New Analysis Signals Rough Waters Ahead for US Offshore Oil, Gas
As the clock ticks toward the end of the current five-year offshore oil and gas leasing program, a delay...
As the clock ticks toward the end of the current five-year offshore oil and gas leasing program, a delay in the next leasing program could put energy security and jobs as well as millions of dollars in local, state, and federal revenue at risk, according to industry groups.
The fiscal year 2023 Interior Department budget already indicates cause for concern. Expected revenue from existing offshore oil and gas rents and bonuses could nosedive by $370.4 million to only about $25 million. The last two offshore lease sales of the current program remain uncertain.
“The revenues that are projected suggest that there’s not going to be any lease sales probably until 2023,” Erik Milito, president of the National Ocean Industries Association (NOIA), said on March 29. “So, we’re already looking at the fiscal year 2024, according to the government’s current projections, for a potential next lease sale.”
Private equity companies are seeing more capital flow into their oil and natural gas-focused funds as...
Private equity companies are seeing more capital flow into their oil and natural gas-focused funds as higher energy prices and more exit opportunities encourage investors to increase their exposure to the sector after a long period of underfunding. "Investors weren't getting money back in the form of distributions because there weren't a lot of exits, but now we could be in a situation where they're starting to see returns on their investments," explains Jeff Eaton of fund placement agent Eaton Partners.
U.S. stocks end higher Tuesday, S&P 500 exits correction territory
From MarketWatch: U.S. stocks finished...
From MarketWatch: U.S. stocks finished higher Tuesday, with the S&P 500 exiting correction territory after a little over a month, as investors turned more bullish on hopes for a ceasefire agreement between Russia and Ukraine. The S&P 500SPX, 1.23% added about 56 points, or 1.2%, enough to close above the 4,587.77 mark necessary to emerge from correction territory, defined as at least a 10% decline from its prior high. The Dow Jones Industrial Average rose 1% on Tuesday, while the Nasdaq Composite Index booked a 1.8% gain, even as a part of the Treasury yield curve inverted, which has been a reliable past predictor of recessions, albeit often with a roughly two-year lag.
OPEC Says the U.S. Must Trust Its Oil Production Strategy
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the ...
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine.
OPEC+, led by Saudi Arabia and Russia, meets on Thursday to decide on output levels for May. Members have far signaled they see no need to divert from their policy of small increases each month.
“We’re experts in our field and we’ve been doing it for a very long time,” UAE Energy Minister Suhail al Mazrouei said at a conference in Dubai on Tuesday, sitting alongside his Saudi counterpart. “We’re trying to balance the market and it’s not an easy job. We’re not the only producers in the world and when we say this is the right way to do it, we know it from experience. So, trust us.”
