1. Biden plans to terminate new oil and coal leases on federal land
US President Joe Biden is preparing to suspend the sale of oil and gas leases on federal land and freeze coal leases to assess their environmental impact and decide whether (and how) to resell them. The move will prevent the sale of new mining and mining rights on about 700 million acres of federal land.
According to the U.S. energy information administration, in 2019, federal land and water accounted for 22% of total U.S. oil production and 12% of natural gas production.
Biden called for a phase out of fossil fuels and a shift to cleaner energy – a radical reform of the U.S. energy mix that will have a profound impact on the economy, from pipelines to power lines.
2. Gazprom and Wintershall DEA start commercial gas and condensate production in urengoyskoye oilfield
The joint venture between Gazprom and Wintershall DEA has successfully started the thermal commissioning of the urengoyskoye oil and gas condensate field area 4A in western Siberia, and has produced the first batch of natural gas and condensate from the licensed area.
Achim development started in April 2018 to prepare for the infrastructure of area 4A / 5A to develop natural gas and gas condensate reserves in achimov formation of urengoyskoye oilfield. The overall drilling activities planned in area 4A / 5A include more than 140 wells.
3. Shell reshapes business in Malaysia
Shell announced that it will implement reforms in its Malaysian business to ensure that the company will thrive in the energy transformation and become a more streamlined, competitive and collaborative organization. Shell said the Malaysian business plans to develop its downstream market to consolidate its leading position in the country’s retail and lubricant industries.
4. Egypt grants Red Sea oil and gas exploration rights to mubadara oil company
Mubadala petroleum, based in Abu Dhabi, the United Arab Emirates, said in a statement on Thursday that it would hold a 27% participating interest in shell operated Red Sea block 4. Shell has a 63% stake in the block, while tharwa, Egypt’s state-owned exploration and production company, has a 10% stake.
Egypt recently signed nine $1 billion oil and gas exploration agreements with local and international energy companies, allowing them to explore in the eastern and Western Mediterranean and the Red Sea
5. The return of Iranian oil is expected to have a “significant impact” on OPEC + decision-making
New US President Biden is expected to support the relaxation of sanctions against Iran, and Iranian oil may return to the market. “The return of Iranian oil will have a very significant impact within OPEC,” Carlos Pascual, senior vice president for global energy affairs at IHS Markit, told the Atlantic Council Global Energy Forum on Wednesday OPEC Secretary General barjindo said earlier this month that OPEC has a flexible regulatory mechanism, and the possible return of Iranian oil should not worry the energy market.
6. SpaceX will transform oil drilling platform into launching pad
SpaceX plans to use two deepwater oil drilling platforms as floating space ports on the sea and use them for the Starship rocket under development.
7. The closure of keystone XL could mark the end of major U.S. oil infrastructure
New US President Joe Biden has promised to reshape the US energy industry and accelerate the transition from fossil fuels. The cancellation of keystone XL, an oil pipeline project with Canada’s oil sands, will be one of his first major environmental actions. This shows that it is not possible to build a new large pipeline in the United States.
8. India dissatisfied with OPEC + cut oil production
As one of the world’s largest oil consumers, India has attacked OPEC for causing confusion over its latest decision on oil supply, with many oil importing countries saying their expectations for increased production are disappointing.
Last December, OPEC + agreed to increase production by 500000 barrels a day from this month. However, at the meeting in January, the partners decided to extend the current production level instead of adding another 500000 B / D in February.
Post time: Jan-22-2021