s high exposure to LNG and low-cost assets could somewhat counter the risk.
Chevron Launches $300 Million Fund for Energy Transition Technology
Chevron said Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy.
TechnologySee More
Partnerships ‘Incredibly Important’ to Oil Industry’s Low-Carbon Future, BP CEO Says
Oil and gas companies attaining global sustainability goals will depend on partnerships formed across sectors—like BP’s deal with Amazon, says CEO Bernard Looney during CERAWeek.
Upwing Energy Achieves Carbon Neutral Certification
Innovative artificial lift technology will help oil and gas companies meet environmental and production goals.
Petrobras to Hire FPSO Platform from SBM Offshore for Búzios Field
Brazilian oil company Petrobras said it signed a letter of intent on Feb. 24 with Holland’s SBM Offshore to hire a FPSO for the Búzios field in the Santos Basin pre-salt.
Lamprell Lands Aramco Contract for Giant Offshore Oil Field
Lamprell has been awarded an engineering, procurement, construction and installation (EPCI) contract on Feb. 24 by Saudi Aramco as part of their long-term agreement program (LTA) with Lamprell.
Exploration & ProductionSee More
U.S. Energy Development Continues Permian Basin Expansion with Recent Acquisitions
U.S. Energy Development acquired interests in oil development projects that the company’s CEO described as “instrumental” in U.S. Energy’s continued growth and expansion in the Permian Basin.
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.
E&P Plus Regional Report: Bakken—A Year of Challenges
According to Lynn Helms, North Dakota’s director of mineral resources, last year was a “pretty terrible year for the industry” and oil and gas producers in 2021 will be stressed from both ends—investor and market demands.
Yergin: US Shale Will Grow under Biden’s Rule
“There are a lot of economic advantages from shale production and some foreign policy advantages,” says IHS Markit Vice-Chairman and energy guru Daniel Yergin. “And Joe Biden is a foreign policy person.”
TransactionsSee More
Industry of Debt: Oil and Gas M&A Looks for 2021 Reset
As more debt is restructured or discharged, the drag on M&A should lessen, which could lead to the return of dealmaking in the oil and gas sector to pre-pandemic levels, Deloitte says.
A&D Advisory Firm EnergyNet Celebrates 22 Years in Business
EnergyNet has successfully closed $5 billion in oil and gas assets in the past two years, according to the A&D advisory firm’s release.
Energy A&D Transactions from the Week of Feb. 24, 2021
Here’s a snapshot of recent energy deals including a series of transactions in the Duvernay Shale as both Shell and Ovintiv exit the play plus Continental Resources reveals itself as the buyer of Samson Resources’ Powder River Basin position.
On the Market Oil and Gas Quicklist (Week of Feb. 24, 2021)
Here’s a quicklist of oil and gas assets on the market including certain Ageron Energy properties located in the dry gas window of the Eagle Ford Shale in South Texas plus a Caney and Woodford Shale opportunity from Falcon E&P Royalty Holdings.
Policy & RegulationsSee More
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.
Biden, Trudeau Aim to Move Past KXL Disagreement
In Biden’s first bilateral meeting with a foreign leader, the issues of climate change and China are expected to be the main topics.
Senate Weighs Interior Nominee Haaland
Republicans on the Energy and Natural Resources Committee are expected to grill her on fossil fuels.
Russia, Saudi Arabia At Odds over Oil Cuts Ahead of OPEC+ Meeting: Reports
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
MidstreamSee More
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.
ArcLight Buys Stake in Kinder Morgan, Brookfield JV for $830 Million
The value of the sale to ArcLight implies an enterprise value of about $5.2 billion for NGPL, jointly owned by Kinder Morgan and Brookfield Infrastructure Partners, which represents 11.2 times its 2020 EBITDA.
Brookfield Formally Launches Hostile Bid to Buy Inter Pipeline for Nearly $6 Billion
Brookfield, which acquires and manages infrastructure assets, is offering CA$16.50 per share for Inter Pipeline, valuing the company at CA$7.08 billion (US$5.62 billion).
Inter Pipeline Launches Review after Rejecting Brookfield’s $6 Billion Bid
Inter Pipeline said on Feb. 18 it has launched a review of options, including a possible ‘corporate transaction,’ just a week after it rejected an unsolicited bid from its largest shareholder.
