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July Oil & Gas News Roundup

In July, Five-Year Offshore O&G EPC Spend is Set to Hit the $276 Bn Mark, EnerCom Denver – The Energy Investment Conference is only weeks away, Oil Rises on Supply Concerns, and Mexico denies energy policy breach. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month.

Five-Year Offshore O&G EPC to Hit $276 Bn Mark

A review of offshore oil and gas engineering, procurement, and construction (EPC) activities in the first half of 2022 has been a mixed bag, emboldened by Brent oil price averaging $70/bbl in 2021 and $107/bbl in 1H 2022.

However, despite an increase in early-stage engagement of the supply chain by E&Ps and a steady growth in the number of pre-sanction projects, the optimism for a bumper year has been somewhat tempered, with Westwood’s 2022 offshore EPC contract award value now estimated to close at $68 billion, 18 lower than our January 2022 outlook.

Read the full article on this topic by clicking here.

EnerCom Denver is only weeks away

EnerCom Denver is the largest independent energy-focused investor conference and will take place August 7-10, 2022.  The conference provides extensive networking opportunities for all attendees at several sponsored events the week of the conference. 2022 is EnerCom‘s 27th annual Denver investment conference and will be an in-person event hosted at the Westin Denver Downtown. Panel topics will include key industry topics of Capital Allocation, Responsibly Sourced Gas, Private Capital, Carbon Capture, Renewable Natural Gas, ESG, Private Companies and Commodity Market Outlook.

For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call 303-296-8834.

Oil Rises on Supply Concerns and Weaker Dollar

Oil rallied above $100 after the Saudis declined to make any promises regarding future output increases, while a weaker dollar also helped put wider commodity markets on firmer footing.

West Texas Intermediate rose 5.1% to settle above $102 a barrel. Saudi ministers insisted at the conclusion of President Joe Biden’s visit last week that oil policy decisions would be dictated by market logic and with coalition agreement. Iraq’s oil minister told Bloomberg he sees oil trading above $100 for the rest of the year.

Check out rigzone.com for more information.

Mexico denies energy policy breach after Canada joins U.S. demand

Mexican President Andres Manuel Lopez Obrador denied his energy policies breached a regional trade agreement after Canada challenged them. Speaking at a regular news conference, Lopez Obrador said Mexico would defend control of its oil as well as its power market policies.

Canada joined a U.S. demand for dispute settlement talks over his energy agenda. The demand was the culmination of years of concern among U.S. and Canadian companies that Lopez Obrador’s drive to tighten state control of energy treated them unfairly and was in breach of the United States-Mexico-Canada Agreement (USMCA).

For more on the USMCA click here.

Reach Out to Tiger General

We hope you found our July oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!