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GlobalData reveals top 10 financial and legal advisers in oil and gas sector for H1 2022

GlobalData has announced the latest Financial and Legal Adviser League Tables in the oil and gas sector, which rank the advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in H1 2022. See the rankings and findings below. Financial Advisers RBC Capital Markets top M&A financial adviser in oil and gas sector for H1 2022, finds GlobalData RBC Capital Markets was the top mergers and acquisitions (M&A) financial adviser in the oil and gas sector for H1 2022 by both value and volume, ...

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Freeport LNG plant in Texas still pulling in natgas to produce power

U.S. liquefied natural gas (LNG) company Freeport LNG said it was still pulling in small amounts of natural gas from pipelines at its shuttered LNG export plant in Texas to fuel a power plant. The company has said it expects the liquefaction plant, which shut due to a fire on June 8, to return to at least partial service in early October. U.S. gas futures NGc1 jumped about 8% on Thursday on talk of increased gas flows to the Freeport LNG plant, a drop in gas output and forecasts for ...

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Argentina to give tax, customs benefits to oil companies

Argentina is planning to give tax and customs benefits to oil companies so they can boost production, the country’s new economy “superminister” said on Thursday. The move comes as the country seeks to turbo-charge investments in the Vaca Muerta shale formation, the world’s fourth-largest shale oil reserve and the second-largest for shale gas. “Vaca Muerta is getting fast-tracked from today,” Economy Minister Sergio Massa said in a speech to sector businesspeople in the province of Neuquen, home to the Vaca Muerta site. “We are setting up a system in which ...

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CANADA-CRUDE-Synthetic oil sands crude rises

The premium on synthetic Canadian crude from the oil sands climbed on Wednesday, regaining some ground after losses so far this month: * Light synthetic crude from the oil sands for September delivery last traded at $5.90 a barrel over the West Texas Intermediate benchmark, according to NE2 Group, rising from Tuesday’s settlement of $4.50 a barrel over WTI. * Synthetic prices had been easing in recent weeks after hitting record highs earlier in the summer when maintenance in oil sands upgraders cut supply, and demand for crudes with a ...

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New 8,000-m-deep oil, gas reserve drilled in NW China

China’s largest oil refiner Sinopec has acquired crude oil and natural gas from a newly-drilled oil reserve about 8,000 meters deep in the Tarim Basin of Xinjiang Uygur Autonomous Region. The high-yield reserve in Sinopec’s Shunbei oil and gas field is estimated to be capable of producing 244 tonnes of crude oil and 970,000 cubic meters of natural gas each day, the company said Wednesday. The Shunbei oil and gas field now has 41 ultra-deep drilling wells with a vertical depth exceeding 8,000 meters. Deep and ultra-deep oil and gas ...

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ENGINE: Europe & Africa Bunker Fuel Availability Outlook

Northwest Europe Supply of LSMGO is said to be normal in ARA ports this week, where several suppliers can offer prompt deliveries of the grade, sources say. Prompt supply of VLSFO and HSFO can be hard to find in Rotterdam and other ARA ports this week, they say. The recommended lead time for LSMGO in Rotterdam is three days, while VLSFO and HSFO deliveries may require up to seven days, they say. Amsterdam and Antwerp have similar lead times for these grades. Independently held fuel oil stocks in the ARA ...

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Norway’s DNO raises its Tawke output forecast

Norwegian oil firm DNO DNO.OL raised its guidance on Monday for output from Iraq’s Tawke license and said the company now has more cash on its hands than debt for the first time since 2018. Gross output from Tawke, located in the Iraqi Kurdish region, is now projected at between 107,000 and 109,000 barrels of oil equivalent per day (boed) in 2022, up from a previous forecast of 105,000 boed, the company said in a statement. “DNO is committed to put its capital to work in its core competency and ...

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OPEC Revised Crude Oil Demand Downwards

Crude Oil Price Movements The OPEC Reference Basket fell $9.17, or 7.8%, m-o-m in July to average $108.55/b. Oil futures prices remained highly volatile in July, amid a sharp drop in liquidity. The ICE Brent front month declined $12.38, or 10.5%, in July to average $105.12/b and NYMEX WTI declined by $14.96, or 13.1%, to average $99.38/b. The Brent/WTI futures spread widened further by $2.58 to average $5.74/b. The market structure of all three major crude benchmarks – ICE Brent, NYMEX WTI and DME Oman – remained in strong backwardation, ...

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IEA Raises Oil Demand Growth for 2022

Highlights • Soaring oil use for power generation and gas-to-oil switching are boosting demand. In this Report, we have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d. Gains mask relative weakness in other sectors, and a slowdown in growth from 5.1 mb/d at the start of the year to less than 100 kb/d by 4Q22. World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023. • World oil supply hit a post-pandemic high of 100.5 mb/d in July ...

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Global physical oil market weakens as recession jitters mount

Physical oil prices around the world have begun to sag alongside futures, reflecting less alarm over Russian-led supply disruptions along with heightened worries about a possible global economic slowdown. “The market is very bearish at this moment. No one is in a hurry to buy,” a Singapore-based trader said. Lower-than-usual U.S. gasoline demand during peak summer driving season and contracting factory activity in China indicate that high prices cut consumption in the world’s top oil consumers, analysts and traders said. That is a stark contrast from last month, when physical ...

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IEA raises 2022 oil demand growth forecast by 380,000 b/d

The International Energy Agency on Aug. 11 hiked its 2022 oil demand growth estimate by 380,000 b/d to 2.1 million b/d, citing “soaring” oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices. The IEA’s unusually large revision in its latest monthly oil market report — following a cut in its growth estimate in its previous report — reflects “extraordinary” increases in Europe and the Middle East, particularly Iraq and Saudi Arabia, although it added the revision masked weakness in some sectors and ...

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China to cut gasoline, diesel retail prices

China will cut the retail prices of gasoline and diesel on Wednesday, the country’s top economic planner announced Tuesday. The prices will go down by 130 yuan (about 19 U.S. dollars) per tonne and 125 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC). It is the fifth reduction in gasoline and diesel prices this year and the fourth in a row since June 28. The NDRC said the adjustment would further reduce the traveling cost of vehicles and the transportation cost for the logistics sector. ...

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U.S. natgas output to hit record highs in 2022 – EIA

U.S. natural gas production will rise to a record high in 2022, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 96.59 billion cubic feet per day (bcfd) in 2022 and 100.02 bcfd in 2023 from a record 93.55 bcfd in 2021. The agency also projected gas consumption would rise from 82.97 in 2021 to 85.16 bcfd in 2022 before sliding to 83.84 bcfd in 2023. That compares with a record 85.29 bcfd in 2019. ...

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China achieves major breakthrough in methanation technology in SNG production

China has achieved a major breakthrough in a green technology in producing synthetic natural gas (SNG) using a domestic developed catalyst that can outperform foreign technologies. This marks another progress for China to achieve technology independence in the push for green transformation and strengthening energy security. A methanation catalyst jointly developed by a subsidiary of China National Offshore Oil Corporation (CNOOC), and Southwest Research & Design Institute of the Chemical Industry Co has achieved stable operation at 110 percent full load for the first time in a large-scale SNG project ...

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The Commodities Feed: Druzhba flows resume

Energy The weaker than expected US CPI print yesterday, along with the weaker US dollar provided a boost to risk assets, including oil, with Brent settling more than 1.1% up on the day. The release has seen the market reassess the degree to which the Fed may hike in September, although our US economist still believes the case for a 75bp hike is strong. However, the strength seen in the market yesterday has not carried through into early morning trading today, with Brent coming under some renewed pressure. The market ...

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