Iran is sending the most crude in nearly five years, bolstering its re-emergence on the geopolitical stage while posing risks to a fragile global crude market. Exports rose to the highest level since US sanctions were reimposed in 2018, according to a range of analysts including Kpler Ltd., SVB Energy International, FGE and the International Energy Agency. The vast majority flows to China, as the world’s largest importer collects barrels at discounted prices from the Islamic Republic. The rebound in sales is the most tangible sign yet that the country, while still reeling economically from years of isolation, is reasserting…
Author: Automotivedealernews.com
The Henry Hub gas price has remained relatively insulated from price changes in Europe, Rystad energy analyst Lu Ming Pang noted in a market update sent to Rigzone this morning. While the price of gas from the Dutch title transfer facility hit $14.10 per million British thermal units (MMBtu) on June 15, “after a rally over the past two weeks from $7.90 on May 31,” and local Asian LNG prices in August rose to $12.59 per MMBtu. , Henry Hub remained at $2.41 on June 15, Rystad analyst explained in the update. “The US remains isolated, with Henry Hub prices…
Effective June 12, APA Corporation has appointed Scott Grandt as Senior Vice President of Corporate Development. Grandt will lead APA’s corporate development team and have overall oversight of the identification, evaluation and execution of potential transaction opportunities, the company said in its statement. “I am pleased to welcome Scott to our leadership team,” said Stephen J. Riney, APA’s Chief Financial Officer and Executive Vice President. “He brings a diverse background in mergers and acquisitions, capital raising, investor relations and corporate planning and will be a great addition to our executive team.” Grandt joins APA from Goldman Sachs & Co., where…
The Norwegian Petroleum Directorate (NPD) has launched a consultation for a planned 18.02 percent increase in area fees for production licenses. The increase applies each to 1997 rates of $3,620 (NOK 38,000) per 0.39 square mile (one square kilometer) in the first year, $7,230 (NOK 76,000) per 0.39 square mile in the second year and $14,560 (0.009153.009 NOK) per square. mile in subsequent years. “The basis for the adjustment is Statistics Norway’s (SSB) consumer price index,” the NPD said on Tuesday. The royal decree of 1997 specifying the rates allows for revision every five years. If the changes go ahead,…
May 2023 oil and gas deals exceeded the value of May 2022 deals despite fewer transactions, according to a report by S&P Global Market Intelligence. There were 24 deals in May this year, but they had a combined value of $30.33 billion, compared with 37 deals with a combined value of $6.29 billion in the same period last year, according to data of the business intelligence firm. Nine asset transactions totaling $4.55 billion were recorded in May 2023, compared to 33 asset transactions with an aggregate value of $2.85 billion in May 2022. ONEOK acquisition The biggest transaction so far…
The use of oil for transport fuels will decline after 2026, and growth in oil demand will “slow to near a standstill in the coming years”, the International Energy Agency has said (IEA). The IEA’s “Oil 2023” report released Wednesday projects global oil demand will grow six percent between 2022 and 2028 to reach 105.7 million barrels per day (million bpd), a 5.9 million bpd increase compared to 2022 levels, supported by strong demand from the petrochemical and aviation sectors. However, annual demand growth will slow from 2.4 million bpd in 2023 to 0.4 million bpd in 2028, the report…
The 2023 outlook for the Canadian oil and gas industry is “encouraging,” according to industry association group Enserva. According to Enserva’s State of the Industry report, oil and gas prices for Canadian producers “proved to be very strong” in 2022 and were at their highest point since 2008. Despite that gas prices are expected to be reduced by the end of 2023, “all Private sector forecasts for 2024 predict a return to stronger prices,” the report says. Inflation and supply chain constraints that have been affecting the industry in recent years appear to have peaked in 2022 and have been…
The Fiscal Responsibility Act (FRA)—whose primary goal was to raise the federal government’s debt ceiling—addressed some immediate priorities around federal permitting for energy and infrastructure projects and sought to accelerate completion of the long-delayed Mountain Valley Pipeline (MVP), but it did more than that. Its passage provided a glimmer of hope for those wanting a renewed focus on authorization issues, while also serving to underscore how much progress is still needed. In today’s RBN blog, we look at the other key sections of the FRA, where Congress might look next to address permitting reform, and why further progress may be…
TotalEnergies has reached an agreement with NextDecade to participate in the development of the Rio Grande LNG project in South Texas. The operation is subject to the execution of the final documentation and the final investment decision. Under the terms of the agreement, TotalEnergies will have a 16.7 percent stake in the first phase of the project, which consists of three trains with a total production capacity of 17.5 million tons of LNG per year. In addition, TotalEnergies has agreed to take 5.4 Mtpa of LNG from the first phase of the project over a 20-year period, bringing the company’s…
After reaching a major milestone with the donation of five million trees since launching in 2005, Apache Corporation has opened applications for its Tree Grant Program for the 2023-2024 planting season. Over the past 18 years, the program has partnered with more than 900 nonprofit organizations and government agencies across the company’s U.S. operating areas, Apache Corporation, part of APA Corporation, said in a statement . “The long-term impact of the Apache Tree Grant program improves green spaces and provides critical reforestation and conservation benefits in urban and rural areas, paving the way for a more sustainable future,” said John…