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IndustryVoice: API Safety Assessment Program Serves Important Role at Refineries

Advancing Safety Through API’s Process Safety Site Assessment Program (PSSAP®)

IHS Markit Vice Chairman Daniel Yergin, Qatar Petroleum CEO Saad Sherida Al-Kaabi (center) and Exxon Mobil Corp. CEO Darren Woods (right) speak March 2 about the oil and gas industry’s future. (Source: CERAWeek by IHS Markit)

Field Development

Qatar Petroleum, Exxon Mobil CEOs Talk LNG, Natural Gas

Qatar Petroleum and Exxon Mobil are betting big on LNG and natural gas as the demand outlook appears promising for both.

Oil and Gas Investor: The Great SPAC Comeback

Public Capital

Oil and Gas Investor: The Great SPAC Comeback

SPACs have taken Wall Street by storm, raising billions for as-yet unidentified acquisition targets—but will they return to save the oil and gas space?

MarketsSee More

OPEC+ Broadly Extends Oil Supply Cuts into April, Sources Say

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

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

EnergyESG: Building a Case for an ESG Ready Future

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

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.

Ocean

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 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.”

An oil rig is shown offshore Norway. (Source: Avigor/Shutterstock.com)

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 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

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

Gina McCarthy

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

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

Line 5

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

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

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.