Page 8 - NorthAmOil Week 30 2021

NorthAmOil PIPELINES & TRANSPORT NorthAmOil

China denies launching cyberattacks

on US gas pipelines

US-CHINA THE Chinese government has rejected US largest source of cyberattacks targeting China.
claims that it was behind multiple cyberattacks Data in 2020 showed 53% of the 42mn malicious
targeting American natural gas infrastructure cyber activities came from the US.”
dating back a decade. Cybersecurity has emerged as Washington
Chinese foreign ministry spokesman Zhao and Beijing’s latest battleground, as ties between
Lijian dismissed last week the US Department the two giants continue to deteriorate. The US
of Homeland Security’s (DHS) claim that the last week led a coalition of allied counties in
Chinese state had sponsored cyberattacks on accusing China of a global cyberespionage cam-
23 pipeline operators from late December 2011 paign. Washington’s claims were supported Nato
until the end of February 2012. as well as the EU, the UK, Japan, Canada, Aus-
The DHS’ Cybersecurity and Infrastruc- tralia and New Zealand.
ture Security Agency (CISA) issued on July 20 US President Joe Biden doubled down on the
a Joint Cybersecurity Advisory report, which subject this week, warning that a future military
was co-authored by the FBI, in which it claims conflict between the world’s major powers was
that “Chinese actors” launched a highly sophisti- likely to be triggered by cyberattacks.
cated spear-phishing campaign targeting the US Speaking at the Office of the Director of
gas industry. Of those targeted, 20 operators are National Intelligence on July 27, Biden said:
understood to have been compromised, while “I think it’s more likely we’re going to end up
three were unaffected. – well, if we end up in a war, a real shooting
Zhao, however, said on July 23 that the report war with a major power, it’s going to be as a
had confused “right and wrong”. consequence of a cyber-breach of great con-
“China firmly opposes and fights against all sequence. And it’s increasing exponentially –
forms of cyberattacks,” Zhao said. “The US is the the capabilities.”™

INVESTMENT

Lime Rock makes Delaware Basin purchase

TEXAS LIME Rock Resources announced this week equity firm Lime Rock Management. The firm
that it had agreed to acquire producing oil and has another unit, Lime Rock partners, which
gas properties in the Permian Basin’s Delaware also invests in the energy industry.
sub-basin for $508.3mn from an unnamed pri- Lime Rock has operations in the Appala-
vate seller. chian, Permian and Williston basins, as well as
The assets are located primarily in Texas’ Lov- the Mid-Continent, the Gulf Coast and the Gulf
ing County and were producing 15,163 barrels of of Mexico. According to the company’s web-
oil equivalent per day (boepd) as of April 1. The site, its core focus is producing fields, including
transaction is anticipated to close on September mature properties that offer additional drilling
30, Lime Rock said. opportunities or reinvestments in operational
“The high volatility in the energy business improvements. It is also seeking acquisitions that
over the last 18 months has created some unique allow it to benefit from operating synergies and
opportunities in the oil and gas property mar- expand its footprint in attractive basins.
ket,” stated Lime Rock’s chairman and CEO, Eric The acquisition comes as the wave of mergers
Mullins. “This acquisition is one of those oppor- and acquisitions in US shale continues apace. It is
tunities, which fits quite well the Lime Rock being bolstered by a combination of stronger oil
Resources acquisition strategy.” prices and changing strategies among produc-
Lime Rock’s vice-chairman, Charlie Adcock, ers, many of whom are now seeking to add scale
added that once his company takes over opera- rather than pursuing aggressive growth like they
tions, it will be able to optimise existing produc- did previously.
tion and pursue other “value-creating initiatives” While shale assets are increasingly being
across the assets. concentrated in the hands of a few lead-
Data analytics firm Enverus said in a note that ing producers, Lime Rock’s deal shows that
this was the first acquisition in more than two smaller packages of assets are also still chang-
years for Lime Rock, which is the exploration ing hands among private producers and pri-
and production investment vehicle of private vate equity players.™

P8 www. NEWSBASE .com Week 30 29•July•2021