Oilprice.com
Israel has greenlighted plans for 3,5000 new settlement homes in the occupied West Bank,while Israeli media report that the office of Prime Minister Benjamin Netanyahu is expecting to be in Gaza for at least 10 years with the initial stage of war lasting 1-2 years, following by eights years of stabilizing a new alternative government (possibly). A rival for Israeli PM in the next elections, war cabinet minister Benny Gatz, also visited the White House this week, without Netanyahu.
Lithuanian intelligence summarized by the Institute for the Study of War assessed that Russia is capable of maintaining its current momentum in the near term and is unlikely to give up on any of its objectives. With elections looming on March 24, a Putin victory will be his final vote for the legitimacy of the war on Ukraine, and once he has secured the presidency, he may proceed with unpopular decisions that he can’t afford during campaign time (such as mobilization).
Additionally, Lithuanian intelligence assessed that Moscow is preparing for a confrontation with NATO in the Baltic Sea region in the longer term, keeping in mind that Sweden was just accepted as a NATO member (right after Finland), and it won’t go unanswered.
So Sweden and Finland enter NATO and Moscow is preparing for confrontation. Because they will be confronted, obviously.
Iran said it would unload $50 million in crude oil that it seized a year ago aboard the Advantage Sweet, chartered by Chevron. At the time, Iran had accused the vessel of colliding with an Iranian boat.
Turkey’s Dortyol oil terminal will stop receiving Russian oil imports after ratcheting up to new highs last year as the United States continues its pressure campaign on those who seek to do business with Russia. Turkey – along with India and China – has become one of Russia’s most prolific importers of the sanctioned nation’s crude since Russia’s military campaign on Ukraine.
Houthi militants killed three sailors on a Liberian-owned commercial vessel (dry cargo) on Wednesday, prompting a massive jump in vessels anchoring outside the Suez Canal, unsure of whether to proceed through the Red Sea.
Turkey has signed an intergovernmental energy deal with Somalia this week, after signing a defense deal in February. The deal includes exploration, evaluation, development, and production of oil in Somalia onshore and off. The deal strengthens Turkey’s position in the Horn of Africa. Turkey said that offshore exploration will start “very soon” in specific areas, with the first phase possibly including seismic vessel deployment. The deal encompasses transportation, distribution, refining, sales, and services for oil projects.
Discovery & Development
Sempra expects to have its commercial operations for Energia Costa Azul LNG Phase 1 project ready by next summer, with a nameplate capacity of 3.25 mtpa, or 0.43 Bcf/d. The project is located in Baja California, Mexico. The Biden Administration approved LNG permits for Sempra to export nat gas from Texas and other states from the $2B export terminal back in April last year after some strong-arming by Senator Ted Cruz, who complained that the DoE was dragging its heels.
BP and Harbour Energy are developing plans for Phase 3 of the Clair oilfield offshore the UK, with the target area likely encompassing Clair South–one of the UK’s largest offshore reservoirs.BP drilled four wells last year in Clair Phase 1 and Clair Ridge, and three wells at Schiehallion. Drilling in those areas will continue this year as well. Harbour, as operator, just completed development drilling at its three-well subsea tieback to the Judy Platform known as Talbot, with first oil expected to come near the end of the year.
Eni announced a new oil, gas, and condensate discovery off the Ivory Coast with its Murene-1 exploration well. Eni said its potential resources could total as much as 1.5 billion boe, marking the company’s second huge hydrocarbon discovery off the Ivory Coast over the last few years.
Total and QatarEnergy will increase its exploration efforts in the Orange Basin offshore Namibia through an acquisition of a nearby license in the basin. The two companies signed an agreement to snap up participating interests in Block 3B/4B offshore South Africa from Africa Oil South Africa, Azinam, and Riccocure. When the deal is complete, Total will hold a 33% participating interest in the block and will be operator. QatarEnergy will hold a 24% stake.
China’s state-owned CNOOC announced a major discovery of over 100 million tons of oil equivalent proved in place in a new reserve in the South China Sea in the deepwater South oilfield. The reserve is said to contain light crude.
Clearly oil and gas still has lots of potential for profit- In spite of the green agenda, green hoax and green washing.