E&P Highlights: March 13, 2023
Here’s a roundup of the latest E&P headlines including first gas offshore Egypt and FEED updates in the upstream oil and gas industry.
The Russia-Ukraine War and Energy Sector Certain Uncertainties
Putin’s invasion of Ukraine has reminded the world that renewables, while gaining momentum, still have a way to go and fossil fuels will remain in demand for decades to come.
What's Affecting Oil Prices This Week? (March 13, 2023)
The price of Brent crude ended the week at $82.78 after closing the previous week at $85.83. The price of WTI ended the week at $76.68 after closing the previous week at $79.68.
Iran, Saudi Arabia Agree to Resume Ties in Talks Brokered by China
The deal, brokered by China, was announced after four days of previously undisclosed talks in Beijing between top security officials from the two rival Middle East powers.
Asian Spot LNG Prices Hit 20-month Low, Incentivize Chinese Return
Pricing in Asia is now sufficient to attract Chinese activity, with two cargoes booked to a state-owned enterprise at pricing below $12/ MMBtu, said Toby Copson, global head of trading at Trident LNG.
OPEC Chief: EU’s Severing Dependence on Russia is ‘Typical’ Market Redirection
As worldwide oil and gas flows have been altered due to Russia’s invasion of Ukraine, OPEC Secretary General Haitham Al Ghais said a slowdown in the U.S and Europe “concerns us more.”
Oil Rises as Weaker Dollar, French Strike Balance Recession Fears
A strike halted deliveries from TotalEnergies' French refineries and U.S. crude inventories register a surprise decline.
Top Oil, Gas CEOs: Playing the Long Game When the Rules Keep Changing
U.S., Australian and Japanese oil and gas CEOs want regulatory certainty that lasts “beyond one election cycle," they said during a panel discussion at CERAWeek.
Collapse in US Gas Prices Dents Shale A&D
Price volatility has stymied reported plans by a unit of Tokyo Gas Co Ltd. to acquire Rockcliff Energy from private equity firm Quantum Energy Partners.
Barclays Cuts 2023 Oil Price Forecasts on Resilient Russian Output
The cut is due in part to more resilient output from Russia than expected.