Buffett Continues to Invest in Oil and Gas
Warren Buffett’s multibillion-dollar purchases of oil and gas investments early in the pandemic paid off when the sector cranked out record earnings in 2022. But instead of selling out for a huge profit this year, the Oracle of Omaha wants more.
Berkshire Hathaway Inc. is using this year’s dip in commodity prices to load up on some of Buffett’s favorite oil and gas investments, showing that history’s most famous investor sees opportunity in a sector long disfavored due to its volatility and effects on the climate.
$75M Oil and Gas Deal Announced in Permian Basin as Region Leads US in Production
Oil and gas companies showed rising interest in the Permian Basin as an operator based in Woodlands, Texas sought to up its presence in the region by acquiring acreage it hoped would capitalize on the growth.
Ring Energy announced July 11 it was buying up about 3,600 more acres in the basin shared by West Texas and southeast New Mexico, in Ector County, Texas near the State Line.
The sale was valued at about $75 million, and the asses were forecast to produce about 2,500 barrels of oil equivalent per day (boe/d) at 86 percent oil.
Oklahoma Cities, Counties Navigate Uncertainty of New Oil and Gas Law
Cities and counties in Oklahoma are getting conflicting information about whether a new law forbidding the state from doing business with banks perceived as hostile to oil and gas applies to their pension funds, bond sales or bank loans.
The uncertainty has frozen a project in Stillwater and led to discussions about taking unilateral action against banks on a list of restricted financial companies at the retirement system for Tulsa County.
State Treasurer Todd Russ released the list of banned companies in early May. The 13 companies include BlackRock Inc., JP Morgan Chase & Co., Wells Fargo & Co., Bank of America and State Street Corp. The list came out of the Oklahoma Energy Discrimination Elimination Act, which lawmakers passed in 2022.
POSCO Wins Operating Rights for 1.3 Billion Barrels of Oil, Gas in Indonesia
POSCO International announced that it has signed a production distribution contract with the Indonesian government and its state-run oil firm Pertamina Hulu Energi (PHE) in a move to secure the share of oil produced from the Bunga Gas Block.
The signing event was held at Tangerang, Indonesia, on July 25.
Under the contract, a portion of the oil and gas produced in the block is allocated to the contractor to recoup investment costs, with the remaining portion being shared with the Indonesian government in a predetermined ratio.
This landmark contract grants POSCO International the operating rights in the Bunga Block, encompassing a 6-year exploration period and an additional 30-year development and production phase. The distribution ratio between the Indonesian government and the contractor has been thoughtfully established at 60:40 for oil and 55:45 for gas, ensuring equitable benefits for both parties involved. Notably, 25 percent of the production volume will be dedicated to fulfilling local obligations within Indonesia.
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Iraq Reveals Details of $27 Billion Deal with TotalEnergies
A $27-billion agreement signed between Iraq and France’s oil giant TotalEnergies will support Iraq’s plans to expand its crude oil output and petrochemical industries, the Iraqi Oil Ministry said in a report on Tuesday.
The agreement, which involves 4 major projects, will also largely boost Iraq’s revenue and allow it to avoid wasting its gas wealth by ending flaring practices.
“This is a strategic package that will largely support the Iraqi economy…it will help in maximizing revenue, support plans to boost crude production and petrochemical industries, and stop gas flaring,” Oil Ministry spokesman Assim Jihad said.
He told the local media that the agreement would sharply boost Iraq’s gas output with an additional 600 million cubic feet per day.
On September 18, 2023 The Crude Life will host it’s Fourth Annual Podcast Party at the Energy Exposition being held in Jackson Hole, Wyoming. This year, three energy producing state governors will be joining us.
The Energy Exposition has educated tens of thousands of people in Gillette, Wyoming; Billings, Montana, and Loveland, Colorado, over the last 20 years on procedures, technology, safety, environmental practices, and equipment used in the oil and gas industry.
Exhibitors and Symposiasts represent a wide range of services, including but not limited to, exploration, production, downstream, and all phases of support to the oil and gas industry.
Energy Producing states Alaska Governor Mike Dunleavy, Oklahoma Governor Kevin Stitt and Wyoming Governor Mark Gordon will be attending this year’s expo and kick-off party.
To reserve Exhibit Space contact
Austin Jennings
239-898-3923
austin@energyexposition.com
For discounts and a special gift, use promo code OTIS
The Earth’s Champion Johnny Green (left) is Cleanin’ and Johnny Greenin’ across America engaging with All Walks of Life.
The Greatest Environmentalist on Earth is spreading the word that “Renewables Ain’t Doable Without Fossil Fuelables”.
If you would like The Earth’s Champion Johnny Green and the 15-pounds of Eco-Authority to come to your event, school or town, contact The Crude Life for more info.
“All Energy Has A Purpose, And We Are All Energy,” Johnny Green reminds people of all ages.
Click here to read The Oilman Magazine’s feature on The Earth’s Champion Johnny Green
Click here to read Natural Gas Now’s feature on The Earth’s Champion Johnny Green
The Crude Life Daily Radio News & Lifestyle Update
Curtis Shuck, chairman of the board, Well Done Foundation, talks about the origin and mission of the Well Done Foundation.
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Award winning interviewer and broadcast journalist Jason Spiess and a team of Content Correspondents engage with the industry’s best thinkers, writers, politicians, business leaders, scientists, entertainers, community leaders, cafe owners and other newsmakers in one-on-one interviews and round table discussions.
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Permian Producing, Orphan Wells Leaking, Buffett, Investing and Johnny Greenin'