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Oil prices extended gains on Friday and were on course for a weekly gain of about 7% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.

Reuters

Oil climbs to four-week high on strong China data, demand revival

Malaysian state oil and gas giant to sink single well with Danish owner’s Maersk Viking

Upstream Online

Petronas takes Maersk drillship for ultra-deep exploration well offshore Africa

The demand for shale producers to become less reliant on outside capital is intensifying. The withdrawal of private equity, long a crucial investor in the shale sector, will take a significant toll on many shale companies, particularly smaller producers that lack strong balance sheets.

Forbes

Shale Should Withstand Private Equity Pullback

Oil futures rally on a brighter outlook for COVID vaccinations and an assertion by the International Energy Agency (IEA) that market "fundamentals look decidedly stronger."

Oil Futures Rise By 5% On Brighter COVID Vaccinations Outlook, Chinese Data

EIA forecasts U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) to increase in the next two years, according to the latest Short-Term Energy Outlook (STEO). By the end of 2022, 13 new projects could account for about 12% of total GOM crude oil production, or about 200,000 barrels per day (b/d).

Energy Information Administration

Gulf of Mexico crude oil production will increase with new projects in 2021 and 2022

Falling reserves are a big problem for major oil companies.

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Aramco is under pressure from its main owner, the Saudi government, to generate cash to finance state operations as well as new investments.

New York Times

Saudi Aramco sells oil pipeline stake for $12.4 billion

Deal comes as Saudi Arabia seeks to diversify its economy and attract foreign investors

The Wall Street Journal

Aramco Strikes $12.4 Billion Oil Pipeline Deal With EIG-Led Group

Nearly 40,000 contracts for Abu Dhabi crude have traded since its much anticipated launch on March 29.

Murban Oil Futures Post Daily Trading Record Of 14.5M Barrels Following Launch

The vast majority of the billionaires on this year’s Forbes list hail from these 10 sectors.

How Billionaires Got So Rich In 2021

The brothers who sold Rice Energy to EQT for $8.2 billion have now decided to make renewable gas from landfills their family’s biggest investment.

Why The Shale-Fracking Rice Brothers Are Betting Their SPAC On Zero-Carbon Landfill Gas

Navajo Nation members received ‘a pittance’ for access to their land. Then came the spills and fires

The Guardian

'No one explained': fracking brings pollution, not wealth, to Navajo land

This is the second multi-billion dollar acquisition by Pioneer in the past 6 months, following last October’s $8 billion takeout of Parsley Energy. The combination of these three companies creates a Midland Basin acreage position made up of vast swaths of uninterrupted leasehold.

The Lesson From Pioneer’s Latest Permian Deal: Bigger Is Better

Changes in oil production are usually set into motion by decisions made years earlier.  Presidents often get credit or blame that really belongs to their predecessors.

Oil Production Changes By President From 1961-2020

Last night Pioneer Natural Resources announced acquisition of DoublePoint Energy for $6.4 billion.

For $6.4 Billion, These Two Young Tycoons Just Sold Their Oil Company To Pioneer Natural Resources

The success of ADNOC’s new oil futures benchmark will ultimately depend on whether physical crude traders use it as a benchmark, and quality differentials are priced off it accordingly.

Murban Oil Futures Enthusiasts Hope Volume And Liquidity Would Bring Success

Move comes despite Saudi warning recovery is ‘far from complete’ and after US lobbied for ‘affordable’ energy

Financial Times

Opec+ agrees to increase oil production gradually from May

Houthi forces appear to be stepping up their campaign of long-range drone strikes, inflicting costly damage on oil facilities in Saudi Arabia in recent weeks. Their new Samad-4 drone could prove even more destructive.

Houthis Step Up Long-Range Drone Attacks On Saudi Oil Facilities

Since OPEC’s last meeting, a cacophony of speculators, banks and crude bulls have come out with wildly optimistic price calls that appear to be detached from physical market reality.

Medium-Term $100 Oil Forecasts Are For Paper Traders And Fantasist Bulls Only

Emissions of greenhouse gas return to pre-pandemic levels despite industry pledges

Methane pollution soars in US as shale drilling resumes

Rising oil prices will quickly put the industry's new capital discipline to the test. If WTI prices remain at $65 per barrel by next year, "all bets are off," one analyst said.

Shale Oil’s New Investors Want Discipline And A Smaller Environmental Footprint

State-owned group embarks on decarbonisation push as country’s reserves dwindle     

Colombia’s Ecopetrol looks to wean dependence on oil         

Vicki Hollub's technocratic style and willingness to push through big changes could prove a valuable asset as Occidental Petroleum confronts its biggest challenge yet: climate change.

The Woman Transforming One Of America’s Biggest Oil Companies

The invoices and proposals are still being sorted, but it appears that Texas ratepayers may eventually be on the hook for about $12 billion in electricity-related costs due to the February snowstorm and blackouts that killed 111 people and caused tens of billions of dollars in damages.

In Wake Of Blackouts, Texas Ratepayers May Be On The Hook For $12 Billion

It’s a question of when, not if, the global economy will shift away from fossil fuels. Researchers are gaming out what that means for international politics.

Bloomberg

What Countries Will Fight Over When Green Energy Dominates

Producers face decision on how to spend their coming windfalls 

Oil price rally tests drilling discipline in US shale industry

Drilling declines to levels last seen in 1970s as pandemic and energy transition put industry’s future in question

North Sea oil and gas groups cut investment by £3bn

Rebound shows that the coronavirus pandemic has not weaned the world off fossil fuels

Oil sector revival has producers eyeing boom times

Rebound shows that the coronavirus pandemic has not weaned the world off fossil fuels.

An industry known for boom-bust cycles is resisting the temptation to pump more oil — for now.

As Oil Prices Rise, Executives Aim to Keep Them High

Volatile asset returns in the oil patch were commonplace last year.  Those returns often got amplified in entities utilizing equity distribution waterfall allocation techniques.  It all depended on the structure and how optionality was treated.

Chasing Waterfalls: How Volatile Equity Structures Are Changing Returns

Moving into the next boom time for the domestic U. S. oil and gas business doesn’t necessarily mean you will be repeating the outcomes of the last one.

Not A Fracking Frenzy: What The New Shale Oil Boom Will Look Like

COVID-19 sent shocks through global oil markets, with oil demand and supply still struggling to return to pre-pandemic levels. Our outlook looks back at 2020 and presents our most-likely scenarios for oil demand, supply, and prices through 2040.

McKinsey & Company

Global oil supply-and-demand outlook to 2040

A missed deadline for flights to look for polar bears means the work to locate oil reserves the Arctic National Wildlife Refuge is effectively killed.

Seismic Survey of Alaskan Arctic Refuge Won’t Move Forward

The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries.

Oil Market Report - February 2021

As offshore oil and gas platforms come to the end of their working lives, the remarkable ecosystems beneath the waves come into their own.

The new use for abandoned oil rigs

Venezuela’s descent into economic and political chaos in recent years is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

Venezuela: The Rise and Fall of a Petrostate

Sebastião Salgado

Greater Burhan Oil Field, Kuwait

Oil & Gas | Upstream

Environmental group warns UK’s £750m funding for fossil fuel project could worsen Isis-led insurgency



UK support for Mozambique gas plant fuelling conflict – Friends of the Earth

Activists say the ‘heart of Africa’ line shipping crude from Uganda to Tanzania is unnecessary and poses a huge environmental risk

‘We cannot drink oil’: campaigners condemn east African pipeline project

Oil prices climbed on Tuesday as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.

Oil prices climb on robust China data, Mideast tension

The Russian navy for nearly a decade has been trying to double, from one to two, its active fleet of huge, nuclear-powered battlecruisers.

It’s not going well.

Russia Is Trying To Restore a Giant Nuclear Battlecruiser—It’s Not Working Out

There has been enormous turbulence in U.S. trade over the last two years. A good bit of that is due to trade policies from former President Trump. A good deal of it is due to Covid-19. And some of is it due to innovation, particularly in the energy field.

Topsy-Turvey Trade World Strikes Again: New Top 2021 Export? Natural Gas

Fossil-fuel producers’ lack of transparency is hampering our chances of halting global warming

A carbon registry leaves polluters with nowhere left to hide

According to reporting from various media outlets, the Iraqi government just entered into an agreement in principle with French energy giant Total to develop four major projects

Energy Trend

Iraqi Government and Total to Collaborate on Major Energy Projects, Including 1GW of PV Generation

The Federal Government is promising a gas-led recovery that will turbocharge Australian manufacturing and provide reliable and affordable power to households. Despite international pressure to reduce the use of fossil fuels, Prime Minister Scott Morrison’s says that gas will help Australia 'transition' to renewables. Federal Energy Minister Angus Taylor insists we can’t make the transition to a secure and reliable electricity sector without an increased role for gas and has pledged to use taxpayer funds to build new gas-fired power plants if needed. But not everybody is convinced, and increasingly, state governments are pushing beyond gas with ambitious plans for more renewable power.

ABC News

The future of power: What’s behind Australia’s push for gas-fired energy

Nuclear energy is at heart the climate debate -- the only carbon-free fuel that can run around the clock. But can opponents transcend the accident at Fukushima?

Will Nuclear Energy’s No-Carbon Quality Outweigh The Fukushima Accident?

Consortium of investors led by Washington-based group buys 49% stake in newly formed venture

Saudi Aramco raises $12.4bn from oil pipeline deal

Russia’s recent military moves have put Germany in a fix over its Nord Stream 2 natural gas pipeline project and its increasing energy dependence on Russia.

Nord Stream 2 Proves To Be Geo-Political Disaster

Energy secretary seeks to persuade Saudi Arabia to keep lid on crude prices

US signals it still depends on cheap oil from abroad

The oil major’s early win on debt is worth celebrating but the balance sheet is still out of sync with the sector

BP: focus energy on debt reduction, not buybacks 

Oil output by ONGC and OIL has declined by 30% in the last 20 years. That's because India's oil wells are ageing, and their output is declining faster than new production can come up. Given so many companies are involved in oil exploration here, it is surprising that the number of new wells dug has come down substantially.

Economic Times

Oil can’t be on India’s Atmanirbhar list: blame ageing wells, glacial pace of new discovery

French energy group’s chief warns withholding taxes would violate law and endanger local staff

Total rejects campaigners’ pressure to freeze payments to Myanmar junta 

Rising sales of groceries help filling stations offset dwindling volumes at the pumps 

Filling up on food: oil majors spot retail opportunity as fuel sales slump

US shale industry operators consolidate after oil price crash

Oil producer Pioneer to snap up rival DoublePoint for $6.4bn

According to the U.S. Energy Information Administration's (EIA) Heating Oil and Propane Update (HOPU), the price of residential heating oil averaged $2.86/gal in the United States as of March 29, which is 44 cents/gal higher than at the same time last year. U.S. average residential heating oil prices increased by more than 73 cents per gallon (gal), or 35%, during the 2020–2021 heating season (October 1–March 31). On average, prices were almost 15% lower than last season. Although the increase in residential heating oil prices during the season was the largest on a percentage basis since the 2007–2008 season, prices were almost 15% lower than last season on average. The recent increase in prices is primarily a result of higher crude oil prices and lower distillate inventory levels.

U.S. residential heating oil prices averaged 16% lower than last winter but ended higher

Plus: the fate of hydropower in the Himalayas, bad virus news may be good news for oil and the latest data points on the low-carbon transition

Biden rolls out his infrastructure plan 

Latest and largest independent UK producer provides key test of investor appetite as it makes public debut

A new Harbour in oil’s storm?

Mohammed bin Salman tries to accelerate efforts to diversify oil-dependent economy

Saudi Arabia’s crown prince looks to Aramco to lead investment plan

President George W. Bush's policies had an enormous impact on the energy markets that is still felt today.

The Enormous Energy Legacy Of President George W. Bush

Oil traders plough billions into renewables in preparation for shift away from oil and gas

Gunvor joins clean energy push

Four independent “meetings” in the past week suggested changes that will affect the future of the oil and gas industry in the USA.

Climate Future Of Oil And Gas – Three Federal, One New Mexico Stepping Stones.

Gas and electricity groups reject contract renewals or increase prices for sector upended by pandemic

UK pubs hit by higher energy costs as suppliers limit exposure 

Move aims to create benchmark to rival other regional players including Dubai and Oman

Abu Dhabi launches new oil futures as it targets Asian refiners

Bond issue to fund takeover of fossil fuel assets criticised for environmental claims

New Fortress gas deal raises clean energy yellow card

In focusing on the inventory overhang, OPEC+ risks a recovery in U.S. oil shale production.

Dollars Or Barrels: The OPEC+ Challenge

In 2020, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly, U.S. exports of propane reached record levels, increasing 13% and surpassing distillate fuel oil as the country's top petroleum product export. U.S. exports of distillate fuel oil fell to its lowest level since 2016.

The United States exported more propane than distillate in 2020

Gasoline prices have risen sharply since the beginning of the year. Today I explain the reasons.

Who Is To Blame For Rising Gasoline Prices?

Complaints of rising gas prices overlook the obvious: Supply, Demand, Cold Weather, and A Pandemic.

Is The Polar Vortex To Blame For Higher Gas Prices?

The Israeli government is accusing Iran of environmental terrorism over the historic oil disaster unfolding along its Mediterranean coast line.

Iran Accused Of Eco-Terrorism: Purposefully Dumping Oil In Israeli Waters

In New Mexico, emissions from the oil and gas industry were 53% of state greenhouse gas emissions in 2018.

Methane Emissions Data: Regulations Needed To Stop Atmosphere Warming In Permian Basin.

Photovoltaic Industry Price Trend: Rise in Cost of Cells and Modules Derive Pressure to Operating Rate as Polysilicon Prices Elevate

Revisions to Exxon's reserves reflect the combination of last year's low oil price and oil sands' high costs, and are likely to be reversed next year.

Exxon’s Massive, Earth-Shattering Reserve Decline Is A Non-Event

During the cold snap that affected much of the central part of the country, U.S. dry natural gas production fell to as low as 69.7 billion cubic feet per day (Bcf/d) on February 17, a decline of 21%, or down nearly 18.9 Bcf/d from the week ending February 13. Natural gas production in Texas fell almost 45% from 21.3 Bcf/d during the week ending February 13 to a daily low of 11.8 Bcf/d on Wednesday, February 17, according to estimates from IHS Markit. Temperatures in Texas averaged nearly 30 degrees Fahrenheit lower than normal during the week of February 14.

Texas natural gas production fell by almost half during recent cold snap

A stark turnaround for last year's worst-performing sector is minting this year's biggest stock-market winners.

Energy Stocks Are Outperforming Every Other Sector This Year–Here Are The Winners

Oil & Gas | Geopolitics

In a decarbonising world, long-term gas infrastructure investments are looking riskier and shorter term


IEEFA

Competitive renewables wipe decades off economic life of Australia’s longest gas pipeline

India has asked its state-run oil and gas companies to set up seven hydrogen pilot plants by the end of this financial year, India's oil secretary Tarun Kapoor also said at the Hydrogen Economy - New Delhi Dialogue event

India to spend $200 million in next 5-7 years to promote hydrogen use

Liquefied natural gas (LNG) as a marine fuel has been touted as the best available solution for the maritime industry to reduce its greenhouse gas emissions for a while now.

Offshore Energy

LNG as fuel should be a no-brainer. So, what’s the hold-up?

Cutting the fossil-fuel industry’s tax perks might not dramatically affect hydrocarbon output or the environment, but it will mark the end of an era for Big Oil

Big Oil’s Influence Shrinks as Tax Perks Face Axe in Biden Plan

The ambitious bill would have banned fracking as well as other extraction methods.

California Fracking Ban Dies In Committee

Critics say $16bn provision in infrastructure package spurs drillers to shirk obligations

Joe Biden’s oil clean-up plan slammed as bailout for fossil fuels

Plus: following the oil price recovery, US carbon emissions closely track virus outbreaks and more 

Biden’s $16bn hole-filling project

In the US Energy Information Administration’s (EIA) April ‘Short-Term Energy Outlook’ (STEO), it expects vaccinations and fiscal stimulus to support continuing economic recovery and drive demand growth for petroleum products in the US.

Hydrocarbon Engineering

EIA: vaccinations and fiscal stimulus driving petroleum demand

Based on data in EIA's Monthly Energy Review, energy-related carbon dioxide (CO2) emissions decreased by 11% in the United States in 2020 primarily because of the effects of the COVID-19 pandemic and related restrictions. U.S. energy-related CO2 emissions fell in every end-use sector for the first time since 2012.

U.S. energy-related CO2 emissions declined by 11% in 2020

Australia Pacific LNG wants environmental approval to drill across nearly half a million hectares of central and south-west Queensland

Gas consortium seeks approval to drill 7,700 wells in Queensland, including near national parks

As the Texas legislature barrels ahead with remedies for deadly blackouts like February’s, we still can’t pinpoint their exact causes. New revelations by ERCOT suggest that early assessments were wrong. As more facts emerge, we provide market design remedies to improve weatherization incentives.

Let’s Mess With Texas’ Power Market—And Make It Stronger

GE: Blue Hydrogen and Natural Gas Will Portray Essential Roles in Energy Transformation for the Carbon Reduction Route of Asia-Pacific

Is measuring the carbon produced at a power plant the best way to monitor emissions? A team of scientists recently took a different approach to estimating carbon dioxide: the bottleneck method. Instead of considering the pollution emitted only at the end use, burning phase of fossil fuel use, the researchers considered all phases: mining; transport; refining; and burning. Their study identified the worst emissions offenders, and the results were surprising: oil and gas pipelines. 

GreenBiz

This source of greenhouse gas emissions might surprise you

Saudi Aramco still has a long way to go in ensuring that its emissions disclosures match those of other oil majors.

Al Jazeera

Aramco’s new disclosures still understate its carbon footprint

The February storm led to huge natural-gas bills for many companies and municipalities, triggering lawsuits over payments

As Texas Freeze Gas Bills Come Due, Cue Up the Lawsuits

All politicians make promises during campaigns that they have no intention of keeping once they’ve been safely elected to office.

Biden’s ‘Infrastructure’ Bill Signals A Death Sentence For Natural Gas

Gas is a central but under-appreciated part of the fight against climate change. Carbon dioxide gets most of the attention, but unless methane emissions are limited there is little hope of stabilising the climate.

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