1. Putin signs decree prohibiting investors from “unfriendly countries” from selling energy shares
Russian President Vladimir Putin signed a new decree last Friday prohibiting enterprises in countries he considers “unfriendly” from selling their shares in key energy projects and oil and gas production sharing agreements before the end of this year.
2. ConocoPhillips’ profit exceeds $5 billion
ConocoPhillips of the United States released a report last Thursday, raising its shareholder’s return in 2022 by $5 billion, a threefold increase from a year ago and exceeding analysts’ expectations.
The US producer, along with other major companies, has increased its shareholders’ return on capital due to rising oil and gas prices, after the company planned to increase its return on capital by $5 billion to $15 billion in 2022.
3. Canada made the second anti-dumping and countervailing sunset review and the final decision on China’s oil pipe nipples
On July 22, 022, the Canadian Border Service Agency (CBSA) issued a notice stating that the second sunset review of anti-dumping and countervailing was made on oil country tubular goods pup joints originating in or imported from China, and it was ruled that if the anti-dumping and countervailing measures of this case were cancelled, the dumping and government subsidies of the products involved to Canada would continue or recur. The International Trade Court of Canada (citt) is expected to make a final judgment on industrial damage in this case before December 29, 2022. The product involved was an oil pipe stub with an outer cross-sectional diameter of 60.3 mm to 114.3 mm and a length of 61 cm to 366 cm, The customs codes are 7304.29.00.42, 7304.29.00.43, 7304.29.00.44, 7304.29.00.45, 7304.29.00.46, 7304.29.00.47, 7304.29.00.49, 7304.29.00.52, 7304.29.00.53, 7304.29.00.54, 7304.29.00.55, 7304.29.00.56, 7304.29.00.57, 7304.29.00.59, 7304.29.00.62, 7304.29.00.63 and 7304.. 29.00.64, 7304.29.00.65, 7304.29.00.66, 7304.29.00.67, 7304.29.00.69, 7304.29.00.72, 7304.29.00.73, 7304.29.00.74 7304.29.00.75, 7304.29.00.76, 7304.29.00.77 and 7304.29.00.79. (source: website of the Ministry of Commerce).
4. Shell: UK North Sea needs to invest in new oil and gas projects
Recently, Simon Roddy, UK head of shell’s upstream business, said that although the UK is currently implementing large-scale offshore wind power and carbon capture and storage projects nationwide, the UK needs its domestic fossil fuel resources, and the UK North Sea oil and gas industry needs more investment to carry out new development.
Two weeks ago, shell made the final investment decision (FID) to develop the Jackdaw natural gas field in the North Sea.
It is understood that shell is currently planning to invest as much as 25 billion pounds in the UK energy system in the next decade, of which 75% will be used for low-carbon products and related projects.
5. Devon acquires validus energy for us $1.8 billion
Devon Energy Corp., a US shale oil producer, announced on Tuesday that it would buy validus energy, an operator of the eagle Ford basin, for $1.8 billion in cash. This is the largest acquisition since Devon Energy completed the acquisition of wpx Energy Inc. with us $8.5 billion in 2021.
Validus is a pure oil and gas company, located in the core area of the oil window in Karnes County, southern Texas, with a net area of 42000 acres and an average output of 35000 barrels / day. This block is adjacent to Devon’s existing lease block in Eagle Ford shale
Post time: Aug-15-2022