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Saudi Arabia s bet that the golden age of U.S. shale is over appears to be a safe one - for now, at least.
(Bloomberg) Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one for now, at least.
A round-up of data on shale drillers shows they’re sticking to their pledge to cut costs, return money to shareholders and reduce debt. If they stay the course, it would validate the OPEC+ alliance’s high-stakes wager that it can curb output and drive crude prices higher without unleashing an onslaught of supply from U.S. rivals.
The bill would increase the royalty rate for oil and gas production on federal lands by 50%.
U.S. Sens. Jacky Rosen, D-Nev., and Chuck Grassley, R-Iowa, this week introduced legislation that would increase the royalty rate for oil and gas production on federal lands by 50%.
The proposed “Fair Returns for Public Lands Act” (S.624) would raise the federal onshore royalty rate from 12.5% to 18.75%, which is already the federal offshore royalty rate, according to written statements from Rosen and Grassley’s offices.
“The current federal oil and gas program is broken and fails to protect our public lands and the American people,” commented Rosen. “I’m introducing this bipartisan, common-sense legislation that will require oil and gas companies to pay increased royalties for drilling, ensuring that our state and local governments in Nevada and across the nation receive fair compensation to fund critical education, infrastructure, and public health projects.”
Despite numerous pipeline-supply options, Europe is becoming more import-dependent.
(Bloomberg) Asia’s emergence as global natural gas trading superpower will increasingly dictate market rates in Europe for a once-localized commodity that was simply linked to the price of oil.
The change was highlighted this winter, when freezing temperatures in the northern hemisphere meant liquefied natural gas tankers went to Asia, the biggest consumer of the fuel and where sellers could get record-high rates. That pushed up market levels in Europe and, conversely, is now acting as a price brake as winter ends and LNG supplies return to the region.
The Subsea 7 (Oslo Bors: SUBC, ADR: SUBCY) board of directors has proposed Eldar Saetre for election as an independent non-executive director at the company s next annual general meeting.
Subsea 7 S.A. (Oslo Bors: SUBC, ADR: SUBCY) announced on Friday that its board of directors has proposed Eldar Saetre for election as an independent non-executive director at the company’s next annual general meeting (AGM), which is scheduled to take place on April 14, 2021.
The company outlined that Saetre’s appointment would be effective on June 1, 2021. Saetre served as Equinor’s president and chief executive officer from October 15, 2014, to November 2, 2020. He first joined the company back in 1980 and worked as Equinor’s executive vice president and chief financial officer from October 2003 until December 2010 and held the position of executive vice president for marketing, processing, and renewable energy from 2011 to 2014.