Headlamp – AGDC Selects Lead Global Investment Banks to help with financing

Tweet of the Day from Rashah McChesney:

Where the wind comes sweeping down the plain…Oil and natural gas company employees, executives and trade associations rallied at the Capitol on Tuesday in support of the state’s largest industry. “We came out to have our voices heard,” White Star Petroleum employee Jackie Shaver said in an interview before meeting with legislators. “With as many people who have been laid off in the industry in the past couple of years, you’d think the Legislature would be concerned about hurting the industry and the effect that could have on housing and the economy.” Scheduled several months in advance, Tuesday’s rally had added meaning as it was sandwiched between votes to raise the initial oil and natural gas gross production tax rate to 5 percent, up from 2 percent currently. The House approved the plan late Monday night, and the Senate is scheduled to consider the measure Wednesday. “We will not back down from our very clear position that any increase in taxes on new wells in Oklahoma will result in less wells being drilled. That principle is iron clad,” said Wade Hutchings, chairman of the Oklahoma Oil and Gas Association and senior vice president of exploration at Devon Energy Corp.

Mexico in a race against time to lure oil investment. European oil majors are swarming the shallow-waters of the Gulf of Mexico as the country races to attract investment before an election. Anglo-Dutch giant Royal Dutch Shell Plc, the U.K.’s BP Plc, France’s Total SA, Italy’s Eni SpA, Spain’s Repsol SA, Russia’s Lukoil PJSC and DEA Deutsche Erdoel AG of Germany all won blocks – a number of them in partnership with state-owned Petroleos Mexicanos. Among notable absentees were U.S. majors like Exxon Mobil Corp. and Chevron Corp., which have grabbed deep-water prospects in a previous round. Mexico is trying to lure as much oil investment as possible before the president who overhauled the country’s energy industry, Enrique Pena Nieto, is replaced in December. The country has awarded more than 100 oil development contracts since his 2013 energy reforms, which ended Pemex’s monopoly.

First Reads:

Oil industry rallies against tax increase plan
NewsOK, Adam Wilmoth, March 28, 2018

European Majors Snap Up Mexican Oil Contracts Ahead of Election
Bloomberg Markets, Amy Stillman and Adam Williams, March 27, 2018