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Largest oil and gas producers

The tumult of war and climate breakdown has proved lucrative for the world’s leading oil and gas companies, with financial records showing 28 of the largest producers made close to $100bn in combined profits in just the first three months of 2022.

Buoyed by oil commodity prices that soared following the turmoil caused by Russia’s invasion of Ukraine, major fossil fuel businesses enjoyed a bonanza in the first quarter of the year, making $93.3bn in total profits.

Shell made $9.1bn in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8bn, also a near threefold increase on 2021.

Chevron upped its profits to $6.5bn and BP revealed in its highest first-quarter profits in a decade, making $6.2bn. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a 449% increase in profits on last year, to $818m.

The rocketing profits, at a time when inflation has surged in many countries, has prompted several of the companies to return billions of dollars to shareholders via share buybacks and dividends.

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Source: The Guardian

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oil play review

Namibia is currently witnessing what could become one of the most spectacular explorational oil plays in recent memory, and one Canadian driller is at the center of this brand-new, potential blue-sky opportunity. This is what this oil play review and update is all about.

Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) is in the process of attempting to de-risk the potentially huge Kavango basin. Following the encouraging results of their first two test wells, the company is now analyzing the data to determine the size and commercial potential of the basin.

With the exploration efforts in Namibia advancing quickly, Oilprice.com founder James Stafford sat down with one of RECO’s leading geologists Dr. Jim Granath to find out more about the producibility and commercial potential of the encountered hydrocarbon system in RECO’s Kavango basin.

In This interview with Jim we look at the following:
– Why the stratigraphic wells were a huge success
– How the hydrocarbons are stacked in columns from 15 to over 110 meters in height
– The oil and gas they are seeing are far more than normal shows
– The type of oil they are seeing in the wells
– How the geology is similar to the Zagros belt in the Middle East
– Why this is a conventional play

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Source: Oil Price

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current us oil prices

The benchmark of current US oil prices, WTI Crude, hit its highest level since November 2014 early on Tuesday. This is after OPEC+ on Monday called off its third attempt to reach an agreement. Discussed is over oil policy management for the coming months.

In Asian trade earlier in the day, WTI Crude touched $76.50 a barrel, narrowing the WTI/Brent Crude spread significantly.

There has been intense talks late last week and attempts at mediation during the weekend. The standoff between the United Arab Emirates (UAE) and Saudi Arabia over the Emirati baseline production level has no resolution.

Then, OPEC Secretary-General Mohammad Barkindo said in a concise statement on Monday that the OPEC+ meeting was called off. The date of the next meeting has not been decided yet.

The oil market immediately jumped on the news. As participants weighed the notion that no deal about how to proceed with oil supply management. It would mean no additional supply from the OPEC+ alliance for August. This is at a time when global oil demand is bouncing back with summer travel and re-opening of economies.

Insights of Analysts

Most analysts expect oil prices to continue rising until OPEC+ meets again, which, according to reports and analyst estimates, could come at some point over the next one to three weeks. There is already talk about whether this will lead to another break-up in the OPEC+ union, after the collapse in March last year. Currently, a complete collapse of the deal is more of a fringe scenario of extremes, rather than a distinct possibility.

“The fallout within OPEC+ means increased uncertainty in the months ahead if a quick resolution is not found, which suggests increased volatility in prices,” said Warren Patterson, Head of Commodities Strategy at ING.

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Source: Oil Price

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canada oil news

At a time, U.S. shale, OPEC+, and dozens of oil producers have laid out blueprints to limit production. This is in a bid to return the global oil industry to its former glory. Now, Canada’s Oil Patch appears to be merely paying lip service. It is to the notion of keeping production subdued. Continue reading for more Canada oil news.

Like everybody else, Canada’s oil and gas producers have been preaching capital discipline. They are assuring investors they have no intention of boosting spending. It is preferring to return capital to investors mainly in the form of dividends and buybacks.

But behind the scenes, Canada’s Oil Patch has been giving a nod and a wink to supply chain partners, telling oilfield services companies to get ready for prime-time action—and soon.

A survey by investment bank Raymond James has revealed that the majority of Canada’s mid-and small-cap oil and gas producers plan to increase their capital expenditure (Capex) this year by a significant margin.

About 51% of oil and gas producers intend to ramp-up production over the coming months if oil prices remain above $60 per barrel with a good 28% of E&P companies saying they have increased their budgets by at least 25%.

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Source: Oil Price

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Oil production from the seven largest U.S. shale regions is set to decline by 46,000 barrels per day (bpd) in April, but output in the biggest and most prolific basin, the Permian, is expected to eke out a production gain next month, EIA data showed.

According to the EIA’s Drilling Productivity Report, shale production is set to drop by 46,000 bpd to 7.458 million bpd next month. All oil-producing regions except for the Permian are expected to see their production drop in April, but the Permian basin should see output rise by 11,000 bpd to 4.292 million bpd, EIA’s latest estimates show.

While the Permian is expected to increase its oil production, the Niobara and Eagle Ford regions are set for the biggest declines, by 15,000 bpd each, next month. Production in the Anadarko region is seen down 14,000 bpd from March to April, while production in the second most prolific region, the Bakken, is expected down by 12,000 bpd to 1.116 million bpd, the lowest level since July last year. Output in the Appalachia region is forecast slightly down by 1,000 bpd, and production in the Haynesville formation is set to remain flat.

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Source: Oil Price


After a year of non-existent liquefied natural gas (LNG) exports from one of the fastest-growing global suppliers, the United States, to the fastest-growing world importer, China, American LNG cargoes started to travel again to China in March this year. Now U.S. exports of LNG are set to grow in the coming years, thanks to the first commercial U.S.-Chinese agreement for term supplies since the trade war that started in 2018 decimated American LNG exports to China, after Beijing slapped tariffs on the super-chilled fuel in retaliation to U.S tariffs on billions of U.S. dollars worth of Chinese goods.

U.S. LNG producer and exporter Cheniere Energy has recently signed a framework agreement with China’s Foran Energy Group to sell 26 LNG cargoes to the Chinese company over the next five years to 2025, Bloomberg reported.

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Source: Oil Price


As predicted, a second wave of COVID-19 is wreaking havoc on the world economy with many European nations contemplating new shutdowns. It looks like it will be a tough winter for the oil prices and markets.

In a recent article carried in Reuters, two energy trading firms, Vitol, and Trafigura offered dour forecasts for the next few months. Trafigura’s Executive Chairman, Jeremy Weir offered a demand forecast of a decline of a million BOPD in the U.S. and up to 1.5 mm in Europe as a result, with global demand through the winter at 92 mm BOPD. He made an additional general comment in assessing the bleak near-term outlook.

“As we move now into what we consider the second wave, our anticipation is to see for further demand destruction… So it’s really not looking good for the foreseeable future.”

Demand at 96 mm BOPD for the Winter months affecting Oil Prices

Another energy trader, Vitol was a little less pessimistic, pegging demand at 96 mm BOPD for the winter months.

In this article we will summarize what we see as the key drivers outside the impact of the virus for oil in the next six to nine months, and how we are playing market opportunities to capitalize on this current weakness.

Expectations are for another major draw when they report this week, driving the inventory overhang down toward ~470 mm as of the last week of October, 2020. That’s a decline rate over the year of roughly 7-mm bbls per month.

Keeping that constant (we think the decline will begin to accelerate a bit actually), we should exit 2020 with ~450 mm bbls in storage, and bring the tally comfortably back into the 5-year average for this time of year. 450 mm bbl may sound like a lot, but it’s less than a 1-month supply, to put it in perspective for you.

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Source; Oil Price

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According to Mohammad Sanusi Barkindo, secretary-general of OPEC, the enormous and unprecedented oil market imbalance facing the industry in April following the COVID-19 pandemic required an unparalleled response from producers

Underlining the importance of the two-year agreement signed in the Declaration of Cooperation (DoC) on 12 April by OPEC and non-OPEC oil producing countries and revalidated earlier this month on 6 June, Barkindo said he was confident that more stability would return to the oil markets in the second half of the year, but more work is needed to draw up existing oil inventories to help rebalance markets.

“As we see countries begin to open up, we will see demand start to come back,” Barkindo said. “I remain optimistic but cautious the worst is over and a recovery will be in full swing in the second half of this year, with stocks beginning to be withdrawn. However, what shape the recovery will take, whether a V shape, W or inverted hockey stick, is still uncertain.

“Nevertheless, I am hopeful by the end of this year we will begin to see some further semblance of stability restored to oil markets. Then we will be in a position to move into the next phase of sustaining that stability. Hence the importance of the two-year duration of the historic agreement signed by the OPEC Plus group of countries and non OPEC producers.”

Click here to read the full article.

Source: OilReviewAfrica

fee simple vs leasehold

Fee Simple vs Leasehold, Leased Fees in Oil and Gas

There are many different kinds of transactions associated with the buying, selling, and leasing of property. Mineral rights are no different. Whenever you buy or you sell or lease mineral rights, you may be entering into one of several kinds of agreements. In this article, we are going to define and explain some of the most common types of mineral rights ownership such as fee simple vs. leasehold.

Fee Simple Estate and Fee Simple Interests

A fee simple estate, which is also known as an “estate in fee simple” or “fee-simple title,” is traditionally viewed as the highest form of real estate ownership. In a fee simple estate, a person or entity owns both the surface rights and mineral rights of a piece of land.

When a fee simple agreement is made, the new owner is said to have a “fee simple interest” in the property. The type of ownership is considered “freehold,” which is a term that is most commonly used in European countries like England and Wales.

Leasehold Ownership and Leased Fees

In a leasehold, pieces of land are often divided into what is known as a “split estate.” Within a split estate, the landowner retains ownership of the property’s surface rights, while leasing out the mineral rights below the surface. In an oil and gas lease, a property’s full ownership is usually split between the surface rights owner and an oil or gas company.

In this split, the “leasehold” is the interest of the lessee and the “leased fee” is the amount of money or capital that is provided to the property owner. In oil and gas leases, mineral rights owners are often granted upfront leased fees for the rights to explore the property for precious minerals.

When referring to the property itself, it is common for owners and lessee’s to refer to their assets as “leased fee estates” and “leasehold estates” accordingly.

Sell or Lease Mineral Rights

Mineral rights can be very valuable. If you own the subsurface of your property and suspect there may be valuable resources below, then extraction companies may be very interested in working with you.

When it comes time to sign an agreement to earn money from your mineral rights, there are two basic options you have: selling or leasing your mineral rights. In this article, we will explain the benefits of selling or leasing mineral rights to receive oil and gas royalties.

Sell Mineral Rights

Just like in any other property exchange, selling your mineral rights transfers the ownership of the items at stake completely. If you sell your mineral rights to a company looking to explore, drill, and sell minerals like oil and gas from your land, then you can expect a large cash sum. Selling mineral rights is the most simple form of a mineral rights exchange.


  • When mineral rights are sold, the seller usually receives a large lump sum of cash or capitol.
  • Payment is based on land, rather than minerals found.
  • Mineral rights are considered an asset like real estate, so there are tax benefits associated with a 1031 exchange.


  • Obviously, you are no longer the owner of your mineral rights, which could increase in value in the future.
  • Depending on your contract, you are probably not able to benefit from the extraction and sale of oil and gas on your former property.

Lease Mineral Rights

Leasing mineral rights is an alternative in which a mineral rights owner retains ownership of the mineral rights, but signs into an agreement with an oil and gas company. A mineral rights lease is sort of like renting your property to someone who wants to dig for gold and share some with you. Mineral rights leases typically last about 3 to 5 years and are often negotiated if the operation is profitable.


  • In a mineral rights lease, you retain total ownership of your mineral rights. After the lease has expired, you are free to renew your lease or sell it to another party.
  • Is the company who signs the lease is able to find and sell minerals on your property? Then you will be entitled to a royalty interest based on a percentage outlined in your contract.


  • Sometimes, no minerals are found. Although there may be a signing bonus, some oil and gas leases fail to earn mineral rights owners a single dollar.
  • Once your property has been exhausted of its minerals, it will have very little value. Depending on the haul, you may find that you would have earned more money by selling your rights entirely.


Ultimately, the choice of whether to sell or lease your mineral rights is going to be an individual decision based on specific needs. Are you are looking to earn a lot of money to help with retirement or to buy property? Then selling your mineral rights may be your best option. Do you suspect your property has a substantial about of oil, gas, or precious minerals? Then leasing mineral rights could earn you a royalty check each month.

If you have further questions about how to sell or lease mineral rights, feel free to reach out to us here.