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Some States Restrict the Oil Industry From Taking Mineral Owners’ Earnings. Not North Dakota.​

Millions of Americans own the rights to oil and gas underground. When they’re approached by an energy company to lease out those rights, they’re offered a cut of the revenue, called a royalty.

“Royalties saved our place,” said James Horob, a farmer in northwest North Dakota, who used oil royalties to rescue his family’s farm from bankruptcy in 2008 and replace equipment that had been auctioned off. “We’re lucky to have what we got.”

However, the royalty income that mineral owners like Horob get can depend in part on the state where they live. In North Dakota, estimates show that in recent years companies have been deducting hundreds of millions of dollars annually to help cover the costs incurred once oil and gas leave the ground on their way to being sold. North Dakota officials have not stepped in to help royalty owners, even though the state, in its own leases, has explicitly prohibited oil and gas companies from taking deductions from government royalty payments since 1979, as the North Dakota Monitor and ProPublica reported this month.

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Some States Restrict the Oil Industry From Taking Mineral Owners’ Earnings. Not North Dakota.

At least seven states limit the costs oil and gas companies can pass on to the people they lease drilling rights from. Here’s how North Dakota differs when it comes to protecting the interests of mineral owners.
www.propublica.org
 

US gas production at record high in August amid summer drilling ramp​

US natural gas production is on a tear in August, trending at another record high amid a rebound in the gas-directed drilling rig count – now at its highest since last winter.

Month to date, domestic gas production has averaged over 106.7 Bcf/d. Output is up 250 MMcf/d just since July, and has grown by leaps and bounds since late last year. During the fourth quarter of 2024, US gas production averaged about 103.3 Bcf/d. Last August, production stood at just 102.5 Bcf/d, data from S&P Global Commodity Insights showed.

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Norway makes one of biggest North Sea discoveries in a decade​

Norway has made one of its biggest North Sea oil discoveries in a decade, heightening scrutiny on Ed Miliband’s decision to end Britain’s fossil fuel exploration in the area.

Oil field operator Aker BP uncovered a field that could yield the equivalent of 134 million barrels of oil in an area thought to have already been fully explored.

The find was made in the Yggdrasil field, an area of the Norwegian North Sea close and geologically similar to that of the UK sector.

Karl Johnny Hersvik, the chief executive of Aker BP, said it was “amongst the largest commercial discoveries in Norway in a decade” and added he expected further finds as “new exploration methods push the boundaries”.

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https://www.msn.com/en-us/news/worl...ries-in-a-decade/ar-AA1L08Sq?ocid=socialshare
 

Europe moves to snap back Iran sanctions - Splash247

Britain, France and Germany have triggered a 30-day process to reimpose United Nations sanctions on Iran, a move that threatens to shake up tanker markets. The so-called snapback mechanism, launched on Thursday, would reinstate wide-ranging sanctions suspended under the 2015 nuclear accord...
splash247.com
 

General News

ENGINE Online - Read the latest General News news.
engine.online

Oil Set For Another Weekly Gain | OilPrice.com

Oil prices are headed towards a second straight weekly gain of 1%, with ICE Brent hovering slightly above $68 per barrel, as hopes for a negotiated settlement in the Russia-Ukraine conflict dissipate and US-India trade tensions remain unresolved
oilprice.com
 

Brent oil futures climb 2% as Russia flows, U.S. policies in focus​

  • Oil prices picked up on Tuesday amid questions over the stability of Russian oil supplies.
  • Investors are also following the impact of U.S. pressure on key Russian oil consumer India.
  • A subset of eight OPEC+ members is due to meet to assess market conditions this upcoming weekend.
Oil prices gained ground on Tuesday, as Ukraine war escalations raised questions over the resilience of Russian supplies, while uncertainty lingers over the impact of Washington’s policies on key oil consumers.

Brent futures with November expiry were at $69.46 per barrel at 10:54 a.m. London time ( 5:54 a.m. E.T.), up 1.92% from the Monday close.

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Trump Presses Europe to End Russian Oil Imports

U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil that he said is helping Moscow fund its war against Ukraine, a White House official said, striking a combative tone amid slow diplomatic progress to end the fighting.
gcaptain.com
 

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Trump Pressures Europe to Cut Russian Oil and Target China | OilPrice.com

Trump pressed European allies to cut Russian oil imports and pressure China while backing security guarantees for Ukraine, as Macron announced 26 nations had committed troops for post-war support.
oilprice.com
 
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