Page 13 - NorthAmOil Week 11 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

last week in its Tishomingo field in Oklahoma. significantly higher than the reserve report 1 MTPA of LNG from Venture Global’s CP2
The Barnes 7-3H well is currently flowing proved forecast case. The company will LNG facility, located in Cameron Parish,
back stimulation fluid at a rate that has update the market when we have stabilised Louisiana, adjacent to Venture Global’s
been restricted by the company’s operations unrestricted production rates in the coming existing Calcasieu Pass LNG facility. In
team. Despite the restricted rate, the well is weeks.” December 2021, Venture Global filed a formal
producing approximately 400 barrels of oil KOLIBRI GLOBAL ENERGY, March 17, 2022 application requesting authorisation from
a day. It is still early in the cleanup process, the Federal Energy Regulatory Commission
with only about 3.5% of the stimulation fluid (FERC) to site, construct, and operate the 20
recovered to date. DOWNSTREAM MTPA nameplate capacity CP2 LNG facility.
Wolf Regener, president, and CEO, “Venture Global is proud to enter into
commented: “I’m very pleased to say that NFE announces LNG sale a long-term LNG partnership with New
this early in the flowback, the well is already Fortress Energy. Our companies share a
producing 400 barrels a day of oil at restricted and purchase agreements commitment to keeping energy markets well
production rates. It’s so early in the flowback supplied while also advancing clean energy
that the well hasn’t even started producing gas with Venture Global LNG goals, through the export of low-cost US LNG
yet. The well is currently producing these rates to emerging economies,” said Mike Sabel,
while flowing up casing. It is acting much New Fortress Energy announced today the chief executive officer of Venture Global LNG.
stronger than our previous wells, which has execution of two 20-year Sale and Purchase “The CP2 LNG facility, adjacent to Calcasieu
enabled it to still be able to flow up casing at Agreements (SPA) with Venture Global LNG. Pass, will build on our vision of making
these rates. In previous wells, installing tubing Under the deals, Venture Global will supply Louisiana an international hub for innovation
in the wells and, in most cases, adding assisted 2mn tonnes per annum (mtpa) of LNG on to enhance global energy security.”
lift would have been necessary by now. a free on board (FOB) basis from its LNG The effectiveness of each agreement is
“This 400 barrel of oil a day rate is about facilities in Louisiana. subject to customary terms and conditions.
27% above the initial 30 day proved forecast Under the first agreement, NFE will NEW FORTRESS ENERGY, March 16, 2022
curve case oil portion of the production rate purchase 1 MTPA of LNG from Venture
utilised for our reserve report and is right Global’s Plaquemines LNG export facility in
in line with the oil portion of the initial Plaquemines Parish, Louisiana for a term of SERVICES
30-day type curve utilised by the company’s 20 years.
management. “We are pleased to partner with Venture AKITA announces 2021
“We anticipate that the well will start Global as we advance our mission of
producing gas and NGLs in the coming week providing customers around the world annual results
as the well cleans up further. The Company’s with access to low-carbon natural gas and
wells in this area generally produce about affordable electricity,” said Wes Edens, Akita Drilling was more active in 2021 than
20% gas and natural gas liquids by volume Chairman and CEO of NFE. “These volumes in 2020 as the impact of the restrictions
along with the oil. While there can be no support our plan to expand and diversify our designed to reduce the spread of the global
assurance as to what the well’s 30-day initial stable natural gas supply portfolio to meet pandemic eased, and the price of oil and
rate or ultimate productivity will be, based on the growing needs of our customers in a natural gas recovered, increasing 37% and
the current flowing pressures, we are hopeful structurally short global natural gas market.” 67%, respectfully over the course of the year.
that the well will attain or potentially exceed In addition to 1 MTPA from Plaquemines The significant improvements in commodity
management’s type curve forecast, which is LNG, NFE agreed to purchase an additional prices increased demand for drilling services

Week 11 17•March•2022 www. NEWSBASE .com P13