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Callon Petroleum has entered into an agreement with an undisclosed party to sell noncore acreage in the Eagle Ford shale for cash proceeds of around $100 million. The Eagle Ford properties include about 22,000 net acres in northern LaSalle and Frio counties. Net daily production from the properties was approximately 1,900 BOE/D (66% oil) on average in the third quarter through 31 August. Callon entered the Eagle Ford shale in 2009 through an all-stock acquisition of Carrizo Oil and Gas. As of September, the company held roughly 73,000 net acres producing approximately 27,000 BOE/D.
Brazil's 17th Bidding Round covering oil and natural gas licenses offshore failed to generate much interest among international players with just five of the 92 blocks on offer receiving bids--and all from supermajor Shell. Only nine companies registered for the auction, down from 17 for the 16th bid round held in 2019. Shell dominated the sale, scooping up stakes in five Santos Basin blocks. The operator purchased 100% stakes in the S-M-1707, S-M-1715, S-M-1717, and S-M-1719 blocks, paying total signing bonuses of about $5.5 million. The company paid $1.7 million for the S-M-1707 block, the highest single bid in the auction.
Two of the 2021 TWA Energy Influencers Ashley Zumwalt-Forbes and Mark McClure discuss their entrepreneurial journey with TWA Editorial Committee member Bita Bayestehparvin. Zumwalt-Forbes is cofounder, president, and director of Black Mountain Metals, Black Mountain Energy, and Black Mountain Carbon Lock. Mark McClure is CEO, ResFrac Corp.
The fact that US natural gas prices have increased 140% this year to nearly $6/million BTU sounds like a big deal. That means anything pegged to the cost of gas will cost more, which is good news for those with gas to sell. But is it anything more than another short-term fluctuation in the price of a volatile, unpredictable commodity? It is hard to argue no. There has been a barrage of alarming reports about short supplies of heating fuel in Europe and China as winter approaches that pushed up the value of gas for sale to more than $30/million BTU in Asia and Europe, according to Bloomberg and Platts.
Continuous operation requires people to work in shifts. Ensuring safety and efficiency requires critical information to be communicated between these shifts. All communication, however, is prone to error. Effective communication during shift handover is key to preventing major process safety accidents. Accidents such as Piper Alpha, Buncefield, and Texas City are clear examples where this barrier breach led to major events, proving that a lack of effective communication can be a major contributing factor.