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Chevron To Ship First Venezuelan Oil To The U.S. By Year-End

Chevron is getting ready to ship the first oil cargo from Venezuela to the United States. This is by late December after the U.S. Administration issued this weekend. It is a six-month license allowing the U.S. supermajor to extract and export oil from the South American country. This is what Bloomberg reports citing a source with knowledge of the matter.

This weekend, the U.S. Treasury issued a license authorizing Chevron to resume limited natural resource extraction operations in Venezuela while preventing Venezuela’s state oil firm PDVSA from receiving profits from the oil sales by Chevron. The license authorizes Chevron to produce oil at fields jointly operated with PDVSA and sell the oil to U.S. refiners.

Sanctions against Venezuela were introduced in 2019 by the Trump Administration, and the Biden Administration’s decision to ease some of those sanctions came after the resumption of talks over the weekend between the government of Nicolas Maduro and the Venezuelan opposition. Those talks led on Sunday to the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil.

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Source: Oil Price

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US Oil Companies’ Cash Flow to Rise by 68% Per Barrel in 2022 – Deloitte

U.S. upstream oil companies are to bank 68% higher free cash flows per barrel. This was in 2022 as surging prices fuel profits. Output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday.

The study illustrates the clash between the White House and oil companies. It is over how skyrocketing profits from high energy prices.

Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) are expected to post strong upstream quarterly results on Friday, with some analysts expecting a new round of increases in dividends and buybacks.

U.S. President Joe Biden has been calling on producers to stop returning cash to shareholders. They are to invest in output to lower fuel prices for consumers.

Unlike in the past, when higher energy prices and profits would lead to increased investment rates, companies have been cutting down on costs and exercising cash discipline, Deloitte said.

Nearly 40% of surveyed executives from the top 100 oil and companies in the U.S. selected debt repayments and returning cash to shareholders as their top priorities, making those the most common answers, Deloitte Vice Chair for U.S. Oil and Gas Amy Chronis said.

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Source: Reuters

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Oil Recovers After Volatile Start Of The Week

– Oil recovers as earnings on the US Gulf Coast-to-China shipping route have soared above $100,000 per day. This is equivalent to $7 per barrel. This is demonstrating the shrinking availability of crude tankers lately.

– The Russia-Ukraine war and subsequent sanctions have lengthened the average shipping voyage globally. So now, charterers have fewer options and are forced to pay double the rate than over the summer months.

– Spot differentials for crudes across the Americas are tanking because of higher shipping costs. Free-on-board prices for WTI plummeted a whopping $5 per barrel week-on-week to reflect the shipping.

– The shortage of tankers is taking place across all vessel categories. This is even VLCC freight costs from the Middle East into Asia Pacific have tripled year-on-year.

Market Movers

– U.S. Eagle Ford-focused oil producer Ranger Oil (NASDAQ:ROCC) is reportedly mulling a potential sale to capitalize on high prices, with estimates putting the company at $2.0-2.2 billion.

– Brazil’s president-elect Lula da Silva has reportedly started interviews to overhaul the top management of state oil company Petrobras (NYSE:PBR), setting it up for some turmoil.

– Australia’s mining giant BHP Group (NYSE:BHP) presented a new bid for copper and gold producer OZ Minerals (ASX:OZL) totaling $6.5 billion, recommended by the latter’s board of directors.

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Source: Oil Price

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India Is Bright Spot for World Oil Demand

Petroleum demand in the world’s third-largest oil consumer has been growing faster than anywhere else in 2022. It is rising by more than 400,000 barrels a day. That’s equivalent to more than 20% of the total global increase. Let’s learn more about why India is a bright spot for world oil demand.

The country’s vigorous appetite for oil was clear early in the year. However, what’s impressive is that it has remained robust in recent months. Take note that this is just as consumption growth is slowing elsewhere.

Three factors help to explain that resilience. First, a fast-growing economy: India is set to post the second-strongest expansion among the Group of 20 this year. It is behind only oil-rich Saudi Arabia and well ahead of China. Second, New Delhi has capped retail fuel prices, insulating the public from the impact of $100-plus oil on the wholesale market. And third, the government has turned to Russia for petroleum, benefiting from the discounts offered by Moscow — at times as much as $20 a barrel — to keep its oil sales flowing.

If current trends continue, India’s consumption will average at least 5.2 million barrels a day in 2022. This is surpassing the previous annual record which was set in 2019 before the onset of the pandemic at 5 million barrels a day. To put that into context, current demand tops that of Germany, France, and the UK combined. And there’s no peak in sight.

Although Indian oil-use growth will slow next year, it’s likely to remain steep by historical standards at 200,000 barrels a day, with the country consuming an average of 5.4 million barrels a day. But there are risks. Current momentum suggests demand will remain healthy, the outlook is by China’s economic slowdown and interest-rate hikes by India’s central bank in an effort to shore up the rupee.

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coal mining

Oil, Gas, Coal Mining on Federal Land in Colorado Generates $393M in Revenue, Most in 14 Years

Oil, natural gas, and coal mining operations on federal lands in Colorado generated more than $393 million in lease and fee revenues in 2022 for the federal and state governments — the most in 14 years.

A combination of increased oil production, higher commodity prices, and new royalty rates and fees led to a 64% surge in revenue in Colorado compared to 2021, according to figures from the U.S. Department of Interior.

In April, the Biden administration increased the royalty rate for new oil, natural gas, and coal leases to 18.75% from 12.5%, and the federal Bureau of Land Management, which oversees mineral leasing, raised the fees for dozens of types of applications, permits, and renewals.

“One of the big improvements we’ve seen in this past year was raising the royalty rate,” said Kris Smith, a researcher at Headwaters Economics, a nonprofit research group.

“The 12.5% rate has been around since the 1920s, so this is an important change that will help the federal government and states capture more revenue,” Smith said.

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Source: The Colorado Sun

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COP27: The Government Tells the World No More Oil and Gas is Needed – but it Can’t Stop Letting Companies Dig

New Zealand’s climate ambassador says it’s “just crazy” for rich countries to open up new supplies of fossil fuels. Yet the Government awarded new oil and gas exploration permits. This year fought for its right to do so in court, this is what Olivia Wannan reports. More about COP27 announcements and news here.

Christmas dinner hosts have to make a delicate calculation: how much food will be needed to last the day so that no one goes hungry, but there’s no expensive, unnecessary food leftover?

Climate analysts do a similar, but global, stocktake: working out how much oil, gas, and coal is going to be needed before green energy can take over. Too little and people could go cold, hungry, or stranded. But dig up too much and the resulting pollution will overcook the planet.

In report after report, experts have concluded the world has enough fossil fuels.

In fact, we’ll need to leave significant amounts of the oil, gas, and coal we’ve already discovered in the ground to avoid dangerous levels of global heating.

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Source: Stuff

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Oil and Gas exploration: Ensuring safe, reliable field performance with end-to-end enterprise asset maintenance

Here is a news regarding the success rates for discovering new oil and gas resources. Do you know that 2021 saw one of the lowest on record? However, with the return of high-impact oil exploration in 2022, O&G businesses have seen a much higher success rate. In fact, by September 2022, exploration, development, and production (E&P) firms had already discovered more than 1.7 Bboe at high-impact wells–four times what was discovered for all of 2021. With success rates like this, E&P organizations plan to move forward with a range of new projects that will have pumps producing oil for years to come. Let’s learn more about the Oil and gas exploration opportunities.

With the recent extraordinary energy crisis unfolding, the steady movement forward on high-impact oil exploration feels urgent. Offshore oil and gas engineering, procurement, and construction (EPC) spending globally could total $276 billion. This is between 2022 and 2026, a 71% increase. Expenditures will certainly be high and production sites offshore can produce better profits. This is of course at lower prices when they are completely up and running. Furthermore, these offshore projects are to produce oil for several decades. And ultimately, because of the large scale of the developments, the production will come at lower break-even costs.

There’s no question that the business of oil and gas drilling comes with an array of hazards, especially true when drilling offshore, miles from land. There is a plethora of heavy and dangerous equipment, and part of ensuring rig workers are safe means receiving in-depth training regarding equipment usage. Now, it’s just as important to ensure that all assets and equipment used are maintained for healthy working conditions. This all translates to the need for effective field support and digital alignment, with a framework for application and focus on new technology.

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Source: World Oil

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Oil & Gas Pipelines

North America Leads $370 Billion Global Push For Oil & Gas Pipelines

This year, the United States became the world’s biggest liquefied natural gas (LNG) exporter. This is as deliveries to energy-starved buyers in Europe and Asia surged. In the current year, five developers have signed over 20 long-term deals. They are to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, to energy-starved buyers in Europe and Asia. Let’s talk more about Oil & Gas Pipelines.

Unfortunately, whereas the United States has the world’s largest backlog of near-shovel-ready liquefied natural gas projects, takeaway constraints including limited pipeline capacity are seen as the biggest hurdle to the growth of the sector. In the Appalachian Basin, the country’s largest gas-producing region churning out more than 35 Bcf/d, environmental groups have repeatedly stopped or slowed down pipeline projects and limited further growth in the Northeast. Indeed, EQT Corp.(NYSE: EQT) CEO Toby Rice recently acknowledged that Appalachian pipeline capacity has “hit a wall.”

Luckily, the Permian Basin and Haynesville Shale are still able to shoulder much of the growth forecast for LNG exports. This includes pipeline development. Analysts at East Daley Capital Inc. have projected that U.S. LNG exports will grow to 26.3 Bcf/d by 2030 from their current level of nearly 13 Bcf/d. For this to happen, the analysts say another 2-4 Bcf/d of takeaway capacity would need to come online. Ideally between 2026 and 2030 in the Haynesville.

And it appears the U.S. is up to the task.

According to RigZone, initial findings from Westwood’s upcoming onshore pipeline market forecast has revealed that between 2022 and 2028, the world will spend ~$369B on 310,000km of new oil and gas pipelines, with North America responsible for the lion’s share. The forecast says that 205,000km, or two-thirds of total installations, will be gas pipelines, with several projects already lined up in the United States.

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Source: Oil Price

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US Oil and Gas Giants

US Oil and Gas Giants’ Profits Skyrocket

Several European and US oil and gas Giants (producers), including France’s TotalEnergies, Norway’s Equinor, and Aker BP along with the UK’s Shell, released their quarterly reports this week. Thanks to the energy crisis, all four players delivered strong financial results. However, we can now see how the U.S. oil majors have performed in comparison with their European counterparts and themselves in these turbulent times, marked by price volatility and high demand.

Chevron reported on Friday that its earnings in the third quarter of 2022 were $11.2 billion, compared with $6.1 billion in the third quarter of 2021. The U.S. giant outlined that pension settlement costs of $177 million were included in this quarter while foreign currency effects increased earnings by $624 million.

The company posted adjusted earnings of $10.8 billion for the third quarter of 2022, compared to adjusted earnings of $5.7 billion in the third quarter of last year. Chevron’s sales and other operating revenues in 3Q of 2022 were $64 billion, compared to $43 billion in the year-ago period.

Commenting on this, Mike Wirth, Chevron’s chairman and chief executive officer, remarked: “We delivered another quarter of strong financial performance with a return on capital employed of 25 percent. At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record.”

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Source: Offshore Energy

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‘Strongest climate bill ever’ may increase oil and gas production in New Mexico

President Joe Biden’s $737 billion Inflation Reduction Act (IRA) aims to address a cornucopia of American ills. Arguably its most important aspect is how it jump-starts the country’s fight against climate change. Have you heard about the strongest climate bill that’s coming?

It attacks the country’s carbon emissions from both ends — consumption, and production — with one primary tool: money. A lot of money: $369 billion, to be exact, much of that devoted to helping people. Companies and government agencies buy more things that create less carbon pollution. That has many activists hailing the bill as a historic step forward in climate action. However, not everyone is sold on the strategy.

“All of these environmental organizations are singing its praise. ‘The strongest climate bill ever passed!.’” says Sharon Wilson, a senior field advocate at Earthworks in Texas. “It is also the sh****st climate bill ever passed. Because it is the only climate bill that’s ever passed.”

There is only one climate punishment in the IRA: a new Methane Emissions Reduction Program (MERP) that levies a methane tax on oil and gas producers who exceed strict limits on how much they can emit the potent greenhouse gas. But the program may have the ironic consequence of increasing oil and gas production — and methane emissions — in New Mexico.

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Source: Source NM

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