It’s February 7th. As a student of history, I’m aware this is a date that will live in infamy! Wait. That’s December 7th. I never said I was a good student of history. February 7th does mean it’s a week until Valentine’s Day. And what better way to warm everyone’s heart than with a look at the latest and greatest from the world of oil and gas?!
T “Early Bird Special” K got you thru the morning, let’s take you into the darkness by helping you see the light! Huh? Never mind, I’m still a little foggy from my Super Bowl victory celebration… regardless… Here we go:
This Nation Just Created A New Corporate Superpower In Oil & Gas
If you thought “this nation” was referring to Denmark… you couldn’t be more off. In this case, guessing India gets you the gold star on your head and the honor of being student of the week!
India’s government officials have announced a plethora of energy reforms. Including a key reduction of import taxes on liquefied natural gas (LNG) – to 2.5%, down from 5%. Side note: I’ve been waiting to use the word “plethora” in a “Nightly” for a long time. Thanks India, you’re making dreams come true.
This move by India is aimed at increasing LNG use across the country hoping to help it become a critical driver for global demand and pricing.
“And it’s not just natural gas where India is making big changes. With government officials also unveiling some key shifts in crude oil markets. For one, the government announced the creation of two new strategic petroleum reserves, which will see a total of 73 million barrels of oil stored in the states of Odisha and Rajasthan,” according to Oilprice.com.
The site also stated, “At the same time, India’s government said it is moving to reform state-owned oil companies. By merging refiners and upstream producing firms, to create fully-integrated energy conglomerates. Officials didn’t give exact details on which firms will be involved in the shuffle. But the movement appears to be unfolding quickly – with the government saying it wants to unveil the new entities by March 2018.”
March 2018?! This leaves a lot of room for back room deals, back end pay-offs, under the radar bribes, and general slush fund goodness. I get tingles just thinking about the possibilities for corruption. I hope… I hope.
Army To Allow Completion Of Dakota Access Oil Pipeline
According to rapidcityjournal.com, “The Army told Congress on Tuesday that it will allow the $3.8 billion Dakota Access oil pipeline to cross under a Missouri River reservoir in North Dakota, completing the disputed four-state project.”
According to court documents filed by the Justice Department, which included letters to members of Congress from Deputy Assistant Army Secretary Paul Cramer, The Army intends to allow the crossing, at Lake Oahe, to take place as early as Wednesday.
“The Standing Rock Sioux, whose reservation is just downstream from the crossing, fears a leak would pollute its drinking water and will likely file a legal challenge to the Army’s decision to grant an easement. The tribe has led protests that drew hundreds and at times thousands of people who dubbed themselves “water protectors” to an encampment near the crossing. ETP says the pipeline is safe,” says rapidcityjournal.com
I have no dog in this fight – I want easier access to oil and clean water. I want my cake and I want to eat it too. But If I were the Standing Rock Sioux, I’d lob a call into The Navy and get them “on board” with your cause. I mean, if not The Navy, who? Isn’t the “Army/Navy” game a big rivalry?? Let’s raise the stakes and take this grudge off the football field and into oil fields!*
*Not all of my ideas are winners, most can be filed under the “Get Doug some therapy” category. This is most likely one of them.
Australian Driller Finds 1.5 Billion Barrels Off Senegal Coast
Australian exploration company FAR announced it had discovered more than 1.5 billion barrels of crude off the coast of Senegal, as a result of a 3D seismic study. The figure, FAR said, was 50 percent higher than the estimate from an earlier review of the reserves in the SNE field.
That’s what I love most about the oil and gas biz… most things deal in the “billions” or at the least, “millions”. None of this candy ass “hundreds” or “thousands” crap. Millions and billions mean business.
Of the total, FAR’s share is a net 234 million barrels, proportionate to its 15 percent in the project, which spans three deep-water blocks offshore the West African country.
Last month, the company estimated SNE’s reserves at 641 million barrels of oil, saying that the place was “one of the world’s most attractive emerging basins for oil and gas exploration.” Production is set to start by 2022, with a maximum daily yield of 140,000 barrels.
Production by 2022. Cue the hydro-slush fund shenanigans!! Looking forward to 5 years of majestic shadiness.
There you have it. Put a bow on this baby. Enjoy the highlights of the Super Bowl parade and the lowlights of the latest “fake news” charade. I leave you in the trusted hands of TK and The Morning Surge for all the latest in the world of oil and gas. Oh, and one last call back to Sunday… Still – Top Of The Food Chain. Okay, no more homer/Patriots talk. Until next time… night night.