We’ve made it. It’s Friday. Another week of the Donald Trump Presidency in the books. Another week of this blasted Winter down. Another piece of 2017 that we can lock away forever.
Before you lock it away, you’re going to want to read about the latest oil and gas headlines, no? I mean, that’s really what we all live for at this point, right? For all it’s worth, here’s what happened in the industry overnight and early this morning:
Australia Will Introduce 10% Royalty On Offshore Oil and Gas Projects
The Tax Justice Network believes the Australian government needs to start taxing the oil and gas industry more. They think there needs to be a 10% royalty tax on all offshore oil and gas projects down under.
“With Australia poised to be the world’s largest exporter of LNG but projected to generate little direct government revenue for decades, there is a major problem that needs to be addressed,” Jason Ward, a representative from the Tax Justice Network, said.
“No other industry, including coal, iron ore and onshore gas, get given the total cost of their investment (plus uplift) in free resources before they begin paying for that resource.”
The Guardian reports that the Petroleum Resource Rent Tax (PRRT) was supposed to redistribute some wealth to Australians, however, it had failed to keep up with industry developments since the 1980’s.
Saudi Aramco’s Neighbor Company, Bigger Than Exxon, Growing In The Shadows
Qatar Petroleum gets overshadowed by its neighbor company Saudi Aramco–which kind of sucks. They’re a powerhouse in the industry, bigger than Exxon, and just because of their location they aren’t talked about as much.
Bloomberg reports the country’s massive gas resources allow Qatar Petroleum to pump more of it than rival Exxon Mobil or Rosneft PJSC. But with the barring of government drilling in the offshore North Field, QP is going to have to expand abroad.
Qatar Petroleum makes and sells more LNG than any other company, and it’s this dependence on natural gas that made Qatar as a whole one of the world’s top global investors.
It’s really just because of their proximity to Saudi Aramco that they aren’t talked about as much.
Europe Will Invest In Renewables Despite Donald Trump
Reuters reports Europe will continue investing in renewable energy sources even if President Trump won’t commit to climate goals.
“If the U.S. fundamentally changes course it will become an element of the debate in Europe,” secretary general of Europe’s electricity industry association Eurelectric, Kristian Ruby, said.
Despite these comments, Kristian believes the falling costs of renewable energy sources like wind and solar will keep investment interest alive.
“We are also seeing some clear signals out of China that they will stay the course so we don’t see any need to rock the boat on this issue,” Ruby continued.
Aaaand that’s Friday. For everyone reading, I hope your weekend is better than the one the Atlanta Falcons had a few days ago. Don’t forget to catch Doug Krintzman’s Nightly Surge around 6 PM.