Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become
Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage, the EIA said.
In 2017 China surpassed South Korea to become the world’s second-largest importer of LNG, according to data from IHS Markit and official Chinese government statistics, the EIA said. Driven by government policies designed to reduce air pollution, LNG imports increased by 1.6 Bcf/d in 2017, with monthly imports reaching 7.8 Bcf/d in December 2017. China has been striving to transition
New law guarantees government won’t forcibly take assets On Dec. 30, 2017, Ukraine President Petro Poroshenko signed a new law reducing the natural gas royalty rate on all new wells drilled after Jan. 1, 2018 from 29% to 12%. “The Agreement for the Encouragement and Protection of Investment” ties Ukraine and the OPEC Fund for International Development (OFID) together in
From Bloomberg Justin Trudeau wants to make reviews of pipeline and other major projects run on time as Canadian producers struggle to get oil to market. The federal government will propose new rules for regulatory vetting of all major development projects in the new year, shortly after parliament reconvenes on Jan. 29, Natural Resources Minister Jim Carr said. Trudeau instructed
In late January the U.S. House of Representatives approved H.R. 351, the LNG Permitting Certainty and Transparency Act. The bill was designed to accelerate the approvals of U.S. liquefied natural gas (LNG) exports. Rep. Bill Johnson (R-OH), Energy and Commerce Committee member wrote the bill “to put an end to the unnecessary obstructive delays” by the Department of Energy (DOE)
It was only a few short months ago when our presidential candidates were bantering on the political stage about oil and natural gas production growth in the U.S. After all, from 2009 to 2012, U.S. crude oil production increased 29% to 6.2 MMBOPD and natural gas production increased 11% to 65.5 Bcf/d. But – was the growth because of, or
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
