Here’s a snapshot of recent energy deals including a $1.55 billion acquisition by Diamondback Energy in the Permian Basin and Shell’s nearly $2 billion RNG deal.
In Berlin's pursuit for new energy partnerships away from Russia, QatarEnergy and ConocoPhillips will export 2 million tonnes per annum of LNG to Germany for at least 15 years starting 2026 through two sales and purchase agreements.
Neptune produces around 130,000 boe/d, three-quarters of which is gas. It has operations in Norway—home to Eni's Var unit—Britain, Indonesia—where Neptune shares licences with Eni—Algeria, the Netherlands and elsewhere.
The government, in power since last year and led by Labour Party Prime Minister Jonas Gahr Stoere, has pledged to “develop, not phase out” offshore petroleum production, Norway’s biggest industry.
A “small handful” of wells will be drilled in the Norwegian and the Barents Seas each, Jez Averty, Equinor’s head of exploration and production in Norway, told Reuters on the sidelines of an energy conference.
ConocoPhillips and QatarEnergy signed two agreements to ship Qatari-produced LNG to Germany starting in 2026, helping to fill the energy supply gap created in that European country by reduced gas flows from sanctioned Russia.
When asked about the impact of the EU measures, IEA’s Fatih Birol said: “We expect towards the end of the first quarter 2023 that there may be a loss of 2 million barrels per day of Russian oil and there is a need to replace that oil.”
The Group of Seven (G7) nations has proposed a softer version of the EU ban to keep oil supply to the global economy steady, because Russia supplies 10% of the world’s oil.
Here’s a roundup of the latest E&P headlines including a new find in the Sichuan Basin and a flaring investigation in the U.K. North Sea from the past week in the upstream oil and gas industry.
Shell’s deal is among several billion-dollar RNG acquisitions announced recently as companies look to lower their carbon profiles.