Latest From Hart Energy

What’s Affecting Oil Prices This Week? (Nov. 28, 2022)

Despite several developments on the horizon, Stratas Advisors continues to hold to their view that the price of Brent crude will average around $90 during the fourth quarter of this year. Here’s why.

APA Corp. Says Awari Well Non-Commercial Offshore Suriname

APA Corp. and TotalEnergies, joint venture partners offshore Suriname in Block 58, deemed the Awari exploration well non-commercial but are eager to start flow-test operations at the Sapakara South-2 (SPS-2) appraisal well, Houston-based APA reports.

India to Receive First LNG Cargo from Indonesia’s Tangguh LNG

Operated by BP Plc, the Tangguh LNG plant is in Indonesia's West Papua province and began production in 2009. Its output capacity is 7.6 million tonnes of LNG per annum (mtpa) from two existing trains.

Italy Applies 50% Windfall Tax on Energy Companies’ Extra Income

By 0930 GMT, shares in Eni SpA and Enel were down respectively around 2% and 1.7%, underperforming Italy's blue chip index, but broadly in line with Europe's STOXX index for the energy sector which fell 1.7%.

Global Oil Market Signals Short-Term Weakness Ahead of EU Ban on Russian Oil

After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation.

BP Wins Contract to Market Guyana’s Share of Oil Production

London-based BP agreed to market Guyana’s share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Nov. 24. It replaces a Saudi Aramco trading unit, which previously held the contract.

COP27 Climate Summit Missed Chance for Ambition on Fossil Fuels, Critics Say

Demands from environmental groups and scientists that governments and companies should leave oil and gas in the ground have had less traction this year, since European countries have scrambled to replace Russian gas.

Oil Prices Erase 2022 Gains as China’s Protests Spark Demand Worries

Both crude benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines.

G&P Rates: Unlocking Midstream’s Vault to Capture Value

While East Daley Analytics sees a growth story ahead for midstream, the market seems to lack conviction. Here’s why.

Forty Under 40: Amber Barlow Garcia, Deutsch Kerrigan LLP

Today's featured Forty Under 40 honoree is Amber Barlow Garcia, who is a partner at Deutsch Kerrigan LLP in New Orleans.

US Drillers Add Oil, Gas Rigs for Second Consecutive Month: Baker Hughes

U.S. oil rigs rose four to 627 this week, their highest since March 2020, while gas rigs fell two to 155, according to the weekly Baker Hughes rig count report.

Chevron Can Resume Key Role in Venezuela’s Oil Output, Exports

The U.S. authorization “brings added transparency to the Venezuelan oil sector” and allows Chevron to benefit from sales of “oil that is currently being produced” by its joint ventures with PDVSA, the California-based company said in a statement.

Industry Survey: Energy Executives, Investors Tweak Transition Strategies

A survey report finds volatile market conditions and high fuel prices are driving the energy transition—differently than a year ago.

Britain’s Windfall Tax Risks North Sea Cash Flight, Output Drop

Energy giants Shell Plc and Equinor ASA said they were evaluating their investment plans after last week’s decision to raise tax to 35% from 25% to help plug Britain’s fiscal hole.

Sempra Strikes LNG Supply Deal with ConocoPhillips

As previously announced, ConocoPhillips will acquire 30% of the equity in Port Arthur LNG Phase 1 and will manage the feed gas supply requirements for the facility, the companies said.

How Chevron Plans to Juggle Oil and Gas Growth with New Energies

Chevron’s Colin Parfitt spoke to Hart Energy about the evolving role of midstream, emerging new energies, challenges ahead and recent changes at the U.S. oil major.

EQT, Shell Leaders Warn of Urgently Needed Permit Reform

At a recent energy conference, E&P leaders also warned that the energy transition needs to slow down or the U.S. will face European-style disruptions.

US Natural Gas Futures Up 8% on Colder Weather Forecasts

Also supporting natural gas futures in the U.S. were worries about a possible rail strike that could disrupt coal shipments to utilities this winter, forcing power generators to burn more gas to produce electricity.

China’s CNOOC Steps Up Western Retreat with Launch of US Shale Sale

CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said.

US Crude Oil Inventories Fall as Fuel Stocks Build

The decline in U.S. crude oil inventories last week was tempered by another release of barrels from the country’s strategic petroleum reserve (SPR).

Mozambique President Inaugurates Coral Sul LNG Installation

Mozambique's first LNG cargo left from the Coral Sul floating LNG installation on Nov. 14.

Enterprise’s Deepwater SPOT Project Receives Conditional Green Light

Enterprise’s Sea Port Oil Terminal could export 2 MMbbl/d from nearly 30 miles offshore of the Houston area directly onto VLCCs.

Indonesia Offers Four Blocks in Second Bidding Round This Year

The four blocks offered in the second round of bidding this year have combined estimated resources of 3,730 million barrels of oil and 300 Bcf gas, Indonesia’s energy ministry data showed.

Brazil Transition Team Asks Bolsonaro Government to Halt Petrobras Asset Sales

In addition to a new mines and energy minister, President-elect Luiz Inacio Lula da Silva is expected to choose a new CEO of Petrobras early next month.

Rising Enbridge Pipeline Apportionment May Spell Pain for Canadian Oil Patch

Enbridge will apportion December deliveries on its heavy crude system by 11% and ration space on the light oil system by 13%. The rationing is the highest it has been since last winter.

Norway’s Oil, Gas Output Lags Forecast

Norway’s crude oil and gas output rose in October from September but lagged official forecasts, preliminary data from the Norwegian Petroleum Directorate (NPD) showed on Nov. 22.

France's First Commercial-scale Offshore Wind Farm Starts Operations

French President Emmanuel Macron aims to have approximately 50 French offshore wind farms by 2050, with the Saint-Nazaire wind farm marking the beginning of this goal.

Williams Strategy Exec Talks Natural Gas, Other Decarbonization Tools

“The largest opportunity to reduce emissions here and now would be displacing foreign coal with U.S. natural gas,” Williams’ senior vice president of corporate strategic development, Chad Zamarin, says.

Forty Under 40: Salah Gamoudi, SandRidge Energy Inc.

Today's featured Forty Under 40 honoree is Salah Gamoudi, who is executive vice president and CFO of SandRidge Energy Inc. in Austin, Texas.

Appalachia Assets Operated by Seneca Resources Sold to IOG Resources

The deal includes Clearfield, Elk and McKean counties, Pennsylvania, assets with current net production averaging about 17 MMcf/d.