American Oil and Gas Reporter - July 2022 - 18

IndustryDigest
TIPRO Heading Back
To San Antonio For
Summer Conference
AUSTIN, TX.-The Texas
Independent Producers & Royalty
Owners Association will host industry
executives, professionals and royalty
owners this August during the 2022
TIPRO Summer Conference,
scheduled for Aug. 24-25 at the St.
Anthony Hotel in downtown San
Antonio. During the event,
distinguished officials, industry
leaders and energy experts will review
the latest policy and market changes
impacting the Texas energy sector, the
association describes.
According to TIPRO, confirmed
speakers include congressmen Tony
Gonzales, R-Tx., and Vicente Gonzalez,
D-Tx., Texas Attorney General Ken
Paxton, EnerVest Chief Executive
Officer and new TIPRO Chairman Jud
Walker, Satelytics CEO and President
Sean Donegan, and Marshall Adkins,
managing director and head of energy at
Raymond James.
" Oil and gas prices have strongly
rebounded from pandemic lows, rig
activity is rising and oil and gas
production continues to grow, but
producers are still navigating complex
market dynamics and working to
overcome other challenges, such as
labor shortages, supply chain woes,
infrastructure constraints and significant
regulatory uncertainty. Attendees of the
association's summer conference will
learn from thought-provoking
discussions by TIPRO's guest
presenters and gain insights on industry
expectations for the rest of the year, "
relates TIPRO President Ed
Longanecker.
In addition to conversations about
Texas' energy industry, the conference
will offer networking breaks and
opportunities to connect with industry
colleagues. The agenda on the
conference's first day, Wednesday,
Aug. 24, includes meetings of TIPRO's
Audit Committee and Board of
Directors, as well as an evening
welcome reception. The second day
will feature morning and afternoon
general sessions, as well as a breakfast,
a lunch and an evening reception and
chairman's dinner.
To register or get more information,
visit www.tipro.org. ❒
18 THE AMERICAN OIL & GAS REPORTER
Study: Utica Investment
Almost $2.3 Billion
In First Half Of 2021
COLUMBUS-The Ohio Oil & Gas
Association is highlighting a JobsOhio
report that shows Ohio's natural gas and
oil industry invested nearly $2.3 billion
in the Utica Shale formation during the
first half of last year. The analysis was
released in early June.
The study, " Shale Investment
Dashboard in Ohio Q1 and Q2 2021, " is
the 11th issued by JobsOhio in
partnership with Cleveland State
University. Cumulatively, oil and gas
investment in Ohio through June 2021
is estimated to be $95.3 billion.
" As this report indicates, Ohio's
natural gas and oil industry continues
to invest billions of dollars each year
into our state's economy thanks to
shale development, " says OOGA
President Rob Brundrett. " OOGA
members are proud of not only
providing abundant, reliable and
affordable energy for families all
across Ohio, but also of the significant
investments we make in the
communities in which they operate. "
Like previous editions, OOGA notes,
the report breaks down investments in
the upstream, midstream and
downstream sectors, as well as by
production, by operator and by county.
Upstream activities accounted for the
bulk of the investment, including more
than $1 billion in royalty payments to
Ohio landowners.
To download the report, visit
www.jobsohio.com/industries/energychemicals/shale-investment-report/.
❒
Devon Energy Reports
Bolt-On Williston Buy
OKLAHOMA CITY-Devon Energy
Corp. has entered a definitive agreement
to acquire the leasehold interest and
related assets of RimRock Oil and Gas
LP in the Williston Basin for total cash
consideration of $865 million. The
company says it expects the transaction
to close in the third quarter.
Devon says the acquisition enhances
its asset quality and scale in the
Williston Basin by adding a 38,000
contiguous net acres (88% working
interest) directly offsetting and
overlapping the company's existing
position. RimRock's first-quarter
production was approximately 15,000
barrels of oil equivalent a day (78%
oil), with volumes expected to increase
to an average of 20,000 boe/d during
the next year.
Devon reports the transaction also
adds more than 100 highly economic
undrilled inventory locations,
positioning the company's Williston
Basin assets to maintain high-margin
production and strong cash flow for
several years.
" This bolt-on acquisition is highly
complementary to our existing
position in the Williston Basin and is
immediately accretive to our
financially-driven strategy, " comments
Devon President and Chief Executive
Officer Rick Muncrief. " RimRock's
directly adjacent acreage offers strong
operational synergies, adds to our
high-quality inventory in the core of
the play and positions us to further
increase the return of cash to
shareholders. " ❒
Venture Global Inks
Agreement To Send
LNG To Germany
ARLINGTON, VA.-Venture Global
LNG and German energy company
EnBW have announced two long-term
sales and purchase agreements for 1.5
million tonnes per annum of liquefied
natural gas from Venture Global's
Plaquemines and CP2 facilities, starting
in 2026. According to the agreement,
EnBW will purchase 0.75 Mtpa from
Plaquemines LNG and 0.75 Mtpa from
CP2 LNG for 20 years. Venture notes
that EnBW is its newest European
customer, joining PGNiG, BP, Shell,
Repsol, Edison and GALP.
" Venture Global is thrilled to
welcome EnBW as a long-term
customer for both our Plaquemines and
CP2 LNG facilities, " says Venture
Global LNG Chief Executive Officer
Mike Sabel. " This is the first direct
binding offtake agreement for long-term
U.S. LNG signed by a German
company, an important step that
manifests Germany's strategy to
diversify its energy mix. "
According to EnBW Chief
Operating Officer, Generation and
Trading, Georg Stamatelopoulos the
company looks forward to a long-term
LNG partnership with Venture Global.
http://www.jobsohio.com/industries/energy-chemicals/shale-investment-report/ http://www.jobsohio.com/industries/energy-chemicals/shale-investment-report/ http://www.tipro.org
American Oil and Gas Reporter - July 2022

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